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Digital Asset Market Clarity Act
Introduced May 29, 2025 · Last action Jun 1, 2026 — Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
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Summary
This legislation is called the Digital Asset Market Clarity Act. Placed on Senate Legislative Calendar under General Orders. Calendar No. 423.
Full bill text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3633 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. R. 3633
To provide for a system of regulation of the offer and sale of digital
commodities by the Securities and Exchange Commission and the Commodity
Futures Trading Commission, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 29, 2025
Mr. Hill of Arkansas (for himself, Mr. Thompson of Pennsylvania, Ms.
Craig, Mr. Emmer, Mr. Johnson of South Dakota, Mr. Davis of North
Carolina, Mr. Steil, Mr. Torres of New York, and Mr. Davidson)
introduced the following bill; which was referred to the Committee on
Financial Services, and in addition to the Committee on Agriculture,
for a period to be subsequently determined by the Speaker, in each case
for consideration of such provisions as fall within the jurisdiction of
the committee concerned
_______________________________________________________________________
A BILL
To provide for a system of regulation of the offer and sale of digital
commodities by the Securities and Exchange Commission and the Commodity
Futures Trading Commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Digital Asset
Market Clarity Act of 2025'' or the ``CLARITY Act of 2025''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--DEFINITIONS; RULEMAKING; PROVISIONAL REGISTRATION
Sec. 101. Definitions under the Securities Act of 1933.
Sec. 102. Definitions under the Securities Exchange Act of 1934.
Sec. 103. Definitions under the Commodity Exchange Act.
Sec. 104. Definitions under this Act.
Sec. 105. Rulemakings.
Sec. 106. Provisional registration for digital commodity exchanges,
brokers, and dealers.
Sec. 107. Commodity Exchange Act and securities laws savings
provisions.
Sec. 108. Administrative requirements.
Sec. 109. International cooperation.
Sec. 110. Implementation.
Sec. 111. Application of the Bank Secrecy Act.
TITLE II--OFFERS AND SALES OF DIGITAL COMMODITIES
Sec. 201. Treatment of investment contract assets.
Sec. 202. Exempted primary transactions in digital commodities.
Sec. 203. Treatment of secondary transactions in digital commodities
that originally involved investment
contracts.
Sec. 204. Requirements for offers and sales of digital commodities by
digital commodity related persons and
digital commodity affiliated persons.
Sec. 205. Mature blockchain system requirements.
Sec. 206. Effective date.
TITLE III--REGISTRATION FOR INTERMEDIARIES AT THE SECURITIES AND
EXCHANGE COMMISSION
Sec. 301. Treatment of digital commodities and permitted payment
stablecoins.
Sec. 302. Anti-fraud authority over permitted payment stablecoins and
certain digital commodity transactions.
Sec. 303. Eligibility of alternative trading systems.
Sec. 304. Operation of alternative trading systems.
Sec. 305. Modernization of recordkeeping requirements.
Sec. 306. Exemptive authority.
Sec. 307. Additional registrations with the Commodity Futures Trading
Commission.
Sec. 308. Exempting digital commodities from State securities laws.
Sec. 309. Exclusion for decentralized finance activities.
Sec. 310. Treatment of custody activities by banking institutions.
Sec. 311. Digital commodity activities that are financial in nature.
Sec. 312. Effective date; administration.
Sec. 313. Studies on foreign adversary participation.
TITLE IV--REGISTRATION FOR DIGITAL COMMODITY INTERMEDIARIES AT THE
COMMODITY FUTURES TRADING COMMISSION
Sec. 401. Commission jurisdiction over digital commodity transactions.
Sec. 402. Requiring futures commission merchants to use qualified
digital asset custodians.
Sec. 403. Trading certification and approval for digital commodities.
Sec. 404. Registration of digital commodity exchanges.
Sec. 405. Qualified digital asset custodians.
Sec. 406. Registration and regulation of digital commodity brokers and
dealers.
Sec. 407. Registration of associated persons.
Sec. 408. Registration of commodity pool operators and commodity
trading advisors.
Sec. 409. Exclusion for decentralized finance activities.
Sec. 410. Resources for implementation and enforcement.
Sec. 411. Digital commodity activities by SEC-registered entities.
Sec. 412. Requirements related to control persons.
Sec. 413. Effective date.
Sec. 414. Sense of Congress.
TITLE V--INNOVATION AND TECHNOLOGY IMPROVEMENTS
Sec. 501. Findings; sense of Congress.
Sec. 502. Modernization of the Securities and Exchange Commission
mission.
Sec. 503. Strategic Hub for Innovation and Financial Technology.
Sec. 504. Codification of LabCFTC.
Sec. 505. Study on decentralized finance.
Sec. 506. Study on non-fungible tokens.
Sec. 507. Study on expanding financial literacy amongst digital
commodity holders.
Sec. 508. Study on financial market infrastructure improvements.
TITLE I--DEFINITIONS; RULEMAKING; PROVISIONAL REGISTRATION
SEC. 101. DEFINITIONS UNDER THE SECURITIES ACT OF 1933.
Section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)) is
amended by adding at the end the following:
``(20) Blockchain.--The term `blockchain' means--
``(A) any technology--
``(i) where data is--
``(I) shared across a network to
create a distributed ledger of
independently verifiable transactions
or information among network
participants;
``(II) linked using cryptography to
maintain the integrity of the
distributed ledger and to execute other
functions; and
``(III) propagated among network
participants to reach consensus on the
state of the distributed ledger and any
other functions; and
``(ii) composed of source code that is
publicly available; and
``(B) any similar technology to the technology
described in subparagraph (A).
``(21) Blockchain application.--The term `blockchain
application' means any executable software deployed to a
blockchain composed of source code that is publicly available,
including a smart contract or any network of smart contracts,
or other similar technology.
``(22) Blockchain protocol.--The term `blockchain protocol'
means the freely and publicly available source code of a
blockchain that is executed by the network participants of a
blockchain to facilitate its functioning, or other similar
technology.
``(23) Blockchain system.--The term `blockchain system'
means any blockchain, together with its blockchain protocol or
any blockchain application or network of blockchain
applications.
``(24) Decentralized governance system.--
``(A) In general.--The term `decentralized
governance system' means, with respect to a blockchain
system, any transparent, rules-based system permitting
persons to form consensus or reach agreement in the
development, provision, publication, management, or
administration of such blockchain system, where
participation is not limited to, or under the effective
control of, any person or group of persons under common
control.
``(B) Relationship of persons to decentralized
governance systems.--With respect to a decentralized
governance system, the decentralized governance system
and any persons participating in the decentralized
governance system shall be treated as separate persons
unless such persons are under common control.
``(C) Legal entities for decentralized governance
systems.--The term `decentralized governance system'
shall include a legal entity used to implement the
rules-based system described in subparagraph (A),
provided that the organizing and governing laws of such
legal entity do not create or require centralized and
hierarchical management of such legal entity. For the
purposes of this subparagraph, the delegation of
ministerial or administrative authority at the
direction of the participants in a decentralized
governance system shall not be construed to be
centralized and hierarchical management.
``(25) Digital asset.--The term `digital asset' means any
digital representation of value which is recorded on a
cryptographically-secured distributed ledger or other similar
technology.
``(26) Digital commodity.--The term `digital commodity' has
the meaning given that term under section 1a of the Commodity
Exchange Act (7 U.S.C. 1a).
``(27) Digital commodity affiliated person.--The term
`digital commodity affiliated person' means a person (including
a digital commodity related person) that, with respect to any
digital commodity--
``(A) acquires 5 percent or more of the total
outstanding units of such digital commodity from a
digital commodity issuer;
``(B) is a founder of the digital commodity issuer;
or
``(C) is an executive director, director, trustee,
or general partner of the digital commodity issuer or
held such role at any point in the previous 12-month
period.
``(28) Digital commodity issuer.--With respect to a digital
commodity, the term `digital commodity issuer' means any person
that--
``(A) proposes, issues, or causes to be issued a
unit of such digital commodity to a person; or
``(B) offers or sells a right to a future issuance
of a unit of such digital commodity to a person.
``(29) Digital commodity related person.--
``(A) In general.--With respect to a digital
commodity issuer, the term `digital commodity related
person' means--
``(i) a person that is or was in the
previous 6-month period a promoter, senior
employee, advisory board member, consultant,
advisor, or person serving in a similar
capacity; and
``(ii) a person that acquires 1 percent or
more of the total outstanding units of such
digital commodity from a digital commodity
issuer.
``(B) Senior employee defined.--In this paragraph
and with respect to a digital commodity issuer, the
term `senior employee' means any employee materially
involved in the management or planning of the digital
commodity issuer or the development of the blockchain
system to which the digital commodity relates.
``(30) End user distribution.--The term `end user
distribution' means a distribution of a unit of a digital
commodity that--
``(A) does not involve an exchange of more than a
nominal value of cash, property, or other assets; and
``(B) is distributed in a broad and equitable
manner based on conditions capable of being satisfied
by any participant in the blockchain system, including,
as incentive-based rewards--
``(i) to users of the digital commodity or
any blockchain system to which the digital
commodity relates;
``(ii) for activities directly related to
the operation of the blockchain system, such as
mining, validating, staking, or other activity
directly tied to the operation of the
blockchain system; or
``(iii) to the existing holders of another
digital commodity, in proportion to the total
units of such other digital commodity as are
held by each person.
``(31) Mature blockchain system.--The term `mature
blockchain system' means a blockchain system, together with its
related digital commodity, that is not controlled by any person
or group of persons under common control.
``(32) Permitted payment stablecoin.--
``(A) In general.--The term `permitted payment
stablecoin' means a digital asset--
``(i) that is or is designed to be used as
a means of payment or settlement;
``(ii) that is denominated in a national
currency;
``(iii) the issuer of which is subject to
the regulatory and supervisory authority of a
State or Federal agency;
``(iv) the issuer of which--
``(I) is obligated to convert,
redeem, or repurchase for a fixed
amount of monetary value; or
``(II) represents that the digital
asset will maintain or creates the
reasonable expectation that the digital
asset will maintain a stable value
relative to the value of a fixed amount
of monetary value; and
``(v) that is not--
``(I) a national currency;
``(II) a security issued by--
``(aa) an investment
company registered under
section 8(a) of the Investment
Company Act of 1940 (15 U.S.C.
80a-8(a)); or
``(bb) a person that would
be an investment company under
the Investment Company Act of
1940 but for paragraphs (1) and
(7) of section 3(c) of that Act
(15 U.S.C. 80a-3(c));
``(III) a deposit (as defined under
section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813)),
regardless of the technology used to
record such deposit; or
``(IV) an account (as defined in
section 101 of the Federal Credit Union
Act (12 U.S.C. 1752)), regardless of
the technology used to record such
account.
``(B) Monetary value defined.--The term `monetary
value'--
``(i) means--
``(I) a national currency;
``(II) a deposit (as defined in
section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813)) that is
denominated in a national currency; or
``(III) an account (as defined in
section 101 of the Federal Credit Union
Act (12 U.S.C. 1752)); and
``(ii) does not include any agricultural or
other physical commodity (as defined in section
1a of the Commodity Exchange Act (7 U.S.C.
1a)).
