Digital Taxonomy Act

I 117TH CONGRESS 1ST SESSION H. R. 3638 To direct the Federal Trade Commission to transmit to Congress a report on the Commission’s actions related to digital tokens. IN THE HOUSE OF REPRESENTATIVES MAY 28, 2021 Mr. SOTO (for himself and Mr. DAVIDSON) introduced the following bill; which was referred to the Committee on Energy and Commerce A BILL To direct the Federal Trade Commission to transmit to Congress a report on the Commission’s actions related to digital tokens. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Digital Taxonomy 4 Act’’. 5 SEC. 2. FINDINGS. 6 Congress finds that— 7 (1) it is important that the United States re- 8 mains a leader in innovation; 9 VerDate Sep 11 2014 06:37 Jun 24, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3638.IH H3638 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3638 IH (2) digital tokens and blockchain technology are 1 driving innovation and providing consumers with in- 2 creased choice and convenience; 3 (3) the use of digital tokens and blockchain 4 technology is likely to increase in the future; 5 (4) the Federal Trade Commission is respon- 6 sible for protecting consumers from unfair or decep- 7 tive acts or practices, including relating to digital to- 8 kens; 9 (5) the Commission has previously taken action 10 against unscrupulous companies and individuals that 11 committed unfair or deceptive acts or practices in- 12 volving digital tokens; and 13 (6) to bolster the Commission’s ability to en- 14 force against unfair or deceptive acts or practices in- 15 volving digital tokens, the Commission should ensure 16 staff have appropriate training and resources to 17 identify and pursue such cases. 18 SEC. 3. REPORTS ON UNFAIR OR DECEPTIVE ACTS OR 19 PRACTICES IN TRANSACTIONS RELATING TO 20 DIGITAL TOKENS. 21 Not later than one year after the date of enactment 22 of this Act and each year thereafter through fiscal year 23 2024, the Federal Trade Commission shall transmit to the 24 Committee on Energy and Commerce of the House of 25 VerDate Sep 11 2014 06:37 Jun 24, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3638.IH H3638 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3638 IH Representatives and the Committee on Commerce, 1 Science, and Transportation of the Senate, and make pub- 2 licly available on its website, a report on— 3 (1) any actions taken by the Commission relat- 4 ing to unfair or deceptive acts or practices in trans- 5 actions relating to digital tokens; 6 (2) the Commission’s other efforts to prevent 7 unfair or deceptive acts or practices relating to dig- 8 ital tokens; and 9 (3) any recommendations by the Commission 10 for legislation that would improve the ability of the 11 Commission and other relevant Federal agencies— 12 (A) to further protect consumers from un- 13 fair or deceptive acts or practices in the digital 14 token marketplace; and 15 (B) to promote competition and promote 16 innovation in the global digital token sector. 17 Æ VerDate Sep 11 2014 06:37 Jun 24, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3638.IH H3638 kjohnson on DSK79L0C42PROD with BILLS