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118th Congress Finance and Financial Sector

H.R. 5741: Uniform Treatment of Custodial Assets Act

Introduced

  1. Introduced (completed)Sep 27, 2023
  2. Passed House (not reached)
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Introduced in House, Sep 27, 2023

This bill addresses the accounting treatment of certain assets, including digital assets, at financial institutions.

For example, under the bill, federal regulatory entities are prohibited from requiring specified financial institutions to include as a liability on financial statements assets that are held in custody or safekeeping by the institution. This applies to assets associated with a cryptographic key held in custody or safekeeping by the financial institution. However, if cash held by an institution for a third party is commingled with the general assets of the institution, that cash may be treated as a liability.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

22

Bipartisan support.

Who scored on this bill

6 points earned
  1. 1Mike Flood R-NE SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Mike Flood

History

  1. Sep 27, 2023Introduced in the House by Mike Flood.
Show the full action history (2 actions)
  1. Sep 27, 2023Introduced in House
  2. Sep 27, 2023Referred to the House Committee on Financial Services.