# Digital Taxonomy Act: Plain Language Summary

This bill asks the Federal Trade Commission (FTC)—the government agency that protects consumers from scams and unfair business practices—to write yearly reports about what they're doing to stop fraud and deception involving digital tokens and cryptocurrency. The FTC would need to send these reports to Congress and post them publicly on their website every year through 2024, so both lawmakers and regular people can see what's happening in this space.

The reports would cover three main things: what enforcement actions the FTC has taken against scammers using digital tokens, what other steps they're taking to prevent fraud in the crypto market, and what new laws or rules they think Congress should pass to better protect consumers and encourage fair competition. Essentially, Congress wants transparency and accountability—they want to know if the FTC is actually catching the bad actors who are ripping off people investing in cryptocurrency, and whether they need more tools to do their job effectively.

For everyday people, this bill doesn't directly change any rules or create new protections right now. Instead, it's about making sure the government is paying attention to crypto scams and has a plan to fight them. If you've lost money to a cryptocurrency scheme or are worried about getting scammed, this bill is meant to help ensure the FTC is actively working on these cases and reporting back to Congress about what they're finding. It's a way of saying the government recognizes that digital tokens are becoming more common, and they want to make sure there's oversight to catch fraudsters before they can steal people's money.

Digital Taxonomy Act

Soto, Darren

Digital Taxonomy Act This bill requires the Federal Trade Commission to report on its efforts to address unfair or deceptive trade practices related to digital tokens (i.e., transferable units of a digital currency).