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118th Congress Finance and Financial Sector

H.R. 4763: Financial Innovation and Technology for the 21st Century Act

Passed HouseMay 22, 2024

  1. Introduced (completed)Jul 20, 2023
  2. Passed House (completed)May 22, 2024, 279–136
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Reported to House, May 6, 2024

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.

Read the full summary

The CFTC and SEC must jointly issue rules to define terms and exempt dually registered exchanges from duplicative rules.

Written by the Congressional Research Service, Library of Congress.

Key votes

House final vote, May 22, 2024

On Passage

Passed 279–136

Yea 279majority 208Nay 136

  • Democrats71 yea, 133 nay
  • Republicans207 yea, 3 nay
  • Independents1 yea, 0 nay

Broke with their party: Susan Wild (D-PA), Marc Veasey (D-TX), Shri Thanedar (D-MI), Ritchie Torres (D-NY), Dina Titus (D-NV), Mike Thompson (D-CA), Eric Sorensen (D-IL), Hillary Scholten (D-MI), Haley Stevens (D-MI) and Greg Stanton (D-AZ) voted Yea; and 64 more

See how all 415 members voted

Showing 430 of 430 members

Yea 279

Republicans (207)

Democrats (71) broke with their party

Independents (1)

Nay 136

Republicans (3) broke with their party

Democrats (133)

Not voting 15

Senate

Not yet voted

Passed the House May 22, 2024. Awaiting Senate action.

Roll calls

4 votes on this bill

Showing 4 of 4 roll calls

  • May 22, 2024HouseOn PassageFinal passagePassed, yea-nay 279–136
    Roll call 226 tally by party
    PartyYeaNayPresentNot voting
    Democrats7113309
    Republicans207306
    Independents1000
    Total279136015

    House roll call 226: On Passage. Passed.

    74 crossed party lines: 71 Democrats, 3 Republicans

    How each member voted (430)
  • May 22, 2024HouseH.Amdt. 922, PerryAgreed, yea-nay 225–191
    Roll call 225 tally by party
    PartyYeaNayPresentNot voting
    Democrats13191012
    Republicans211008
    Independents1000
    Total225191020

    House roll call 225: On Agreeing to the Amendment. Agreed to.

    Amendment by Scott Perry (R-PA)

    13 crossed party lines: 13 Democrats

    How each member voted (436)
  • May 22, 2024HouseH.Amdt. 921, NormanAgreed, yea-nay 411–0
    Roll call 224 tally by party
    PartyYeaNayPresentNot voting
    Democrats2030013
    Republicans2070012
    Independents1000
    Total4110025

    House roll call 224: On Agreeing to the Amendment. Agreed to.

    Amendment by Ralph Norman (R-SC)

    How each member voted (436)
  • May 22, 2024HouseH.Amdt. 919, CasarRejected, yea-nay 204–209
    Roll call 223 tally by party
    PartyYeaNayPresentNot voting
    Democrats2040012
    Republicans0208011
    Independents0100
    Total204209023

    House roll call 223: On Agreeing to the Amendment. Failed.

    Amendment by Gregorio Casar (D-TX)

    How each member voted (436)

Amendments

4 offered

Showing 4 of 4 amendments

  • H.Amdt. 922Scott Perry R-PAAgreedMay 22, 2024May 22, 2024: On agreeing to the Perry amendment (A004) Agreed to by recorded vote: 225 - 191 (Roll no. 225).
  • H.Amdt. 921Ralph Norman R-SCAgreedMay 22, 2024May 22, 2024: On agreeing to the Norman amendment (A003) Agreed to by recorded vote: 411 - 0 (Roll no. 224).
  • H.Amdt. 920Brittany Pettersen D-COAgreedMay 22, 2024May 22, 2024: On agreeing to the Pettersen amendment (A002) Agreed to by voice vote.
  • H.Amdt. 919Gregorio Casar D-TXFailedMay 22, 2024May 22, 2024: On agreeing to the Casar amendment (A001) Failed by recorded vote: 204 - 209 (Roll no. 223).

Cosponsors

11

Bipartisan support.

Who scored on this bill

690 points earned
  1. 1Glenn Thompson R-PA SponsorIntroduced, drew cross-party cosponsors, reported, passed House4 events+56
  2. 2Brittany Pettersen D-CO1 maverick vote; 1 amendment offered, 1 agreed3 events+28
  3. 3Ralph Norman R-SC1 amendment offered, 1 agreed2 events+22
  4. 3Scott Perry R-PA1 amendment offered, 1 agreed2 events+22
  5. 5Nicole (Nikki) Budzinski D-IL2 maverick votes2 events+12
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Glenn Thompson

History

  1. May 22, 2024Passed the House, 279–136.
  2. Jul 20, 2023Introduced in the House by Glenn Thompson.
Show the full action history (29 actions)
  1. Sep 9, 2024Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. May 22, 2024Considered under the provisions of rule H. Res. 1243. (consideration: H3419–3463)
  3. May 22, 2024Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
  4. May 22, 2024House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1243 and Rule XVIII.
  5. May 22, 2024The Speaker designated the Honorable Michael Guest to act as Chairman of the Committee.
  6. May 22, 2024GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 4763.
  7. May 22, 2024DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Casar amendment No. 1.
  8. May 22, 2024POSTPONED PROCEEDINGS - At the conclusion of debate on the Casar amendment No. 1, the Chair put the question on agreeing to the amendment and by voice vote, announced that the noes prevailed. Mr. Casar demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
  9. May 22, 2024DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Pettersen amendment No. 2.
  10. May 22, 2024DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Norman amendment No. 3.
  11. May 22, 2024POSTPONED PROCEEDINGS - At the conclusion of debate on the Norman amendment No. 3, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
  12. May 22, 2024DEBATE - Pursuant to the provisions of H. Res. 1243, the Committee of the Whole proceeded with 10 minutes of debate on the Perry amendment No. 4.
  13. May 22, 2024POSTPONED PROCEEDINGS - At the conclusion of debate on the Perry amendment No. 4, the Chair put the question on agreeing to the amendment and by voice vote, announced that the ayes prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings until a time to be announced.
  14. May 22, 2024The House rose from the Committee of the Whole House on the state of the Union to report H.R. 4763.
  15. May 22, 2024The previous question was ordered pursuant to the rule.
  16. May 22, 2024The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
  17. May 22, 2024Passed/agreed to in House: On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
  18. May 22, 2024On passage Passed by recorded vote: 279 - 136 (Roll no. 226). (text: CR H3432-3455)
  19. May 22, 2024Motion to reconsider laid on the table Agreed to without objection.
  20. May 21, 2024Rules Committee Resolution H. Res. 1243 Reported to House. Rule provides for consideration of H.R. 4763, H.R. 5403 and H.R. 192. The resolution provides for one hour of debate on each bill. H.R. 4763 and H.R. 5403 are considered under a structured rule and H.R. 192 is considered under a closed rule. The resolution provides for one motion to recommit on each bill.
  21. May 6, 2024Reported (Amended) by the Committee on Agriculture. H. Rept. 118-484, Part I.
  22. May 6, 2024Reported (Amended) by the Committee on Financial Services. H. Rept. 118-484, Part II.
  23. May 6, 2024Placed on the Union Calendar, Calendar No. 401.
  24. Jul 27, 2023Committee Consideration and Mark-up Session Held
  25. Jul 27, 2023Ordered to be Reported (Amended) by Voice Vote.
  26. Jul 26, 2023Committee Consideration and Mark-up Session Held
  27. Jul 26, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 35 - 15.
  28. Jul 20, 2023Introduced in House
  29. Jul 20, 2023Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.