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NEGATIVE Money in Politics & Finance 118th Congress

H.R.4763 Crypto Market Structure Bill (FIT21)

exempting up to $75 million a year in crypto token sales from SEC registration and moving many tokens to CFTC oversight (118th Congress)

View on Congress.gov

Bill activity

Introduced Jul 20, 2023 by Glenn Thompson (R-PA) with 4 original cosponsors. 11 cosponsors as of May 1, 2024. Passed the House May 22, 2024, 279-136.

  • Reached the House floor after the House Financial Services and Agriculture Committees reported it (H. Rept. 118-484, Parts I-II), under a special rule from the Rules Committee (H.Res.1243).
Rep. Pat Ryan (D-NY-18) is not listed among the cosponsors of this bill. Rep. Pat Ryan (D-NY-18) voted yea on the House roll call counted in grades (roll no. 226, May 22, 2024).
  1. IntroducedJul 20, 2023
  2. Passed HouseMay 22, 2024
  3. Passed Senate 
  4. To President 
  5. Became Law 

Latest action Sep 9, 2024: Received in the Senate and Read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Cosponsors during the cosponsorship window

118th Congress (Jan 2023 to Jan 2025)

Sep 2023OctNovDecJan 2024FebMarAprMayJul 20, 2023May 6, 2024 (closed)4 originalDusty Johnson (R-SD). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.J. French Hill (R-AR-2). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.Tom Emmer (R-MN-6). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.Warren Davidson (R-OH-8). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.Marcus J. Molinaro (R-NY-19). Cosponsored Jul 27, 2023, 7 days after introduction.Henry Cuellar (D-TX-28). Cosponsored Oct 17, 2023, 89 days after introduction.Wiley Nickel (D-NC-13). Cosponsored Oct 17, 2023, 89 days after introduction.John R. Curtis (R-UT-3). Cosponsored Dec 5, 2023, 138 days after introduction.Jim Banks (R-IN-3). Cosponsored Feb 6, 2024, 201 days after introduction.Patrick T. McHenry (R-NC-10). Cosponsored Apr 30, 2024, 285 days after introduction.Ritchie Torres (D-NY-15). Cosponsored May 1, 2024, 286 days after introduction. Oct 2023DecFeb 2024AprMayJul 20, 2023May 6, 2024 (closed)4 originalDusty Johnson (R-SD). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.J. French Hill (R-AR-2). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.Tom Emmer (R-MN-6). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.Warren Davidson (R-OH-8). Cosponsored Jul 20, 2023, on the day of introduction. Original cosponsor.Marcus J. Molinaro (R-NY-19). Cosponsored Jul 27, 2023, 7 days after introduction.Henry Cuellar (D-TX-28). Cosponsored Oct 17, 2023, 89 days after introduction.Wiley Nickel (D-NC-13). Cosponsored Oct 17, 2023, 89 days after introduction.John R. Curtis (R-UT-3). Cosponsored Dec 5, 2023, 138 days after introduction.Jim Banks (R-IN-3). Cosponsored Feb 6, 2024, 201 days after introduction.Patrick T. McHenry (R-NC-10). Cosponsored Apr 30, 2024, 285 days after introduction.Ritchie Torres (D-NY-15). Cosponsored May 1, 2024, 286 days after introduction.
Democratic 3 · Republican 8

Each dot is one cosponsor. Dots stack by sign-on day, or by week when the window is long. The block at the left holds the original cosponsors.

Cosponsorship closed May 6, 2024 (118th Congress): every committee of referral had reported the bill.

