Does Darren Soto Support Crypto?

Bill

CLARITY Act

Details

The "Digital Asset Market Clarity Act of 2025," or "CLARITY Act of 2025," establishes a regulatory framework for digital commodities, granting the CFTC exclusive jurisdiction over spot market transactions and related entities like exchanges, brokers, and dealers. It aims to differentiate digital commodities from securities, introduce a "mature blockchain system" concept for regulatory exemptions, and protect individual self-custody rights.

Vote

Final Passage Out Of House

Bill

GENIUS Act

Details

The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.

Vote

Final Passage Out Of House

Bill

Securities Clarity Act of 2025

Details

This bill proposes to amend various federal securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. Its primary aim is to exclude 'investment contract assets' from the definition of a 'security' under these laws. An 'investment contract asset' is defined as a fungible digital representation of value, exclusively possessable and transferable person-to-person without an intermediary, recorded on a cryptographically secured public distributed ledger, and sold pursuant to an investment contract, but not otherwise a security.

Bill

H.J. Res 25

Details

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Vote

Final Passage Out Of House

Bill

Consumer Safety Technology Act

Details

This bill, known as the Consumer Safety Technology Act, includes provisions to study blockchain technology and tokens. Specifically, it directs the Secretary of Commerce to study blockchain's potential uses for consumer protection, including fraud prevention, and to identify regulatory modifications that could encourage its adoption. It also mandates the Federal Trade Commission to report on unfair or deceptive practices related to tokens, defined as transferable digital representations on a blockchain, and recommend legislation to enhance consumer protection in this area. The bill acknowledges that tokens and blockchain drive innovation and consumer choice.

Bill

Deploying American Blockchains Act of 2025

Details

This bill, known as the "Deploying American Blockchains Act of 2025," directs the Secretary of Commerce to serve as the principal advisor to the President on blockchain technology and related applications, tokens, and tokenization. It tasks the Secretary with promoting US competitiveness in this space, developing relevant policies, fostering stability and security, encouraging federal agency adoption, and establishing advisory committees with broad industry representation. The bill aims to reduce uncertainty, develop best practices, and standardize terminology, without imposing mandates on private entities.

Bill

MEME Act

Details

This bill, known as the MEME Act, prohibits federal elected officials, certain high-ranking government employees, and their immediate families from engaging in "prohibited financial transactions" for pecuniary gain. These transactions include the issuance, sponsorship, or promotion of "covered assets," explicitly defined to include cryptocurrencies, meme coins, tokens, and non-fungible tokens. The restrictions apply during their term of service, 180 days prior, and 180 days after, backed by civil and criminal penalties, and a private right of action for harm suffered.

Quoted from coingape.com · 2024-08-14

Florida Congressman Darren Soto, along with his colleagues called on Kamala Harris to take three major actions when it comes to crypto:

• Repealing and revamping the SAB 121 accounting guidelines, vetoed by the Biden Administration in July.
• Passing the FIT21 crypto bill and working with Congress to pass the final bill with clarity on crypto regulations.
• Recognizing the importance of crypto and the benefits associated with the remittance aspect of the same.

Bill

Uniform Treatment of Custodial Assets Act

Details

This bill, titled the "Uniform Treatment of Custodial Assets Act," prohibits federal financial regulators, including the SEC and federal banking agencies, from requiring financial institutions to treat assets held in custody—specifically mentioning assets associated with cryptographic keys or digital assets—as liabilities on their balance sheets. It also prevents these agencies from mandating additional regulatory capital against such custodial assets, except for operational risk mitigation under general regulations. The aim is to clarify accounting treatment for crypto assets held by regulated entities.

Bill

CBDC Anti-Surveillance State Act

Details

To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.

Vote

Final Passage Out Of House

Bill

FIT21

Details

This bill establishes a comprehensive regulatory framework for digital assets, assigning primary jurisdiction over "digital commodities" to the CFTC and "restricted digital assets" to the SEC. It defines key terms like "digital asset," "digital commodity," and "permitted payment stablecoin," and creates a mechanism for digital assets to transition from securities to commodities upon achieving sufficient decentralization. The legislation also outlines registration requirements for various digital asset intermediaries and mandates studies on decentralized finance and non-fungible digital assets.

Vote

Final Passage Out Of House

Bill

SAB 121 House Joint Resolution

Details

For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121". This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.

Bill

To amend the Agricultural Research, Extension, and Education Reform Act of 1998 to establish and carry out a pilot program to use blockchain technology in food safety and labeling.

Details

This bill proposes to amend the Agricultural Research, Extension, and Education Reform Act of 1998 to establish a four-year pilot program within the Department of Agriculture. The program, to be led by the National Institute of Food and Agriculture, aims to utilize blockchain technology for enhancing food safety and labeling. Its primary functions include tracing adulterated or recalled food and verifying organic certifications, with a report on its results due to Congress after termination.

Bill

Blockchain Regulatory Certainty Act

Details

The "Blockchain Regulatory Certainty Act" establishes a safe harbor from licensing and registration requirements for blockchain developers and providers of blockchain services. This protection applies to entities that do not have control over the digital assets to which a user is entitled. The bill defines key terms like "blockchain developer," "blockchain network," "blockchain service," and "digital asset" to clarify its scope and application within the crypto industry.