``(33) Securities laws.--The term `securities laws' has the
meaning given that term under section 3(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)).''.
SEC. 102. DEFINITIONS UNDER THE SECURITIES EXCHANGE ACT OF 1934.
Section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C.
78c(a)) is amended--
(1) by redesignating the second paragraph (80) (relating to
funding portals) as paragraph (81); and
(2) by adding at the end the following:
``(82) 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.
``(83) Additional digital commodity-related terms.--
``(A) Securities act of 1933.--The terms
`blockchain system', `decentralized governance system',
`digital asset', `digital commodity affiliated person',
`digital commodity issuer', `digital commodity related
person', `end user distribution', `mature blockchain
system', and `permitted payment stablecoin', have the
meaning given those terms, respectively, under section
2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)).
``(B) Commodity exchange act.--The terms `digital
commodity', `digital commodity broker', `digital
commodity dealer', `digital commodity exchange',
`decentralized finance messaging system', and
`decentralized finance trading protocol' have the
meaning given those terms, respectively, under section
1a of the Commodity Exchange Act (7 U.S.C. 1a).''.
SEC. 103. DEFINITIONS UNDER THE COMMODITY EXCHANGE ACT.
(a) In General.--Section 1a of the Commodity Exchange Act (7 U.S.C.
1a) is amended--
(1) in paragraph (10)--
(A) in subparagraph (A)--
(i) by redesignating clauses (iii) and (iv)
as clauses (iv) and (v), respectively; and
(ii) by inserting after clause (ii) the
following:
``(iii) digital commodity;''; and
(B) by redesignating subparagraph (B) as
subparagraph (C) and inserting after subparagraph (A)
the following:
``(B) Exclusion.--For purposes of this paragraph,
the term `trading in commodity interests' shall not
include transacting in digital commodities for the
purpose of--
``(i) acting as a digital commodity
custodian;
``(ii) establishing, maintaining, or
managing inventory or payment instruments for
commercial purposes; or
``(iii) maintaining or supporting the
operation of, or validating transactions on, a
blockchain system.'';
(2) in paragraph (11)--
(A) in subparagraph (A)(i)--
(i) by redesignating subclauses (III) and
(IV) as subclauses (IV) and (V), respectively;
and
(ii) by inserting after subclause (II) the
following:
``(III) digital commodity;''; and
(B) by redesignating subparagraph (B) as
subparagraph (C) and inserting after subparagraph (A)
the following:
``(B) Exclusion.--For purposes of this paragraph,
the term `trading in commodity interests' shall not
include transacting in digital commodities for the
purpose of--
``(i) acting as a digital commodity
custodian;
``(ii) establishing, maintaining, or
managing inventory or payment instruments for
commercial purposes; or
``(iii) maintaining or supporting the
operation of, or validating transactions on, a
blockchain system.'';
(3) in paragraph (12)(A)(i)--
(A) in subclause (II), by adding at the end a
semicolon;
(B) by redesignating subclauses (III) and (IV) as
subclauses (IV) and (V), respectively; and
(C) by inserting after subclause (II) the
following:
``(III) a digital commodity;'';
(4) by redesignating paragraphs (16) through (51) as
paragraphs (17) through (52), respectively, and inserting after
paragraph (15) the following:
``(16) Terms related to digital commodities.--
``(A) Associated person of a digital commodity
broker.--
``(i) In general.--Except as provided in
clause (ii), the term `associated person of a
digital commodity broker' means a person who is
associated with a digital commodity broker as a
partner, officer, employee, or agent (or any
person occupying a similar status or performing
similar functions) in any capacity that
involves--
``(I) the solicitation or
acceptance of an order for the purchase
or sale of a digital commodity; or
``(II) the supervision of any
person engaged in the solicitation or
acceptance of an order for the purchase
or sale of a digital commodity.
``(ii) Exclusion.--The term `associated
person of a digital commodity broker' does not
include any person associated with a digital
commodity broker the functions of which are
solely clerical or ministerial.
``(B) Associated person of a digital commodity
dealer.--
``(i) In general.--Except as provided in
clause (ii), the term `associated person of a
digital commodity dealer' means a person who is
associated with a digital commodity dealer as a
partner, officer, employee, or agent (or any
person occupying a similar status or performing
similar functions) in any capacity that
involves--
``(I) the solicitation or
acceptance of a contract for the
purchase or sale of a digital
commodity; or
``(II) the supervision of any
person engaged in the solicitation or
acceptance of a contract for the
purchase or sale of a digital
commodity.
``(ii) Exclusion.--The term `associated
person of a digital commodity dealer' does not
include any person associated with a digital
commodity dealer the functions of which are
solely clerical or ministerial.
``(C) Bank secrecy act.--The term `Bank Secrecy
Act' means--
``(i) section 21 of the Federal Deposit
Insurance Act (12 U.S.C. 1829b);
``(ii) chapter 2 of title I of Public Law
91-508 (12 U.S.C. 1951 et seq.); and
``(iii) subchapter II of chapter 53 of
title 31, United States Code.
``(D) Decentralized finance messaging system.--
``(i) In general.--The term `decentralized
finance messaging system' means a software
application that provides a user with the
ability to create or submit an instruction,
communication, or message to a decentralized
finance trading protocol for the purpose of
executing a transaction by the user.
``(ii) Additional requirements.--The term
`decentralized finance messaging system' does
not include any system that provides any person
other than the user with control over--
``(I) the funds of the user; or
``(II) the execution of the
transaction of the user.
``(E) Decentralized finance trading protocol.--
``(i) In general.--The term `decentralized
finance trading protocol' means a blockchain
system through which multiple participants can
execute a financial transaction--
``(I) in accordance with an
automated rule or algorithm that is
predetermined and non-discretionary;
and
``(II) without reliance on any
other person to maintain control of the
digital assets of the user during any
part of the financial transaction.
``(ii) Exclusions.--
``(I) In general.--The term
`decentralized finance trading
protocol' does not include a blockchain
system if--
``(aa) a person or group of
persons under common control
has the unilateral authority,
directly or indirectly, through
any contract, arrangement,
understanding, relationship, or
otherwise, to control or
materially alter the
functionality, operation, or
rules of consensus or agreement
of the blockchain system; or
``(bb) the blockchain
system does not operate,
execute and enforce its
operations and transactions
based solely on pre-
established, transparent rules
encoded directly within the
source code of the blockchain
system.
``(II) Special rule.--For purposes
of subclause (I), a decentralized
governance system shall not be
considered to be a person or a group of
persons under common control.
``(F) Digital commodity.--
``(i) In general.--The term `digital
commodity' means a digital asset that is
intrinsically linked to a blockchain system,
and the value of which is derived from or is
reasonably expected to be derived from the use
of the blockchain system.
``(ii) Relationship to a blockchain
system.--For purposes of this subparagraph, a
digital asset is intrinsically linked to a
blockchain system if the digital asset is
directly related to the functionality or
operation of the blockchain system or to the
activities or services for which the blockchain
system is created or utilized, including where
the digital asset is--
``(I) issued or generated by the
programmatic functioning of the
blockchain system;
``(II) used to transfer value
between participants in the blockchain
system;
``(III) used to access the
activities or services of the
blockchain system;
``(IV) used to participate in the
decentralized governance system of the
blockchain system;
``(V) used or removed from
circulation in whole or in part to pay
fees or otherwise verify or validate
transactions on the blockchain system;
``(VI) used as payment or incentive
to participants in the blockchain
system to engage in the activities of
the blockchain system, provide services
to other participants in the blockchain
system, or otherwise participate in the
functionality of the blockchain system;
or
``(VII) used as payment or
incentive to participants in the
blockchain system to validate
transactions, secure the blockchain
system, provide computational services,
maintain or distribute information, or
otherwise participate in the operations
of the blockchain system.
``(iii) Exclusion.--The term `digital
commodity' does not include any of the
following:
``(I) Security.--
``(aa) Any security, other
than a note, an investment
contract, or a certificate of
interest or participation in
any profit-sharing agreement.
``(bb) A note, an
investment contract, or a
certificate of interest or
participation in any profit-
sharing agreement that
represents or gives the holder
an ownership interest or other
interest in the revenues,
profits, obligations, debts,
assets, or assets or debts to
be acquired of the issuer of
the digital asset or another
person (other than a
decentralized governance
system).
``(II) Security derivative.--A
digital asset that, based on its terms
and other characteristics, is,
represents, or is functionally
equivalent to an agreement, contract,
or transaction that is--
``(aa) a security future,
as defined in section 2a of the
Securities Act of 1933;
``(bb) a security-based
swap, as defined in section 2a
of the Securities Act of 1933;
``(cc) a put, call,
straddle, option, or privilege
on any security, certificate of
deposit, or group or index of
securities (including any
interest therein or based on
the value thereof), as defined
in section 2a of the Securities
Act of 1933; or
``(dd) a put, call,
straddle, option, or privilege
on any security, as defined in
section 2a of the Securities
Act of 1933.
``(III) Permitted payment
stablecoin.--A digital asset that is a
permitted payment stablecoin.
``(IV) Banking deposit.--
``(aa) A deposit (as
defined under section 3 of the
Federal Deposit Insurance Act
(12 U.S.C. 1813)), regardless
of the technology used to
record the deposit.
``(bb) An account (as
defined in section 101 of the
Federal Credit Union Act (12
U.S.C. 1752)), regardless of
the technology used to record
the account.
``(V) Commodity.--A digital asset
that references, represents an interest
in, or is functionally equivalent to--
``(aa) an agricultural
commodity;
``(bb) an excluded
commodity, other than a
security; or
``(cc) an exempt commodity,
other than the digital
commodity itself, as shall be
further defined by the
Commission.
``(VI) Commodity derivative.--A
digital asset that, based on its terms
and other characteristics, is,
represents, or is functionally
equivalent to an agreement, contract,
or transaction that is--
``(aa) a contract of sale
of a commodity for future
delivery or an option thereon;
``(bb) a security futures
product;
``(cc) a swap;
``(dd) an agreement,
contract, or transaction
described in section
2(c)(2)(C)(i) or 2(c)(2)(D)(i);
``(ee) a commodity option
authorized under section 4c; or
``(ff) a leverage
transaction authorized under
section 19.
``(VII) Pooled investment
vehicle.--
``(aa) In general.--A
digital asset that, based on
its terms and other
characteristics, is,
represents, or is functionally
equivalent to--
``(AA) a commodity
pool, as defined in
this Act; or
``(BB) a pooled
investment vehicle.
``(bb) Pooled investment
vehicle defined.--In this
subclause, the term `pooled
investment vehicle' means any
investment company as defined
in section 3(a) of the
Investment Company Act of 1940
(15 U.S.C. 80a-3(a)) or any
company that would be an
investment company under
section 3(a) of such Act but
for the exclusion provided from
that definition by paragraph
(1), (7), or (9) of section
3(c) of such Act (15 U.S.C.
80a-3(c)(1), (7), or (9)).
``(VIII) Good, collectible, and
other non-commodity asset.--A digital
asset that has inherent value, utility,
or significance beyond its mere
existence as a digital asset, including
the digital equivalent of a tangible or
intangible good, such as--
``(aa) a work of art, a
musical composition, a literary
work, or other intellectual
property;
``(bb) collectibles,
merchandise, virtual land, and
video game assets;
``(cc) affinity, rewards,
or loyalty points, including
airline miles or credit card
points, that are not primarily
speculative in nature; or
``(dd) rights, licenses,
and tickets.
