Definitions

In this Act: (1) Bank Secrecy Act The term Bank Secrecy Act means— (A) section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b); (B) chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and (C) subchapter II of chapter 53 of title 31, United States Code. (2) Covered person The term covered person means— (A) the President; (B) the Vice President; (C) a Member of Congress; (D) a senior executive branch employee; or (E) the spouse, child, son-in-law, or daughter-in-law, as determined under applicable common law, of any individual described in subparagraph (A), (B), (C), or (D). (3) Decentralized finance service The term decentralized finance service means a protocol, application, or service that, through the use of decentralized smart contracts deployed on a public blockchain network, facilitates digital asset transactions or the exchange of digital assets for other digital assets or fiat currency and may include— (A) a peer-to-peer digital asset trading platform; (B) a digital asset lending protocol; (C) a digital asset staking or liquidity service; (D) a digital asset mixing service; (E) a cross-chain bridge service provider; or (F) any other decentralized finance service determined by the Secretary of the Treasury. (4) Decentralized smart contract The term decentralized smart contract means a digital contract or collections of computer code on a public blockchain network that are automatically executed if specific conditions are met. (5) Public blockchain network The term public blockchain network means an open source, decentralized, permissionless distributed ledger system that records digital asset transactions. (6) Risk management expert The term risk management expert means a person or entity with specialized knowledge or expertise in identifying, preventing, and managing illicit finance, cybersecurity, or compliance risks associated with decentralized finance services, and may include— (A) an identity verification software provider; (B) a fraud detection service; (C) a blockchain analytics firm; (D) a smart contract auditor; (E) a blockchain oracle service; (F) a blockchain cybersecurity service; and (G) any other relevant risk management experts as determined by the Secretary of the Treasury. (7) Senior executive branch employee The term senior executive branch employee means an executive branch employee— (A) who is employed in a position listed in section 5312 of title 5, United States Code, or for which the rate of pay is equal to the rate of pay payable for level I of the Executive Schedule; (B) who is employed in a position— (i) in the Executive Office of the President; and (ii) listed in section 5313 of title 5, United States Code, or for which the rate of pay is equal to the rate of pay payable for level II of the Executive Schedule; (C) who is appointed by the President pursuant to section 105(a)(2)(A) of title 3, United States Code; or (D) who is appointed by the Vice President pursuant to section 106(a)(1)(A) of title 3, United States Code.