VoterlyH.R. 4763: Financial Innovation and Technology for the 21st Century Act
118th Congress · Sponsored from Pennsylvania · In committee
What this bill does
Financial Innovation and Technology for the 21st Century Act This bill establishes a regulatory framework for digital assets.The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is functional and decentralized. The bill classifies a blockchain as decentralized if, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset. In addition, the bill provides the CFTC with exclusive regulatory authority over cash or spot markets for digital commodities.The Securities and Exchange Commission (SEC) must regulate a digital asset as a security if its associated blockchain is functional but not decentralized. However, the bill establishes certain exceptions to SEC regulation for digital assets that limit annual sales, restrict nonaccredited investor access, and satisfy disclosure and compliance requirements. The bill also sets forth requirements for primary and secondary market transactions.The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.
Key facts
- Status In committee
- Introduced 2023-07-20
- Policy area Finance and Financial Sector
- Cosponsors 11
- Latest action Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsor
Who funds the sponsor?
Rep. Thompson, Glenn [R-PA-15] introduced H.R. 4763. On Voterly you can see their top campaign donors from public Federal Election Commission records — individuals, PACs, and industry groups (follow the money) — and compare that with how they vote.
See Rep. Thompson, Glenn [R-PA-15]'s donors & voting record →
Campaign donations show who helps fund the sponsor's election; they are not the same as who drafted or lobbied for the bill text. Lobbying disclosures are separate public records.
Take a position & compare alignment
Agree or disagree with H.R. 4763? Go to the homepage to record your view and compare your stance with how your representatives vote. See Rep. Thompson, Glenn [R-PA-15]'s profile to vote on their bills and check your alignment % with the sponsor.
Read the official text on Congress.gov →
Frequently asked questions
What does H.R. 4763 do?
Financial Innovation and Technology for the 21st Century Act This bill establishes a regulatory framework for digital assets.The Commodity Futures Trading Commission (CFTC) must regulate a digital asset as a commodity if the blockchain, or digital ledger, on which it runs is func…
Who sponsored H.R. 4763?
Rep. Thompson, Glenn [R-PA-15] (R) of Pennsylvania is the lead sponsor.
How do I find out who funds or lobbies for H.R. 4763?
Campaign-finance records (Federal Election Commission) show who funds the bill's sponsor. Separately, federal lobbying disclosures filed under the Lobbying Disclosure Act list the companies and lobbyists who reported lobbying on specific bills. Voterly links the sponsor's donors; lobbying records are public at the U.S. Senate and House lobbying databases.
Is H.R. 4763 now law?
Not yet. The current status is "In committee." See the latest action above for details.