``(iv) Rule of construction.--No
presumption shall exist that a digital asset is
a security, nor shall a digital asset be
excluded from being a digital commodity
pursuant to clause (iii)(I), solely due to--
``(I) the digital asset providing
voting or economic rights with respect
to the blockchain system to which the
digital asset relates or the
decentralized governance system of the
blockchain system;
``(II) the value of the digital
asset having the potential to
appreciate or depreciate in response to
the efforts, operations, or financial
performance of the decentralized
governance system of the blockchain
system to which the digital asset
relates; or
``(III) the value of the digital
asset appreciating or depreciating due
to the adoption and use of the
blockchain system to which the digital
asset relates or the decentralized
governance system of the blockchain
system.
``(G) Digital commodity broker.--
``(i) In general.--The term `digital
commodity broker' means any person who, as a
regular business--
``(I) is engaged in--
``(aa) soliciting or
accepting an order from a
customer for--
``(AA) the purchase
or sale of a digital
commodity; or
``(BB) an
agreement, contract, or
transaction described
in section
2(c)(2)(D)(iv); and
``(bb) in conjunction with
the activities in item (aa),
accepts or maintains control
over--
``(AA) the funds of
any customer; or
``(BB) the
execution of any
transaction of a
customer;
``(II) is engaged in soliciting or
accepting orders from a customer for
the purchase or sale of a unit of a
digital commodity on or subject to the
rules of a registered entity; or
``(III) is registered with the
Commission as a digital commodity
broker.
``(ii) Exceptions.--The term `digital
commodity broker' does not include a person
solely because the person--
``(I) solicits or accepts an order
described in clause (i)(I)(aa)(AA) from
a customer who is an eligible contract
participant;
``(II) enters into a digital
commodity transaction the primary
purpose of which is to make, send,
receive, or facilitate payments,
whether involving a payment service
provider or on a peer-to-peer basis; or
``(III) is a bank (as defined under
section 3(a) of the Securities Exchange
Act of 1934) engaging in certain
banking activities with respect to a
digital commodity in the same or a
similar manner as a bank is excluded
from the definition of a broker under
such section, as determined by the
Commission.
``(iii) Further definition.--The
Commission, by rule or regulation, may exclude
from the term `digital commodity broker' any
person or class of persons if the Commission
determines that the rule or regulation will
effectuate the purposes of this Act.
``(H) Digital commodity dealer.--
``(i) In general.--The term `digital
commodity dealer' means any person who, as a
regular business--
``(I) is, or offers to be a
counterparty to a person for the
purchase or sale of a digital commodity
as a regular business, and in
conjunction with the activities,
accepts or maintains control over the
funds of any counterparty; or
``(II) is registered with the
Commission as a digital commodity
dealer.
``(ii) Exception.--The term `digital
commodity dealer' does not include a person
solely because the person--
``(I) is or offers to be a
counterparty to a person who is an
eligible contract participant;
``(II) enters into a digital
commodity transaction with an eligible
contract participant;
``(III) enters into a digital
commodity transaction on or through a
registered digital commodity exchange,
with a registered digital commodity
broker, or through a decentralized
finance trading protocol;
``(IV) enters into a digital
commodity transaction for the person's
own account, either individually or in
a fiduciary capacity, but not as a part
of a regular business;
``(V) enters into a digital
commodity transaction the primary
purpose of which is to make, send,
receive, or facilitate payments,
whether involving a payment service
provider or on a peer-to-peer basis; or
``(VI) is a bank (as defined under
section 3(a) of the Securities Exchange
Act of 1934) engaging in certain
banking activities with respect to a
digital commodity in the same or a
similar manner as a bank is excluded
from the definition of a dealer under
section 3(a)(5) of such Act, as
determined by the Commission.
``(iii) Further definition.--The
Commission, by rule or regulation, may exclude
from the term `digital commodity dealer' any
person or class of persons if the Commission
determines that the rule or regulation will
effectuate the purposes of this Act.
``(I) Digital commodity exchange.--The term
`digital commodity exchange' means a trading facility
that offers or seeks to offer a cash or spot market in
at least 1 digital commodity.
``(J) Mixed digital asset transaction.--The term
`mixed digital asset transaction' means a transaction
in which a digital commodity is traded for a security.
``(K) Terms defined under the securities act of
1933.--The terms `blockchain system', `decentralized
governance system', `digital asset', `digital commodity
issuer', `digital commodity affiliated person',
`digital commodity related person', `end user
distribution', `mature blockchain system', and
`permitted payment stablecoin' have the meaning given
those terms, respectively, under section 2(a) of the
Securities Act of 1933 (15 U.S.C. 77b(a)).''; and
(5) in paragraph (41) (as so redesignated by paragraph (4)
of this subsection)--
(A) by striking ``and'' at the end of subparagraph
(E);
(B) by striking the period at the end of
subparagraph (F) and inserting ``; and''; and
(C) by adding at the end the following:
``(G) a digital commodity exchange registered under
section 5i.''.
(b) Conforming Amendments.--
(1) Each of the following provisions of law is amended by
striking ``1a(18)'' and inserting ``1a(19)'':
(A) Section 4s(h)(5)(A)(i) of the Commodity
Exchange Act (7 U.S.C. 6s(h)(5)(A)(i)).
(B) Section 5(e) of the Securities Act of 1933 (15
U.S.C. 77e(e)).
(C) Section 6(g)(5)(B) of the Securities Exchange
Act of 1934 (15 U.S.C. 78f(g)(5)(B)).
(D) Section 15F(h)(5)(A)(i) of the Securities
Exchange Act of 1934 (15 U.S.C. 78o-10(h)(5)(A)(i)).
(2) Section 752 of the Wall Street Transparency and
Accountability Act of 2010 (15 U.S.C. 8325) is amended by
striking ``1a(39)'' and inserting ``1a(40)''.
(3) Section 4s(f)(1)(D) of the Commodity Exchange Act (7
U.S.C. 6s(f)(1)(D)) is amended by striking ``1a(47)(A)'' and
inserting ``1a(48)(A)''.
(4) Each of the following provisions of the Commodity
Exchange Act is amended by striking ``1a(47)(A)(v)'' and
inserting ``1a(48)(A)(v)'':
(A) Section 4t(b)(1)(C) (7 U.S.C. 6t(b)(1)(C)).
(B) Section 5(d)(23) (7 U.S.C. 7(d)(23)).
(C) Section 5b(k)(3) (7 U.S.C. 7a-1(k)(3)).
(D) Section 5h(f)(10)(A)(iii) (7 U.S.C. 7b-
3(f)(10)(A)(iii)).
(5) Section 21(f)(4)(C) of the Commodity Exchange Act (7
U.S.C. 24a(f)(4)(C)) is amended by striking ``1a(48)'' and
inserting ``1a(49)''.
(6) Section 403 of the Legal Certainty for Bank Products
Act of 2000 (7 U.S.C. 27a) is amended--
(A) in subsection (a)(2), by striking
``1a(47)(A)(v)'' and inserting ``1a(48)(A)(v)''; and
(B) in each of subsections (b)(1) and (c)(2), by
striking ``1a(47)'' and inserting ``1a(48)''.
(7) Section 712 of the Wall Street Transparency and
Accountability Act of 2010 (15 U.S.C. 8302) is amended--
(A) in subsection (a)(8), by striking ``1a(47)(D)''
and inserting ``1a(48)(D)''; and
(B) in subsection (d)(1), by striking
``1a(47)(A)(v)'' each place it appears and inserting
``1a(48)(A)(v)''.
SEC. 104. DEFINITIONS UNDER THIS ACT.
In this Act:
(1) Definitions under the commodity exchange act.--The
terms ``decentralized finance messaging system'',
``decentralized finance trading protocol'', ``digital
commodity'', ``digital commodity broker'', ``digital commodity
dealer'', ``digital commodity exchange'', and ``mixed digital
asset transaction'' have the meaning given those terms,
respectively, under section 1a of the Commodity Exchange Act (7
U.S.C. 1a).
(2) Definitions under the securities act of 1933.--The
terms ``blockchain'', ``blockchain system'', ``blockchain
protocol'', ``decentralized governance system'', ``digital
asset'', ``digital commodity issuer'', ``end user
distribution'', ``mature blockchain system'', ``permitted
payment stablecoin'', and ``securities laws'' have the meaning
given those terms, respectively, under section 2(a) of the
Securities Act of 1933 (15 U.S.C. 77b(a)).
(3) Definitions under the securities exchange act of
1934.--The terms ``Bank Secrecy Act'', ``securities laws'', and
``self-regulatory organization'' have the meaning given those
terms, respectively, under section 3(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)).
SEC. 105. RULEMAKINGS.
(a) Definitions.--The Commodity Futures Trading Commission and the
Securities and Exchange Commission shall jointly issue rules to further
define the following terms:
(1) The terms--
(A) ``blockchain'', ``blockchain application'',
``blockchain system'', ``blockchain protocol'',
``decentralized governance system'', ``digital
commodity affiliated person'', ``digital commodity
issuer'', ``digital commodity related person'', ``end
user distribution'', and ``mature blockchain system'',
as defined under section 2(a) of the Securities Act of
1933;
(B) ``unilateral authority'', as such term is used
in section 42 of the Securities Exchange Act of 1934
and section 1a of the Commodity Exchange Act; and
(C) ``programmatic functioning'', as such term is
used in sections 4C of the Securities Act of 1933,
section 42 of the Securities Exchange Act of 1934, and
section 1a of the Commodity Exchange Act.
(2) The terms ``digital commodity'', ``decentralized
finance messaging system'', and ``decentralized finance trading
protocol'' as defined under section 1a of the Commodity
Exchange Act.
(b) Joint Rulemaking for Mixed Digital Asset Transactions.--The
Securities and Exchange Commission and the Commodity Futures Trading
Commission shall jointly issue rules applicable to mixed digital asset
transactions under this Act and the amendments made by this Act,
including by further defining such term.
(c) Protection of Self-Custody.--
(1) In general.--A United States individual shall retain
the right to--
(A) maintain a hardware wallet or software wallet
for the purpose of facilitating the individual's own
lawful custody of digital assets; and
(B) engage in direct, peer-to-peer transactions in
digital assets with another individual or entity for
the individual's own lawful purposes using a hardware
wallet or software wallet, if--
(i) such other individual or entity is not
a financial institution (as defined in section
5312 of title 31, United States Code); and
(ii) the transactions do not involve any
property or interests in property that are
blocked pursuant to, or are otherwise
prohibited by, United States sanctions.
(2) Application.--This subsection--
(A) applies solely to personal use by individuals;
and
(B) does not apply to individuals acting in a
custodial or fiduciary capacity for others.
(3) Rule of construction.--Nothing in this subsection shall
be construed to limit the authority of the Secretary of the
Treasury, the Securities and Exchange Commission, the Commodity
Futures Trading Commission, or the primary Federal payment
stablecoin regulators to carry out any enforcement action or
special measure authorized under applicable law, including--
(A) the Bank Secrecy Act, section 9714 of the
Combating Russian Money Laundering Act (31 U.S.C. 5318A
note), and section 7213A of the Fentanyl Sanctions Act
(21 U.S.C. 2313a); or
(B) any other law relating to illicit finance,
money laundering, terrorism financing, or United States
sanctions.
