The purpose of the Joint Advisory Committee would be to provide "both the SEC and the CFTC with advice on their respective rules, regulations, and policies related to digital assets."

The Act aims to:

• Protect consumers by requiring stablecoin issuers to maintain one-to-one reserves and prohibiting unbacked, algorithmic stablecoins. 
• Prevent illicit or unauthorized use of stablecoins by issuers and users. 
• Create federal and state regulatory regimes for stablecoin issuers that preserves the dual banking system. 

The potential substantive violations of FINRA Rule 2210 included:

• failure to clearly differentiate in communications, including those on mobile apps, between cryptoassets offered through an affiliate of the member or another third party, and products and services offered directly by the member itself;
• false statements or implications that cryptoassets functioned like cash or cash equivalent instruments;
• other false or misleading statements or claims regarding cryptoassets;
• comparisons of cryptoassets to other assets (e.g., stock investments or cash) without providing a sound basis to compare the varying features and risks of these investments;
• unclear and misleading explanations of how cryptoassets work and their core features and risks;
• failure to provide a sound basis to evaluate cryptoassets by omitting clear explanations of how cryptoassets are issued, held, transferred or sold;
• misrepresenting that the protections of the federal securities laws or FINRA rules applied to the cryptoassets; and
• misleading statements about the extent to which certain cryptoassets are protected by the Securities Investor Protection Corporation under the Securities Investor Protection Act.