H.R. 4763, Financial Innovation and Technology for the 21st Century Act

May 21, 2024

Cost Estimate

As posted on the website of the House Committee on Rules on May 10, 2024, and amended by Manager’s Amendment 30

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At A Glance

H.R. 4763, Financial Innovation and Technology for the 21st Century Act As posted on the website of the House Committee on Rules on May 10, 2024, and amended by Manager’s Amendment 30 https://rules.house.gov/bill/118/hr-4763
By Fiscal Year, Millions of Dollars						2024		2024-2029		2024-2034
Direct Spending (Outlays)						*		5		10
Revenues						*		-2		13
Increase or Decrease (-) in the Deficit						*		7		-3
Spending Subject to Appropriation (Outlays)						*		-4		not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?			< $2.5 billion		Statutory pay-as-you-go procedures apply?				Yes
			< $2.5 billion		Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?			< $5 billion		Contains intergovernmental mandate?				Yes, Under Threshold
			< $5 billion		Contains private-sector mandate?				Yes, Over Threshold
* = between -$500,000 and $500,000.
The bill would Require the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) to issue rules that establish a framework for regulating digital assets Direct the CFTC and SEC to supervise and enforce digital asset markets and administer a process to register digital asset exchanges, brokers, dealers, and other entities Preempt state laws governing the security registration of digital assets Impose mandates on private entities involved in the digital asset market
Estimated budgetary effects would mainly stem from Spending for agencies to issue rules, process new registrants, supervise digital asset markets, and enforce violations of the bill’s provisions Reduction in the size of the Federal Reserve’s surplus fund

Data and Supplemental Information

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