(d) Joint Rulemaking, Procedures, or Guidance for Delisting.--Not
later than 180 days after the date of the enactment of this Act, the
Commodity Futures Trading Commission and the Securities and Exchange
Commission shall jointly issue rules, procedures, or guidance (as
determined appropriate by the Commissions) regarding the process to
delist an asset for trading under section 106 of this Act if the
Commissions determine that the listing is inconsistent with the
Commodity Exchange Act, the securities laws (including regulations
under those laws), or this Act.
(e) Joint Rules for Portfolio Margining Determinations.--
(1) In general.--Not later than 360 days after the date of
the enactment of this Act, the Commodity Futures Trading
Commission and the Securities and Exchange Commission shall
jointly issue rules describing the process for persons
registered with either such Commission to seek a joint order or
determination with respect to margin, customer protection,
segregation, or other requirements as necessary to facilitate
portfolio margining of securities (including related extensions
of credit), security-based swaps, futures contracts, options on
futures contracts, swaps, and digital commodities, or any
subset thereof, in--
(A) a securities account carried by a registered
broker or dealer or a security-based swap account
carried by a registered security-based swap dealer;
(B) a futures or cleared swap account carried by a
registered futures commission merchant;
(C) a swap account carried by a swap dealer; or
(D) a digital commodity account carried by a
registered digital commodity broker or digital
commodity dealer that is also registered in such other
capacity as is necessary to also carry the other
customer or counterparty positions being held in the
account.
(2) Process.--With respect to a joint order or
determination described in paragraph (1), the rules required to
be issued pursuant to paragraph (1) shall require--
(A) the joint order or determination to be issued
only if the order or determination is in the public
interest and provides for the appropriate protection of
customers;
(B) applicants to file a standard application, in a
form and manner determined by the Securities and
Exchange Commission and the Commodity Futures Trading
Commission, which shall include the information
necessary to make the joint order or determination;
(C) the Securities and Exchange Commission and the
Commodity Futures Trading Commission to make a final
determination not later than 270 days after the filing
of a completed application;
(D) the Securities and Exchange Commission and the
Commodity Futures Trading Commission to consider the
public interest of the joint order or determination
through the solicitation of public comments; and
(E) the Securities and Exchange Commission and the
Commodity Futures Trading Commission to consult with
other relevant foreign or domestic regulators,
including the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, and
the Office of the Comptroller of the Currency.
SEC. 106. PROVISIONAL REGISTRATION FOR DIGITAL COMMODITY EXCHANGES,
BROKERS, AND DEALERS.
(a) In General.--
(1) Provisional registration.--Within 180 days after the
date of the enactment of this Act, a person acting as a digital
commodity exchange, digital commodity broker, or digital
commodity dealer shall file a statement of provisional
registration with the Commodity Futures Trading Commission (in
this subsection referred to as the ``Commission''), unless
exempted from registration under section 5k of the Commodity
Exchange Act, as a--
(A) digital commodity exchange, for a person acting
as a digital commodity exchange;
(B) digital commodity broker, for a person acting
as a digital commodity broker; or
(C) digital commodity dealer, for a person acting
as a digital commodity dealer.
(2) Conditions.--
(A) Non-registered entities.--A person, other than
a registered entity, who files a statement of
provisional registration under paragraph (1) shall be
considered to be in compliance with this section if the
person--
(i) is a member of a futures association
registered under section 17 of the Commodity
Exchange Act, and complies with the rules of
the association, including the rules of the
association pertaining to customer disclosures
and protection of customer assets;
(ii) submits to the Commission, in the form
and manner determined by the Commission, and
continues to materially update, as necessary or
required by the Commission, a statement of the
nature of the digital commodity-related
activities the person is pursuing or intends to
pursue;
(iii) submits to the Commission and
continues to materially update the information
required by this subsection;
(iv) complies with subsection (c) of this
section; and
(v) pays all fees and penalties imposed on
the person under section 410 of this Act.
(B) Registered entity.--
(i) In general.--A registered entity who
files a statement of provisional registration
under paragraph (1) shall be considered to be
in compliance with this section if the person--
(I) submits to the Commission and
continues to materially update, a
statement of the nature of the digital
commodity-related activities the person
is pursuing or intends to pursue;
(II) submits, and continues to
materially update, the information
required by this subsection and
subsection (b);
(III) complies with subsection (c);
and
(IV) pays all fees and penalties
imposed on the person under section
410.
(ii) Definition.--In this paragraph, the
term ``registered entity'' means a person who
is designated by the Commodity Futures Trading
Commission as a contract market or registered
with the Commodity Futures Trading Commission
as a swap execution facility.
(b) Disclosure of General Information.--A person who files a
statement of provisional registration under subsection (a) shall
disclose to the Commission, unless already known to the Commission, the
following:
(1) Management.--Information concerning the management of
the person, including information describing--
(A) the ownership and management of the person;
(B) the financial condition of the person;
(C) affiliated entities;
(D) potential conflicts of interest;
(E) the address of the person, including--
(i) the place of incorporation;
(ii) principal place of business; and
(iii) an address for service of process;
and
(F) a list of the States in which the person has
operations.
(2) Digital commodity operations.--Information concerning
the digital commodity operations of the person, including--
(A) a general description of the person's business
and the terms of service for United States customers;
(B) a description of the person's account approval
process;
(C) any rulebook or other customer order
fulfillment rules or procedures;
(D) risk management procedures;
(E) a description of the product listing process;
and
(F) policies and procedures for compliance with the
Bank Secrecy Act.
(c) Requirements.--A person who files a statement of provisional
registration under subsection (a) shall comply with the following
requirements:
(1) Statutory disqualifications.--Except to the extent
otherwise specifically provided by the Commission or any
registered futures association rule, regulation, or order, the
person shall not permit an individual who is subject to a
statutory disqualification under paragraph (2) or (3) of
section 8a of the Commodity Exchange Act or subject to a
statutory disqualification as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)) to effect or
be involved in effecting transactions on behalf of the person,
if the person knew, or in the exercise of reasonable care
should have known, of the statutory disqualification.
(2) Books and records.--The person shall keep their books
and records open to inspection and examination by the
Commission and by any registered futures association or
national securities association of which the person is a
member.
(3) Customer disclosures.--The person shall disclose to
customers--
(A) information about the material risks and
characteristics of the assets listed for trading on the
person;
(B) information about the legal entity that
custodies customer assets and the general manner in
which the digital assets of the customer will be and
are custodied;
(C) information concerning the policies and
procedures of the person that are related to the
protection of customers of the person, including
information regarding any conflicts of interest or
material affiliates; and
(D) in their disclosure documents, offering
documents, and promotional material--
(i) in a prominent manner, that they are
not registered with or regulated by the
Commission; and
(ii) the contact information for the
whistleblower, complaint, and reparation
programs of the Commission.
(d) Authority.--
(1) In general.--
(A) Deemed registration.--A person who remains in
compliance with the requirements of this section is
deemed to be--
(i) a registered digital commodity
exchange, pursuant to section 5i, if the person
filed a statement of provisional registration
as a digital commodity exchange; or
(ii) a registered digital commodity broker
or dealer, pursuant to section 4u, if the
person filed a statement of provisional
registration as a digital commodity broker or
dealer, as the case may be.
(B) Sunset.--The applicability of subparagraph (A)
shall expire--
(i) in the case of a digital commodity
exchange deemed registered pursuant to
subparagraph (A)(i), 180 days after the final
effective date of the rulemakings required
under 5i; or
(ii) in the case of a digital commodity
broker or dealer deemed registered pursuant to
subparagraph (A)(ii), 180 days after the final
effective date of the rulemakings required
under 4u.
(2) Superiority of commission-adopted requirements.--The
requirements of the preceding provisions of this section shall
not supersede any requirements applicable to registered persons
adopted by the Commission under the Commodity Exchange Act.
(e) Delisting.--This section shall not be construed to limit the
authority of the Commission and the Securities and Exchange Commission
to jointly require a person to delist an asset for trading if the
Commission and the Securities and Exchange Commission determine, in
accordance with rules, procedures or guidance jointly issued by the
Commission and the Securities and Exchange Commission to delist an
asset for trading, that the listing is inconsistent with the Commodity
Exchange Act, the securities laws (including regulations under those
laws), or this Act.
(f) Registration.--A person may not file a statement of provisional
registration with the Commission after the Commission has finalized its
rules for the registration of digital commodity exchanges, digital
commodity brokers, or digital commodity dealers, as appropriate.
(g) Rulemaking.--
(1) In general.--Within 180 days after the date of the
enactment of this Act, a registered futures association shall
adopt and enforce rules applicable to persons required by
subsection (a)(2) to be members of the association.
(2) Fees.--The rules adopted under subparagraph (A) of this
paragraph may provide for dues in accordance with section
17(b)(6) of the Commodity Exchange Act.
(3) Effect.--A registered futures association shall submit
to the Commission any rule adopted under subparagraph (A) of
this paragraph, which shall take effect pursuant to the
requirements of section 17(j) of the Commodity Exchange Act.
(h) Liability of the Filer.--It shall be unlawful for any person to
provide false information in support of a filing under this section if
the person knew or reasonably should have known that the information
was false.
(i) Whistleblower Enforcement.--For purposes of section 23 of the
Commodity Exchange Act, the term ``this Act'' includes this section.
(j) Federal Preemption.--
(1) This section shall supersede any State or local law
(other than antifraud provisions of general applicability) that
regulates the offer or sale of digital assets in the case of a
transaction conducted in compliance with this section and
conducted on or through a person who files a statement of
provisional registration under subsection (a) and complies with
the requirements of this section.
(2) Notwithstanding any other provision of law, the
Commission shall have exclusive jurisdiction over the digital
asset activities of a person who--
(A) files a statement of provisional registration
under subsection (a); and
(B) complies with the requirements of this section.
SEC. 107. COMMODITY EXCHANGE ACT AND SECURITIES LAWS SAVINGS
PROVISIONS.
(a) In General.--Nothing in this Act shall affect or apply to, or
be interpreted to affect or apply to--
(1) any agreement, contract, or transaction that is subject
to the Commodity Exchange Act as--
(A) a contract of sale of a commodity for future
delivery or an option on such a contract;
(B) a swap;
(C) a security futures product;
(D) an option authorized under section 4c of such
Act;
(E) an agreement, contract, or transaction
described in section 2(c)(2)(C)(i) of such Act; or
(F) a leverage transaction authorized under section
19 of such Act;
(2) any agreement, contract, or transaction that is subject
to the securities laws as--
(A) a security-based swap;
(B) a security futures product; or
(C) an option on or based on the value of a
security; or
(3) the activities of any person with respect to any such
agreement, contract, or transaction.
(b) Prohibitions on Spot Digital Commodity Entities.--Nothing in
this Act authorizes, or shall be interpreted to authorize, a digital
commodity exchange, digital commodity broker, or digital commodity
dealer to engage in any activities involving any transaction, contract,
or agreement described in subsection (a)(1), solely by virtue of being
registered or filing a statement of provisional registration as a
digital commodity exchange, digital commodity broker, or digital
commodity dealer.
