SB1797: DIGITAL ASSETS & CONS PROT ACT

Legislative Summary

Reinserts the provisions of the bill, as amended by Senate Amendment No. 1, with changes that include the following. Provides that "digital asset business activity" does not include (1) peer-to-peer exchanges or transfers of digital assets, (2) decentralized exchanges facilitating peer-to-peer exchanges or transfers solely through use of a computer program or a transaction protocol that is intended to automatically execute, control, or document events and actions, and (3) the development and dissemination of software in and of itself. Provides that "digital asset administration" does not include the issuance of a non-fungible token in and of itself. Defines "non-fungible token". Makes changes in provisions concerning rebuttable presumptions of control and the application of the Act. Makes other changes. Effective immediately.