A report to Congress is due within 180 days
What the document says“Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall submit to the chairs and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report”
Subsection (e). Five subjects go in the report: legislative and regulatory proposals to let institutions develop novel detection methods, the results of the research and risk assessments, efforts to support institutions in implementing those methods, the extent to which transactions on distributed ledgers and mixing services may facilitate illicit activity, and legislative recommendations on the scope of the term digital asset service provider and its application to decentralized finance. The report may include a classified annex. Under subsection (f), nothing in the section limits the existing authority of the Secretary or the Federal regulators to use exemptive authorities, the no-action letter process or rulemaking to encourage such methods before the report is submitted.
What the document actually says“Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall submit to the chairs and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report”
The Treasury has 180 days to send a report. It goes to two groups in Congress. It goes to their leaders on both sides.
The report covers what the study found. It suggests changes to the law. One of them is about which firms the law should cover.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.