Activity log

Source: Congress.gov actions
  1. Introduced in House
  2. Referred to the House 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...
  3. 4 original cosponsors on the day of introduction
  4. Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 35 - 15.House
  5. Ordered to be Reported (Amended) by Voice Vote.House
  6. Marcus J. Molinaro cosponsored (R-NY)
  7. 2 members cosponsored
  8. John R. Curtis cosponsored (R-UT)
  9. Jim Banks cosponsored (R-IN)
  10. Patrick T. McHenry cosponsored (R-NC)
  11. Ritchie Torres cosponsored (D-NY)
  12. Reported (Amended) by the House Committee on Agriculture. H. Rept. 118-484, Part I.
  13. Reported (Amended) by the House Committee on Financial Services. H. Rept. 118-484, Part II.
  14. Rules Committee Resolution H. Res. 1243 Reported to House.
  15. House floor day: vote on the rule (H.Res.1243), 4 amendments, passage (23 steps)
    1. On ordering the previous question Agreed to by the Yeas and Nays: 205 - 203 (Roll no. 221).
    2. Passed/agreed to in House: On agreeing to the resolution Agreed to by recorded vote: 204 - 203 (Roll no. 222).
    3. Considered under the provisions of rule H. Res. 1243.
    4. 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...
    5. House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 1243 and Rule XVIII.
    6. The Speaker designated the Honorable Michael Guest to act as Chairman of the Committee.
    7. GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 4763.
    8. Amendment (A001) offered by Mr. Casar. (H.Amdt.919)
    9. DEBATE - 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.
    10. POSTPONED 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...
    11. Amendment (A002) offered by Ms. Pettersen. (H.Amdt.920)
    12. On agreeing to the Pettersen amendment (A002) Agreed to by voice vote. (H.Amdt.920)
    13. Amendment (A003) offered by Mr. Norman. (H.Amdt.921)
    14. POSTPONED 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...
    15. Amendment (A004) offered by Mr. Perry. (H.Amdt.922)
    16. POSTPONED 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...
    17. On agreeing to the Casar amendment (A001) Failed by recorded vote: 204 - 209 (Roll no. 223). (H.Amdt.919)
    18. On agreeing to the Norman amendment (A003) Agreed to by recorded vote: 411 - 0 (Roll no. 224). (H.Amdt.921)
    19. On agreeing to the Perry amendment (A004) Agreed to by recorded vote: 225 - 191 (Roll no. 225). (H.Amdt.922)
    20. The House rose from the Committee of the Whole House on the state of the Union to report H.R. 4763.
    21. The previous question was ordered pursuant to the rule.
    22. The House adopted the amendments en gros as agreed to by the Committee of the Whole House on the state of the Union.
    23. On passage Passed by recorded vote: 279 - 136 (Roll no. 226).
  16. House vote: Passage of the billCounted in grades
    Passed, 279-136
    Of 11 cosponsors: 11 voted yea, 0 voted nay.
    Member breakdown · Official House roll call 226
  17. Received in the Senate and Read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Votes on this bill

7 votes: 6 recorded roll calls and 1 decided without a recorded vote, 4 of them on amendments. Votes counted in grades are marked.

