#DigitalAssetBill Digital Asset Market Structure and Investor Protection Act

This bill generally addresses the regulatory treatment of digital assets and digital asset securities.

The bill grants the Commodity Futures Trading Commission authority over digital assets that (1) are created electronically or digitally through a software code; (2) are programmed with rules governing the creation, supply, ownership, use, and transfer of the asset; (3) have a secure transaction history; and (4) can be transferred through a decentralized method without an intermediary custodian.

Additionally, the bill grants the Securities and Exchange Commission authority over the regulation of digital asset securities, digital assets that provide the holder (1) equity or debt participation in the issuer, (2) rights to certain payments from the issuer, (3) voting rights on major corporate actions of the issuer, or (4) liquidation rights in the event of the issuer's liquidation.

Digital assets and digital asset securities are subject to the Bank Secrecy Act for anti-money laundering purposes, reporting, and record-keeping.

The Board of Governors of the Federal Reserve System may issue digital currency. However, digital assets, digital asset securities, and fiat-backed stablecoins (a digital asset pegged to the U.S. dollar or other fiat currency) are not legal tender in the United States. Fiat-backed stablecoins that are digital assets must be registered and approved by the Department of the Treasury.

Digital assets will not be covered by the Federal Deposit Insurance Corporation's deposit insurance and the National Credit Union Administration.