(c) Definitions.--In this section, each term shall have the meaning
provided in the Commodity Exchange Act or the regulations prescribed
under such Act.
SEC. 108. ADMINISTRATIVE REQUIREMENTS.
Section 4c(a) of the Commodity Exchange Act (7 U.S.C. 6c(a)) is
amended--
(1) in paragraph (3)--
(A) in subparagraph (B), by striking ``or'' at the
end;
(B) in subparagraph (C), by striking the period and
inserting ``; or''; and
(C) by adding at the end the following:
``(D) a contract of sale of a digital commodity.'';
(2) in paragraph (4)--
(A) in subparagraph (A)--
(i) in clause (ii), by striking ``or'' at
the end;
(ii) in clause (iii), by striking the
period and inserting ``; or''; and
(iii) by adding at the end the following:
``(iv) a contract of sale of a digital
commodity.'';
(B) in subparagraph (B)--
(i) in clause (ii), by striking ``or'' at
the end;
(ii) in clause (iii), by striking the
period and inserting ``; or''; and
(iii) by adding at the end the following:
``(iv) a contract of sale of a digital
commodity.''; and
(C) in subparagraph (C)--
(i) in clause (ii), by striking ``or'' at
the end;
(ii) by striking ``(iii) a swap, provided
however,'' and inserting the following:
``(iii) a swap; or
``(iv) a contract of sale of a digital
commodity,
provided, however,''; and
(iii) by striking ``clauses (i), (ii), or
(iii)'' and insert ``any of clauses (i) through
(iv)''.
SEC. 109. INTERNATIONAL COOPERATION.
In order to promote greater consistency in effective and consistent
global regulation of digital assets, the Commodity Futures Trading
Commission and the Securities and Exchange Commission, as appropriate--
(1) shall consult and coordinate with foreign regulatory
authorities on the application of consistent international
standards with respect to the regulation of digital assets; and
(2) may enter into such information-sharing arrangements as
may be deemed to be necessary or appropriate in the public
interest or for the protection of investors, customers, and
users of digital assets.
SEC. 110. IMPLEMENTATION.
(a) Global Rulemaking Timeframe.--Unless otherwise provided in this
Act or an amendment made by this Act, the Commodity Futures Trading
Commission and the Securities and Exchange Commission, or both, shall
individually, and jointly where required, promulgate rules and
regulations required of each Commission under this Act or an amendment
made by this Act not later than 360 days after the date of enactment of
this Act.
(b) Rules and Registration Before Final Effective Dates.--
(1) In general.--In order to prepare for the implementation
of this Act, the Commodity Futures Trading Commission and the
Securities and Exchange Commission may, before any effective
date provided in this Act--
(A) promulgate rules, regulations, or orders
permitted or required by this Act;
(B) conduct studies and prepare reports and
recommendations required by this Act;
(C) register persons under this Act; and
(D) exempt persons, agreements, contracts, or
transactions from provisions of this Act, under the
terms contained in this Act.
(2) Limitation on effectiveness.--An action by the
Commodity Futures Trading Commission or the Securities and
Exchange Commission under paragraph (1) shall not become
effective before the effective date otherwise applicable to the
action under this Act.
SEC. 111. APPLICATION OF THE BANK SECRECY ACT.
(a) In General.--Section 5312(c)(1)(A) of title 31, United States
Code, is amended--
(1) by inserting ``digital commodity broker, digital
commodity dealer,'' after ``futures commission merchant,''; and
(2) by inserting before the period the following: ``and any
digital commodity exchange registered, or required to register,
under the Commodity Exchange Act which permits direct customer
access''.
(b) GAO Study.--
(1) In general.--The Comptroller General of the United
States, in consultation with the Secretary of the Treasury,
shall conduct a study to--
(A) assess the risks posed by centralized
intermediaries that are primarily located in foreign
jurisdictions that provide services to U.S. persons
without regulatory requirements that are substantially
similar to the requirements of the Bank Secrecy Act;
and
(B) provide any regulatory or legislative
recommendations to address these risks under
subparagraph (A).
(2) Report.--Not later than 1 year after the date of
enactment of this Act, the Comptroller General shall issue a
report to Congress containing all findings and determinations
made in carrying out the study required under paragraph (1).
TITLE II--OFFERS AND SALES OF DIGITAL COMMODITIES
SEC. 201. TREATMENT OF INVESTMENT CONTRACT ASSETS.
(a) Securities Act of 1933.--Section 2(a) of the Securities Act of
1933 (15 U.S.C. 77b(a)), as amended by section 101, is further
amended--
(1) in paragraph (1), by adding at the end the following:
``The term `investment contract' does not include an investment
contract asset.''; and
(2) by adding at the end the following:
``(36) The term `investment contract asset' means a digital
commodity--
``(A) that can be exclusively possessed and
transferred, person to person, without necessary
reliance on an intermediary, and is recorded on a
blockchain; and
``(B) sold or otherwise transferred, or intended to
be sold or otherwise transferred, pursuant to an
investment contract.''.
(b) Investment Advisers Act of 1940.--Section 202(a)(18) of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(18)) is amended by
adding at the end the following: ``The term `investment contract' does
not include an investment contract asset (as such term is defined under
section 2(a) of the Securities Act of 1933).''.
(c) Investment Company Act of 1940.--Section 2(a)(36) of the
Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(36)) is amended by
adding at the end the following: ``The term `investment contract' does
not include an investment contract asset (as such term is defined under
section 2(a) of the Securities Act of 1933).''.
(d) Securities Exchange Act of 1934.--Section 3(a)(10) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(10)) is amended by
adding at the end the following: ``The term `investment contract' does
not include an investment contract asset (as such term is defined under
section 2(a) of the Securities Act of 1933).''.
(e) Securities Investor Protection Act of 1970.--Section 16(14) of
the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is
amended by adding at the end the following: ``The term `investment
contract' does not include an investment contract asset (as such term
is defined under section 2(a) of the Securities Act of 1933).''.
SEC. 202. EXEMPTED PRIMARY TRANSACTIONS IN DIGITAL COMMODITIES.
(a) In General.--The Securities Act of 1933 (15 U.S.C. 77a et seq.)
is amended--
(1) in section 4(a), by adding at the end the following:
``(8) the offer or sale of an investment contract involving
units of a digital commodity by its digital commodity issuer
(including all entities controlled by or under common control
with the issuer), if--
``(A) the blockchain system to which the digital
commodity relates, together with the digital commodity,
is certified as a mature blockchain system under
section 42 of the Securities Exchange Act of 1934 or
the issuer intends for the blockchain system to which
the digital commodity relates to be a mature blockchain
system by the later of--
``(i) the date that is four years after the
first sale of the investment contract involving
such digital commodity; or
``(ii) the date that is four years after
the effective date of this paragraph;
``(B) the sum of all cash and other consideration
to be received by the digital commodity issuer in
reliance on the exemption provided under this
paragraph, during the 12-month period preceding the
date of such offering, including the amount received in
such offering, is not more than $75,000,000 (as such
amount is annually adjusted by the Commission to
reflect the change in the Consumer Price Index for All
Urban Consumers published by the Bureau of Labor
Statistics of the Department of Labor);
``(C) after the completion of the transaction, a
purchaser does not own more than 10 percent of the
total amount of the outstanding units of the digital
commodity;
``(D) the transaction does not involve the offer or
sale of an investment contract involving units of a
digital commodity by its digital commodity issuer
that--
``(i) is not organized under the laws of a
State, a territory of the United States, or the
District of Columbia;
``(ii) is a development stage company that
either--
``(I) has no specific business plan
or purpose; or
``(II) has indicated that the
business plan of the company is to
merge with or acquire an unidentified
company;
``(iii) is an investment company, as
defined in section 3 of the Investment Company
Act of 1940 (15 U.S.C. 80a-3), or is excluded
from the definition of investment company by
section 3(b) or section 3(c) of that Act (15
U.S.C. 80a-3(b) or 80a-3(c));
``(iv) is issuing fractional undivided
interests in oil or gas rights, or a similar
interest in other mineral rights;
``(v) is, or has been, subject to any order
of the Commission entered pursuant to section
12(j) of the Securities Exchange Act of 1934
during the 5-year period before the filing of
the offering statement; or
``(vi) is disqualified pursuant to section
230.262 of title 17, Code of Federal
Regulations; and
``(E) the issuer meets the requirements of section
4B(b).''; and
(2) by inserting after section 4A the following:
``SEC. 4B. REQUIREMENTS WITH RESPECT TO CERTAIN DIGITAL COMMODITY
TRANSACTIONS.
``(a) Commission Jurisdiction.--For the purposes of this section:
``(1) The Commission shall have jurisdiction and
enforcement authority with respect to disclosures described in
this section.
``(2) Section 17 shall apply to a statement made in an
offering statement, disclosure, or report filed under this
section to the same extent as such section 17 applies to a
statement made in any other offering statement, disclosure, or
report filed under this Act.
``(b) Requirements for Digital Commodity Issuers.--
``(1) Terms and conditions.--A digital commodity issuer
offering or selling an investment contract involving units of a
digital commodity in reliance on section 4(a)(8) shall file
with the Commission an offering statement and any related
documents, in such form and with such content as prescribed by
the Commission, including financial information, a description
of the issuer and the operations of the issuer, the financial
condition of the issuer, a description of the plan of
distribution of any unit of a digital commodity that is to be
offered as well as the intended use of the offering proceeds,
and a description of the development plan for the blockchain
system, and the related digital commodity, to become a mature
blockchain system, if such blockchain system is not already
certified as a mature blockchain system pursuant to section 42
of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.).
``(2) Information required for purchasers.--A digital
commodity issuer that has filed a statement under paragraph (1)
to offer and sell an investment contract involving a unit of a
digital commodity in reliance on section 4(a)(8) shall include
in such statement the following information:
``(A) Maturity status.--Whether the blockchain
system to which the digital commodity relates has been
certified as a mature blockchain system pursuant to
section 42 of the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) and, where such blockchain system
is not so certified, a statement of the digital
commodity issuer's intent for the blockchain system to
which the digital commodity relates to be a mature
blockchain system within the time period described in
section 4(a)(8)(A).
``(B) Source code.--The source code, or a publicly
accessible webpage displaying such source code, for any
blockchain system to which the digital commodity
relates, and whether the source code was sourced from
an external third party, whether there are any existing
external dependencies, and whether the code underwent a
third-party security audit.
``(C) Transaction history.--A description of the
steps necessary to independently access, search, and
verify the transaction history of any blockchain system
to which the digital commodity relates, to the extent
any such independent access, search, and verification
activities are technically feasible with respect to
such blockchain system.
``(D) Digital commodity economics.--A description
of the purpose of any blockchain system to which the
digital commodity relates and the operation of any such
blockchain system, including--
``(i) information explaining the launch and
supply process, including the number of units
of the digital commodity to be issued in an
initial allocation, the total number of units
of the digital commodity to be created, the
release schedule for the units of the digital
commodity, and the total number of units of the
digital commodity outstanding;
``(ii) information explaining the technical
requirements for holding, accessing, and
transferring the digital commodity;
``(iii) information on any applicable
consensus mechanism or process for validating
transactions, method of generating or mining
digital commodities, and any process for
burning or destroying units of the digital
commodity on the blockchain system;
``(iv) an explanation of any mechanism for
driving value to the digital commodity of such
blockchain system; and
``(v) an explanation of governance
mechanisms for implementing changes to the
blockchain system or forming consensus among
holders of units of such digital commodity.