May 22, 20242:32 pmHouseVote to end debate on the rule (ordering the previous question)
H.Res.1243On ordering the previous question Agreed to by the Yeas and Nays: 205 - 203 (Roll no. 221).Agreed to205-203Nay
PartyYeaNayPresentNot voting
Democratic0203010
Republican2050012
Independent0000
Total205203022
Official House roll call
May 22, 20242:45 pmHouseVote on the rule (H.Res.1243)On agreeing to the resolution Agreed to by recorded vote: 204 - 203 (Roll no. 222).Agreed to204-203Nay
PartyYeaNayPresentNot voting
Democratic0203010
Republican2040013
Independent0000
Total204203023
Official House roll call
May 22, 2024HouseVote on an amendment
H.Amdt.920, Brittany PettersenOn agreeing to the Pettersen amendment (A002) Agreed to by voice vote.Agreed toVoice vote or unanimous consent, no tallyno roll call
May 22, 20245:23 pmHouseVote on an amendment
H.Amdt.919, Greg Casar: Amendment sought to change the new crowdfunding exemption from $75 million to $5 million.On agreeing to the Casar amendment (A001) Failed by recorded vote: 204 - 209 (Roll no. 223).Failed204-209Yea
PartyYeaNayPresentNot voting
Democratic2040012
Republican0209011
Independent0000
Total204209023
Official House roll call
May 22, 20245:28 pmHouseVote on an amendment
H.Amdt.921, Ralph Norman: Amendment requires a study on the impact of digital asset registrants owned by foreign adversaries.On agreeing to the Norman amendment (A003) Agreed to by recorded vote: 411 - 0 (Roll no. 224).Agreed to411-0Yea
PartyYeaNayPresentNot voting
Democratic2030013
Republican2080012
Independent0000
Total4110025
Official House roll call
May 22, 20245:33 pmHouseVote on an amendment
H.Amdt.922, Scott Perry: An amendment numbered 4 printed in Part B of House Report 118-516 to add a sense of Congress to the end of title V that nothing in this Act or any amendment made by this Act should be interpreted to authorize any entity to regulate any commodity, other than a digital commodity, on any spot market.On agreeing to the Perry amendment (A004) Agreed to by recorded vote: 225 - 191 (Roll no. 225).Agreed to225-191Nay
PartyYeaNayPresentNot voting
Democratic13191012
Republican212008
Independent0000
Total225191020
Official House roll call
May 22, 20245:41 pmHousePassage of the billCounted in gradesOn passage Passed by recorded vote: 279 - 136 (Roll no. 226).Passed279-136Yea

Counted in grades

Of 11 cosponsors: 11 voted yea, 0 voted nay. Question voted on: Passage of the bill

PartyYeaNayPresentNot voting
Democratic7113309
Republican208306
Independent0000
Total279136015
Official House roll call

Amendments

4 amendments: 3 agreed to, 1 failed.

Agreed to (3)

H.Amdt.920May 22
Brittany PettersenAn amendment numbered 2 printed in Part B of House Report 118-516 to clarify the application of the Bank Secrecy Act to digital asset and digital commodity entities and to require a Government Accountability Office study on risks posed by centralized intermediaries that are primarily located in foreign jurisdictions without regulatory requirements similar to those of the Bank Secrecy Act.Without a recorded vote
H.Amdt.921May 22
Ralph NormanAmendment requires a study on the impact of digital asset registrants owned by foreign adversaries.Roll 224: 411-0
H.Amdt.922May 22
Scott PerryAn amendment numbered 4 printed in Part B of House Report 118-516 to add a sense of Congress to the end of title V that nothing in this Act or any amendment made by this Act should be interpreted to authorize any entity to regulate any commodity, other than a digital commodity, on any spot market.Roll 225: 225-191

Failed (1)

H.Amdt.919May 22
Greg CasarAmendment sought to change the new crowdfunding exemption from $75 million to $5 million.Roll 223: 204-209

Cosponsors

11 cosponsored

Sponsor Introduced by Glenn Thompson (R-PA) on Jul 20, 2023

MemberParty/StateDateDays after introductionOriginalGrade
Dusty JohnsonR-SDJul 20, 20230OriginalF
J. French HillR-ARJul 20, 20230OriginalF
Tom EmmerR-MNJul 20, 20230OriginalF
Warren DavidsonR-OHJul 20, 20230OriginalF
Marcus J. MolinaroR-NYJul 27, 20237—
Henry CuellarD-TXOct 17, 202389D
Wiley NickelD-NCOct 17, 202389—
John R. CurtisR-UTDec 5, 2023138—
Jim BanksR-INFeb 6, 2024201—
Patrick T. McHenryR-NCApr 30, 2024285—
Ritchie TorresD-NYMay 1, 2024286C-

Lets crypto projects raise up to $75 million a year without SEC registration and the disclosures it requires, and moves oversight of many tokens to the CFTC. Exchanges may use customers' crypto outside segregated accounts with written consent, which removes its bankruptcy protection. State securities regulators opposed the bill because it blocks them from requiring crypto offerings to register with the states.