; (4) discusses the primary differences between digital asset fiat-based stablecoins and central bank digital currencies; (5) discusses whether there are financial stability risks or concerns posed by decentralized finance; (6) provides recommendations regarding appropriate regulation and investor protection for decentralized finance in United States banking, securities, and commodities, including with respect to United States jurisdiction and application of United States law; and (7) discusses the legal obligations of creators, owners, or operators of decentralized finance applications, distributed ledgers, smart contracts, and other applications which are hacked or are used for fraud and manipulation. 504. Report on custody of digital assets and digital asset securities Not later than 270 days after the date of the enactment of this Act, the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Secretary of the Treasury, and the Commodity Futures Trading Commission, shall jointly submit a report to the appropriate committees that— (1) provides recommendations on the regulation, licensing, and auditing of digital asset custodians and digital asset security custodians