``(E) Plan of development.--The current state and
timeline for the development of any blockchain system
to which the digital commodity relates, detailing how
and when the blockchain system is intended to be a
mature blockchain system, if the blockchain system is
not yet certified as a mature blockchain system, and
the various roles that exist or are intended to exist
in connection with the blockchain system, such as
users, service providers, developers, transaction
validators, and governance participants, including a
discussion of any mechanisms by which control or
authority are exerted with respect to the blockchain
system or its related digital commodity, and any
critical operational dependencies of the blockchain
system or its related digital commodity.
``(F) Ownership disclosures.--
``(i) In general.--A list of all persons
who are digital commodity related persons or
digital commodity affiliated persons who have
been issued a unit of the digital commodity by
the digital commodity issuer or have a right to
a unit of the digital commodity from the
digital commodity issuer.
``(ii) Confidentiality.--The Commission
shall keep each list described under clause (i)
confidential, consistent with what is necessary
or appropriate in the public interest or for
the protection of investors.
``(G) Risk factor disclosures.--A description of
the material risks surrounding ownership of a unit of a
digital commodity.
``(3) Ongoing disclosure requirements for maturing
blockchain systems.--Subject to paragraph (5), the issuer of a
digital commodity related to a blockchain system that is not
yet certified as a mature blockchain system that has filed a
statement under paragraph (1) to offer and sell an investment
contract involving a unit of a digital commodity in reliance on
section 4(a)(8) shall file the following with the Commission:
``(A) Semiannual reports.--Every 6 months, a report
containing--
``(i) an updated description of the current
state and timeline for the development of the
blockchain system to which the digital
commodity relates, showing how and when the
blockchain is intended to be a mature
blockchain system;
``(ii) a description of the efforts of the
issuer and digital commodity related persons in
developing the blockchain system to which the
digital commodity relates; and
``(iii) the amount of money raised by the
digital commodity issuer in reliance on section
4(a)(8), how much of that money has been spent,
and the general categories of activities for
which that money has been spent and amounts
spent per category.
``(B) Current reports.--A current report reflecting
any material changes relevant to the information
previously reported to the Commission by the digital
commodity issuer, which shall be filed as soon as
practicable after the material change occurred, in
accordance with such rules as the Commission may
prescribe as necessary or appropriate in the public
interest or for the protection of investors.
``(4) Rulemaking.--Not later than 360 days after the date
of the enactment of this section, the Commission shall
prescribe rules on requirements applicable to issuers of
digital commodities in reliance on section 4(a)(8).
``(5) Termination of certain reporting requirements; post-
maturity reporting requirements.--
``(A) In general.--The ongoing reporting
requirements under paragraph (3) shall not apply to a
digital commodity issuer 180 days after the end of the
covered fiscal year, if the information with respect to
the digital commodity and the blockchain system to
which it relates described in subparagraphs (A) through
(C) of paragraph (2) is made publicly available and the
disclosure requirements under subparagraph (C) of this
paragraph are satisfied.
``(B) Covered fiscal year defined.--In this
paragraph, the term `covered fiscal year' means, with
respect to a digital commodity, the first fiscal year
of a digital commodity issuer in which the blockchain
system to which such digital commodity relates is
certified as a mature blockchain system under section
42 of the Securities Exchange Act of 1934.
``(C) Post-maturity reporting requirements.--After
the blockchain system to which a digital commodity
relates is certified as a mature blockchain system
under section 42 of the Securities Exchange Act of
1934, any digital commodity issuer that has filed a
statement under paragraph (1) to offer and sell an
investment contract involving a unit of a digital
commodity in reliance on section 4(a)(8) and is engaged
in material ongoing efforts related to the mature
blockchain system shall disclose, in a manner
reasonably calculated to inform the public, and at such
frequency as the Commission may prescribe, by rule, a
description of such efforts, including--
``(i) any participation in a decentralized
governance system of such blockchain system;
``(ii) any participation in alterations or
proposed alterations to the functionality or
operation of such blockchain system;
``(iii) the use or planned use of any funds
raised in reliance on section 4(a)(8) or any
rulemaking pursuant to section 202(d) of the
CLARITY Act of 2025 in such efforts;
``(iv) the amount of units of the digital
commodity, or rights thereto, owned and
controlled by such issuer and any use, sale,
trading, or other disposition thereof; and
``(v) any affiliations of such issuer
material to the efforts of such issuer.
``(D) Rule of construction.--Nothing in
subparagraph (C) may be construed to make any digital
commodity described in such subparagraph a security.
``(c) Requirements for Intermediaries.--A person acting as an
intermediary in connection with the offer or sale of an investment
contract involving units of a digital commodity in reliance on section
4(a)(8) shall--
``(1) register with the Commission as a broker or dealer;
and
``(2) be a member of a national securities association
registered under section 15A of the Securities Exchange Act of
1934 (15 U.S.C. 78o-3).
``(d) Disqualification Provisions.--The Commission shall issue
rules to apply the disqualification provisions under section 230.262 of
title 17, Code of Federal Regulations, to the exemption provided under
section 4(a)(8).
``(e) Failure To Mature.--
``(1) In general.--Not later than 270 days after the date
of the enactment of this section, the Commission shall issue
rules applying such additional obligations and disclosures for
the digital commodity issuers, digital commodity related
persons, and digital commodity affiliated persons of a
blockchain system described under subsection (b)(1) that does
not become a mature blockchain system within the time period
described in section 4(a)(8)(A) as are necessary or appropriate
in the public interest or for the protection of investors. Such
obligations and disclosures shall include the following:
``(A) Disclosures.--Disclosures regarding the
following:
``(i) Failure to mature.--The material
reasons that the blockchain system has not
become a mature blockchain system within the
time period described in section 4(a)(8)(A).
``(ii) Development plans.--The future plans
of development of the blockchain system,
including information required under subsection
(b)(3).
``(iii) Risk factor disclosures.--The
material risks surrounding ownership of a unit
of a digital commodity that relates to a
blockchain system described under subsection
(b)(1) that has not become a mature blockchain
system within the time period described in
section 4(a)(8)(A).
``(B) Obligations.--Transaction reporting and
beneficial ownership disclosure obligations applicable
to digital commodity related persons and digital
commodity affiliated persons of such blockchain system.
``(2) Qualification required.--The Commission may not
permit any additional raising of capital by the issuer of a
digital commodity related to a blockchain system described
under subsection (a)(1) that has not become a mature blockchain
system within the time period described in section 4(a)(8)(A)
unless the Commission has qualified any offering statement
related to such additional raising of capital.''.
(b) Additional Exemptions.--
(1) Certain registration requirements.--Section 12(g)(6) of
the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(6)) is
amended by striking ``under section 4(6)'' and inserting
``under section 4(a)(6) or 4(a)(8)''.
(2) Exemption from state regulation.--Section 18(b)(4) of
the Securities Act of 1933 (15 U.S.C. 77r(b)(4)) is amended--
(A) in section (B), by striking ``section 4(4)''
and inserting ``section 4(a)(4)'';
(B) in section (C), by striking ``section 4(6)''
and inserting ``section 4(a)(6)'';
(C) in subparagraph (F)--
(i) by striking ``section 4(2)'' each place
such term appears and inserting ``section
4(a)(2)''; and
(ii) by striking ``or'' at the end;
(D) in subparagraph (G), by striking the period and
inserting ``; or''; and
(E) by adding at the end the following:
``(H) section 4(a)(8).''.
(c) Prior Issuers.--
(1) Reporting exception.--With respect to a digital
commodity, the digital commodity issuer shall not be required
to file the reports otherwise required under section 4B(b)(3)
of the Securities Act of 1933 (or, with respect to a digital
commodity not issued in reliance on section 4(a)(8) of the
Securities Act of 1933, a comparable set of reports specified
by the Securities and Exchange Commission), if the digital
commodity issuer--
(A) last offered or sold an investment contract
involving a unit of the digital commodity prior to
January 1, 2020; or
(B) both--
(i) last offered or sold an investment
contract involving a unit of the digital
commodity between January 1, 2020, and June 1,
2025; and
(ii) is no longer engaged in material
ongoing efforts related to the blockchain
system to which the digital commodity relates.
(2) Reporting application date for certain prior issuers.--
With respect to a digital commodity, if the digital commodity
issuer is engaged in material ongoing efforts related to the
blockchain system to which the digital commodity relates and
last offered and sold an investment contract involving a unit
of the digital commodity between January 1, 2020, and June 1,
2025, the digital commodity issuer shall file with the
Commission a comparable set of reports to the reports described
under, as applicable, section 4B(b)(3) or 4B(b)(5)(C) of the
Securities Act of 1933, where required by the Commission, not
later than one year after the effective date of this section.
(d) Use of Other Exemptions.--
(1) Rule of construction.--Nothing in this section or the
amendments made by this section may be construed as prohibiting
the offer or sale of an investment contract involving units of
a digital commodity in reliance on an exemption provided under
section 3, 4(a), or 19 of the Securities Act of 1933 other than
that provided under section 4(a)(8) of the Securities Act of
1933.
(2) Rulemaking.--The Securities and Exchange Commission may
issue rules--
(A) to permit the issuer of a digital commodity
related to a blockchain system described under section
4B(b)(1) of the Securities Act of 1933 that has not
become a mature blockchain system within the time
period described in section 4(a)(8)(A) of such Act to
raise capital pursuant to an exempt offering, if the
Commission qualifies any offering statement related to
such raising of capital; and
(B) for the offer and sale of investment contracts
involving units of a digital commodity by issuers that
are not organized under the laws of a State, a
territory of the United States, or the District of
Columbia.
SEC. 203. TREATMENT OF SECONDARY TRANSACTIONS IN DIGITAL COMMODITIES
THAT ORIGINALLY INVOLVED INVESTMENT CONTRACTS.
(a) Secondary Market Treatment.--Notwithstanding any other
provision of law, the offer or sale of a digital commodity that
originally involved an investment contract by a person other than the
issuer of such digital commodity, or an agent or underwriter thereof,
shall be deemed not to be an offer or sale of the investment contract
originally involving the digital commodity between the issuer of the
investment contract involving the digital commodity, or an agent or
underwriter thereof, and the purchaser of such digital commodity
under--
(1) the Securities Act of 1933 (15 U.S.C. 77a et seq.);
(2) the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et
seq.);
(3) the Investment Company Act of 1940 (15 U.S.C. 80a-1 et
seq.);
(4) the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.);
(5) the Securities Investor Protection Act of 1970 (15
U.S.C. 78aaa et seq.); and
(6) any applicable provisions of State law.
(b) End User Distributions Not an Offer or Sale of a Security.--An
end user distribution does not involve the offer or sale of a security.
(c) Agent Defined.--In this section and with respect to a digital
commodity issuer, the term ``agent'' means any person directly or
indirectly controlled by the issuer or under direct or indirect common
control with the issuer.
