Overview

• The lengthier draft obtained by CoinDesk would shield those developing, administering or distributing distributed‑ledger and decentralized finance messaging systems.
• New bankruptcy provisions would treat ancillary assets and digital commodities as customer property during insolvency proceedings.
• The proposal directs the SEC and CFTC to conduct a joint study on tokenizing securities and other real‑world assets, with potential tailored rulemaking to follow.
• Tokenized securities would remain securities, and non‑security real‑world assets would not be deemed securities solely because they are tokenized.
• Progress depends on a markup, securing support from Senate Democrats and the Agriculture Committee, reaching the 60‑vote threshold, and eventual alignment with House legislation.