SEC. 204. REQUIREMENTS FOR OFFERS AND SALES OF DIGITAL COMMODITIES BY
DIGITAL COMMODITY RELATED PERSONS AND DIGITAL COMMODITY
AFFILIATED PERSONS.
The Securities Act of 1933 (15 U.S.C. 77a et seq.), as amended by
section 202, is further amended by inserting after section 4B the
following:
``SEC. 4C. REQUIREMENTS FOR OFFERS AND SALES OF DIGITAL COMMODITIES BY
DIGITAL COMMODITY RELATED PERSONS AND DIGITAL COMMODITY
AFFILIATED PERSONS.
``(a) In General.--It shall be a violation of this Act for a
digital commodity affiliated person or a digital commodity related
person to offer or sell a digital commodity acquired directly from its
issuer, or an agent or underwriter thereof, pursuant to an investment
contract in reliance on section 4(a)(8) or another exemption under this
Act, other than as provided in this section.
``(b) Commission Jurisdiction.--
``(1) Where a digital commodity affiliated person or a
digital commodity related person offers or sells a digital
commodity acquired directly from its issuer, or an agent or
underwriter thereof, pursuant to an investment contract in
reliance on section 4(a)(8), or another exemption under this
Act, other than as provided in this section, such digital
commodity affiliated person or digital commodity related person
shall be considered an issuer of such investment contract.
``(2) For the purposes of this section, the Commission
shall have jurisdiction and enforcement authority with respect
to an offer or sale of a digital commodity described in
subsection (a).
``(c) Restrictions on Digital Commodity Related Persons and Digital
Commodity Affiliated Persons.--
``(1) Prior to being a mature blockchain system.--Prior to
the blockchain system to which a digital commodity relates
being certified as a mature blockchain system under section 42
of the Securities Exchange Act of 1934, units of the digital
commodity acquired by a digital commodity related person or
digital commodity affiliated person directly from its issuer,
or an agent or underwriter thereof, pursuant to an investment
contract in reliance on section 4(a)(8), or another exemption
under this Act, may be offered or sold by such digital
commodity related person or digital commodity affiliated person
if--
``(A) reports with respect to such digital
commodity, where required under section 4B(b)(3) (or,
with respect to a digital commodity not issued in
reliance on section 4(a)(8), a comparable set of
reports where required by the Commission) have been
filed with the Commission;
``(B) the digital commodity related person or
digital commodity affiliated person has held the units
for not less than 12 months from the date the units
were delivered; and
``(C) the aggregate amount of the units of the
digital commodity offered or sold by the digital
commodity related person or digital commodity
affiliated person is--
``(i) in any 12-month period, not greater
than 15 percent of the total units of the
digital commodity acquired directly from its
issuer by the digital commodity related person
or digital commodity affiliated person; and
``(ii) not greater than 50 percent of the
total units of the digital commodity acquired
directly from its issuer by the digital
commodity related person or digital commodity
affiliated person.
``(2) After becoming a mature blockchain system.--After the
blockchain system to which a digital commodity relates is
certified as a mature blockchain system under section 42 of the
Securities Exchange Act of 1934, units of the digital commodity
acquired by a digital commodity related person or digital
commodity affiliated person directly from its issuer, or the
issuer's agent or underwriter, pursuant to an investment
contract in reliance on section 4(a)(8) or another exemption
under this Act, may be--
``(A) offered or sold by a digital commodity
related person; or
``(B) offered or sold by a digital commodity
affiliated person if--
``(i) information described in section
4B(b)(5)(C), where required (or, with respect
to a digital commodity not issued in reliance
on section 4(a)(8), a comparable set of
information, where required) is publicly
available;
``(ii) the digital commodity affiliated
person has held the units for not less than the
earlier of--
``(I) 12 months from the date the
units were delivered; or
``(II) 3 months following the date
on which the blockchain system is
certified as a mature blockchain system
under section 42 of the Securities
Exchange Act of 1934; and
``(iii) the aggregate amount of the units
of the digital commodity offered or sold by the
digital commodity affiliated person in any 12-
month period does not exceed the greater of--
``(I) 8 percent of the total
outstanding amount of the digital
commodity; or
``(II) 25 percent of the total
units of the digital commodity acquired
directly from its issuer by the digital
commodity affiliated person.
``(d) Use of a Digital Commodity in the Programmatic Functioning of
the Blockchain System.--For purposes of this section, the use of a
digital commodity in the programmatic functioning of the blockchain
system to which it relates is not an offer or sale of a digital
commodity.
``(e) Manipulative and Deceptive Devices; Reporting.--
``(1) In general.--It shall be unlawful for any digital
commodity issuer, digital commodity related person, or digital
commodity affiliated person, directly or indirectly, by the use
of any means or instrumentality of interstate commerce or of
the mails, to use or employ, in connection with the purchase or
sale of any digital commodity, any manipulative or deceptive
device or contrivance in contravention of such rules and
regulations as the Commission may prescribe as necessary or
appropriate in the public interest or for the protection of
investors.
``(2) Affirmative defense.--Not later than 270 days after
the date of the enactment of this section, the Commission shall
issue rules to implement paragraph (1), including by providing
any affirmative defenses to an enforcement action thereunder as
the Commission may prescribe as necessary or appropriate in the
public interest or for the protection of investors.
``(3) Reporting.--Not later than 270 days after the date of
the enactment of this section, the Commission shall issue rules
to prescribe such transaction reporting and beneficial
ownership disclosure obligations applicable to digital
commodity related persons and digital commodity affiliated
persons, as necessary or appropriate in the public interest or
for the protection of investors.
``(4) Differentiation between persons.--In issuing rules
required under paragraphs (2) and (3), the Commission shall
differentiate between digital commodity related persons and
digital commodity affiliated persons as necessary or
appropriate in the public interest or for the protection of
investors.
``(f) Rules for Previously-Issued Digital Commodities.--
``(1) Units received prior to january 1, 2020.--If a unit
of a digital commodity was received by a digital commodity
related person or digital commodity affiliated person prior to
January 1, 2020, the unit of the digital commodity may be
offered or sold by the digital commodity related person or
digital commodity affiliated person without condition.
``(2) Certain units related to a non-mature blockchain
system.--If a unit of a digital commodity was received by a
digital commodity related person or digital commodity
affiliated person between January 1, 2020, and June 1, 2025,
and the blockchain system to which the digital commodity
relates is not certified as a mature blockchain system under
section 42 of the Securities Exchange Act of 1934, the unit of
the digital asset may be offered or sold by a digital commodity
related person or digital commodity affiliated person if--
``(A) reports with respect to such digital
commodity comparable to the reports described under
section 4B(b)(3), where required by the Commission,
have been filed with the Commission;
``(B) the digital commodity related person or
digital commodity affiliated person meets any
requirements pursuant to subsection (e)(3); and
``(C) the digital commodity related person or
digital commodity affiliated person has held the units
for not less than 12 months from the date the units
were delivered.
``(3) Certain units related to a mature blockchain
system.--If a unit of a digital commodity was received by a
digital commodity related person or digital commodity
affiliated person between January 1, 2020, and June 1, 2025,
and the blockchain system to which the digital commodity
relates is certified as a mature blockchain system under
section 42 of the Securities Exchange Act of 1934, it may be
offered or sold by a digital commodity related person or
digital commodity affiliated person if--
``(A) information described in section 4B(b)(5)(C)
or comparable thereto, where required by the
Commission, is publicly available; and
``(B) the digital commodity related person or
digital commodity affiliated person has held the units
for not less than 12 months from the date the units
were delivered.
``(g) Rulemaking on Further Usage of Digital Commodities.--Not
later than 270 days after the date of enactment of this section, the
Commission may issue rules to exempt, unconditionally or on stated
terms or conditions, a digital commodity related person or a digital
commodity affiliated person from the requirements of this section for
the offer or sale of a digital commodity in order to foster the
development of mature blockchain systems and fair and orderly
markets.''.
SEC. 205. MATURE BLOCKCHAIN SYSTEM REQUIREMENTS.
Title I of the Securities Exchange Act of 1934 (15 U.S.C. 78a et
seq.) is amended by adding at the end the following:
``SEC. 42. MATURE BLOCKCHAIN SYSTEMS.
``(a) Certification of Blockchain Systems.--
``(1) Certification.--For purposes of sections 4(a)(8), 4B,
and 4C of the Securities Act of 1933 any digital commodity
issuer, digital commodity related person, digital commodity
affiliated person, or decentralized governance system of the
blockchain system may certify to the Securities and Exchange
Commission that the blockchain system to which a digital
commodity relates is a mature blockchain system.
``(2) Filing requirements.--A certification described under
paragraph (1) shall be filed with the Commission, and include
such information that is reasonably necessary to establish that
the blockchain system is not controlled by any person or group
of persons under common control, which may include information
regarding--
``(A) the operation of the blockchain system;
``(B) the functionality of the related digital
commodity;
``(C) how the market value of the digital commodity
is substantially derived from the programmatic
functioning of such blockchain system;
``(D) any decentralized governance system which
relates to the blockchain system; and
``(E) the current roles, if any, of the digital
commodity issuer, digital commodity affiliated persons,
and digital commodity related persons where such roles
are material to the development or operation of such
blockchain system or the decentralized governance
system of such blockchain system.
``(3) Rebuttable presumption.--The Commission may rebut a
certification described under paragraph (1) with respect to a
blockchain system if the Commission, within 60 days of
receiving such certification, determines that the blockchain
system is not a mature blockchain system.
``(4) Certification review.--
``(A) In general.--Any blockchain system that
relates to a digital commodity for which a
certification has been made under paragraph (1) shall
be considered a mature blockchain system 60 days after
the date on which the Commission receives a
certification under paragraph (1), unless the
Commission notifies the person who made the
certification within such time that the Commission is
staying the certification due to--
``(i) an inadequate explanation by the
person making the certification; or
``(ii) any novel or complex issues which
require additional time to consider.
``(B) Public notice.--The Commission shall make the
following available to the public and provide a copy to
the Commodity Futures Trading Commission:
``(i) Each certification received under
paragraph (1).
``(ii) Each stay of the Commission under
this subsection, and the reasons therefor.
``(iii) Any response from a person making a
certification under paragraph (1) to a stay of
the certification by the Commission.
``(C) Consolidation.--The Commission may
consolidate and treat as one submission multiple
certifications made under paragraph (1) for the same
blockchain system which relates to a digital commodity
which are received during the review period provided
under this paragraph.
``(5) Stay of certification.--
``(A) In general.--A notification by the Commission
pursuant to paragraph (4)(A) shall stay the
certification once for up to an additional 120 days
from the date of the notification.
``(B) Public comment period.--Before the end of the
60-day period described under paragraph (4)(A), the
Commission may begin a public comment period of at
least 30 days in conjunction with a stay under this
subsection.
``(6) Disposition of certification.--A certification made
under paragraph (1) shall--
``(A) become effective--
``(i) upon the publication of a
notification from the Commission to the person
who made the certification that the Commission
does not object to the certification; or
``(ii) at the expiration of the
certification review period; and
``(B) not become effective upon the publication of
a notification from the Commission to the person who
made the certification that the Commission has rebutted
the certification.
``(7) Recertification.--With respect to a blockchain system
for which a certification has been rebutted under this
subsection, no person may make a certification under paragraph
(1) with respect to such blockchain system during the 90-day
period beginning on the date of such rebuttal.
``(8) Appeal of rebuttal.--
``(A) In general.--If a certification is rebutted
under this section, the person making such
certification may appeal the decision to the United
States Court of Appeals for the District of Columbia,
not later than 60 days after the notice of rebuttal is
made.
``(B) Review.--In an appeal under subparagraph (A),
the court shall have de novo review of the
determination to rebut the certification.
``(b) Maturity Criteria.--
``(1) Sense of congress.--It is the sense of the Congress
that protecting investors, maintaining fair, orderly, and
efficient markets, and facilitating capital formation
necessitates establishing clear criteria for blockchain systems
to be deemed mature, as well as enabling the Commission to
develop, without prejudice to any such criteria codified in
statute, alternative criteria by which blockchain systems may
be considered not to be controlled by any person or group of
persons under common control in order to accommodate changes in
markets and technology.
``(2) In general.--The Commission may issue rules
identifying conditions by which a blockchain system, together
with its related digital commodity, shall be considered a
mature blockchain system, consistent with the protection of
investors, maintenance of fair, orderly, and efficient markets,
and the facilitation of capital formation.
``(3) Rules of construction.--
``(A) Nothing in this subsection may be construed
to permit the Commission to impose additional criteria
to the criteria in subsection (c) for certifying that a
blockchain system is a mature blockchain system
pursuant to subsection (c).
``(B) Nothing in this subsection or subsection (c)
may be construed to limit the Commission's ability to
identify alternative conditions and criteria by which a
blockchain system may be considered a mature blockchain
system.
``(c) Deemed Mature.--
``(1) In general.--Notwithstanding subsection (b), for the
purposes of subsection (a), a digital commodity issuer, digital
commodity related person, digital commodity affiliated person,
or decentralized governance system of the blockchain system may
establish that a blockchain system, together with its related
digital commodity, is not controlled by any person or group of
persons under common control, if the blockchain system,
together with its related digital asset, meets the requirements
described in paragraph (2) or (3).
``(2) Criteria for any blockchain system.--The requirements
described in this paragraph are the following:
``(A) System value.--
``(i) Market value.--The digital commodity
has a value that is substantially derived from
the adoption, use, and functioning of the
blockchain system.
``(ii) Development of value mechanism
substantially completed.--Where the digital
commodity issuer has made public a development
plan describing how the digital commodity's
value is reasonably expected to be derived from
the programmatic functioning of the blockchain
system, the development of such mechanisms has
been substantially completed.
``(B) Functional system.--The blockchain system
allows network participants to engage in the activities
the blockchain system is intended to provide,
including--
``(i) using, transmitting, or storing
value, or otherwise executing transactions, on
the blockchain system;
``(ii) deploying, executing, or accessing
software or services, or otherwise offering or
participating in services, deployed on or
integrated with the blockchain system;
``(iii) participating in the consensus
mechanism, transaction validation process, or
decentralized governance system of the
blockchain system; or
``(iv) operating any client, node,
validator, sequencer, or other form of
computational infrastructure with respect to
the blockchain system.
``(C) Open and interoperable system.--The
blockchain system--
``(i) is composed of source code that is
open source; and
``(ii) does not restrict or prohibit based
on the exercise of unilateral authority any
person, other than a digital commodity issuer,
digital commodity related person, or a digital
commodity affiliated person from engaging in
the activities the blockchain system is
intended to provide, including the activities
described in subparagraph (B).
``(D) Programmatic system.--The blockchain system
operates, executes, and enforces its operations and
transactions based solely on pre-established,
transparent rules encoded directly within the source
code of the blockchain system.
``(E) System governance.--No person or group of
persons under common control--
``(i) has the unilateral authority,
directly or indirectly, through any contract,
arrangement, understanding, relationship, or
otherwise, to control or materially alter the
functionality, operation, or rules of consensus
or agreement of the blockchain system or its
related digital commodity; or
``(ii) has the unilateral authority to
direct the voting, in the aggregate, of 20
percent or more of the outstanding voting power
of such blockchain system by means of a related
digital commodity, nodes or validators, a
decentralized governance system, or otherwise,
in a blockchain system which can be altered by
a voting system.
``(F) Impartial system.--No person or group of
persons under common control possesses a unique
permission or privilege to alter the functionality,
operation, or rules of consensus or agreement of the
blockchain system or its related digital commodity,
unless such alteration--
``(i) addresses errors, regular
maintenance, or cybersecurity risks of the
blockchain system that affect the programmatic
functioning of the blockchain system; and
``(ii) is adopted through the consensus or
agreement of a decentralized governance system.
``(G) Distributed ownership.--No digital commodity
issuer, digital commodity related person, or digital
commodity affiliated person beneficially owns, in the
aggregate, 20 percent or more of the total amount of
units of the digital commodity.
``(3) Optional criteria for preexisting blockchain
systems.--The requirements described in this paragraph are that
the blockchain system--
``(A) was created prior to the date of enactment of
this section;
``(B) met the requirements of subparagraphs (A)
through (F) of paragraph (2) prior to January 1, 2020;
and
``(C) at least 50 percent of the units of the
digital commodity related to the blockchain system are
held by persons other than the digital commodity
issuer, a digital commodity related person, or a
digital commodity affiliated person.
``(d) Decentralized Governance System.--
``(1) For the purposes of this section, a decentralized
governance system is not a `person' or a `group of persons
under common control'.
``(2) A blockchain system, together with its digital
commodity, shall not be precluded from being considered a
mature blockchain system solely based on a functional,
administrative, clerical, or ministerial action of a
decentralized governance system, including any such action
taken by a person acting on behalf of and at the direction of
the decentralized governance system, as determined by the
Commission and consistent with the protection of investors,
maintenance of fair, orderly, and efficient markets, and the
facilitation of capital formation.
``(e) Rulemaking.--Not more than 270 days after the date of
enactment of this section, the Commission shall issue rules to carry
out this section.''.
SEC. 206. EFFECTIVE DATE.
Unless otherwise provided in this title, this title and the
amendments made by this title shall take effect 360 days after the date
of enactment of this Act, except that, to the extent a provision of
this title requires a rulemaking, the provision shall take effect on
the later of--
(1) 360 days after the date of enactment of this Act; or
(2) 60 days after the publication in the Federal Register
of the final rule implementing the provision.
TITLE III--REGISTRATION FOR INTERMEDIARIES AT THE SECURITIES AND
EXCHANGE COMMISSION
SEC. 301. TREATMENT OF DIGITAL COMMODITIES AND PERMITTED PAYMENT
STABLECOINS.
(a) Securities Act of 1933.--Section 2(a)(1) of the Securities Act
of 1933 (15 U.S.C. 77b(a)(1)) is amended by adding at the end the
following: ``The term does not include a digital commodity or permitted
payment stablecoin.''.
(b) Securities Exchange Act of 1934.--Section 3(a)(10) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)) is amended by adding
at the end the following: ``The term does not include a digital
commodity or permitted payment stablecoin.''
(c) Investment Advisers Act of 1940.--Section 202(a) of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)) is amended--
(1) in paragraph (18), by adding at the end the following:
``The term does not include a digital commodity or permitted
payment stablecoin.'';
(2) by redesignating the second paragraph (29) (relating to
commodity pools) as paragraph (31); and
(3) by adding at the end, the following:
``(32) Digital commodity-related terms.--The terms `digital
commodity' and `permitted payment stablecoin' have the meaning
given those terms, respectively, under section 2(a) of the
Securities Act of 1933 (15 U.S.C. 77b(a)).''.
(d) Investment Company Act of 1940.--Section 2(a) of the Investment
Company Act of 1940 (15 U.S.C. 80a-2) is amended--
(1) in paragraph (36), by adding at the end the following:
``The term does not include a digital commodity or permitted
payment stablecoin.''; and
(2) by adding at the end, the following:
``(55) Digital commodity-related terms.--The terms `digital
commodity' and `permitted payment stablecoin' have the meaning
given those terms, respectively, under section 2(a) of the
Securities Act of 1933 (15 U.S.C. 77b(a)).''.
(e) Securities Investor Protection Act of 1970.--Section 16(14) of
the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is
amended by adding at the end the following: ``The term does not include
a digital commodity or permitted payment stablecoin, as such terms are
defined, respectively, under section 2(a) of the Securities Act of 1933
(15 U.S.C. 77b(a))''.
SEC. 302. ANTI-FRAUD AUTHORITY OVER PERMITTED PAYMENT STABLECOINS AND
CERTAIN DIGITAL COMMODITY TRANSACTIONS.
(a) In General.--Section 10 of the Securities Exchange Act of 1934
(15 U.S.C. 78j) is amended--
(1) by moving subsection (c) so as to appear after
subsection (b);
(2) by designating the undesignated matter at the end of
that section as subsection (d); and
(3) by adding at the end the following:
``(e)(1) Rules promulgated under subsection (b) that prohibit
fraud, manipulation, or insider trading (but not rules imposing or
specifying reporting or recordkeeping requirements, procedures, or
standards as prophylactic measures against fraud, manipulation, or
insider trading), and judicial precedents decided under subsection (b)
and rules promulgated thereunder that prohibit fraud, manipulation, or
insider trading, shall apply with respect to permitted payment
stablecoin and digital commodity transactions engaged in by a broker or
dealer or through an alternative trading system or, as applicable, a
national securities exchange to the same extent as they apply to
securities transactions.
``(2) Judicial precedents decided under section 17(a) of the
Securities Act of 1933 and sections 9, 15, 16, 20, and 21A of this
title, and judicial precedents decided under applicable rules
promulgated under such sections, shall apply to permitted payment
stablecoins and digital commodities with respect to those circumstances
in which the permitted payment stablecoins and digital commodities are
brokered, traded, or custodied by a broker or dealer or through an
alternative trading system or, as applicable, a national securities
exchange to the same extent as they apply to securities.''.
(b) Treatment of Permitted Payment Stablecoins.--Title I of the
Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by
inserting after section 6 the following:
``SEC. 6A. TREATMENT OF TRANSACTIONS IN PERMITTED PAYMENT STABLECOINS.
``(a) Authority To Broker, Trade, and Custody Permitted Payment
Stablecoins.--Permitted payment stablecoins may be brokered, traded, or
custodied by a broker, dealer or through an alternative trading system
or national securities exchange.
``(b) Commission Jurisdiction.--The Commission shall only have
jurisdiction over a transaction in a permitted payment stablecoin with
respect to those circumstances in which a permitted payment stablecoin
is brokered, traded, or custodied--
``(1) by a broker or dealer;
``(2) through a national securities exchange; or
``(3) through an alternative trading system.
``(c) Limitation.--Subsection (b) shall only apply to a transaction
described in subsection (b) for the purposes of regulating the offer,
execution, solicitation, or acceptance of a permitted payment
stablecoin in those circumstances in which the permitted payment
stablecoin is brokered, traded, or custodied--
``(1) by a broker or dealer;
``(2) through a national securities exchange; or
``(3) through an alternative trading system.
``(d) Rule of Construction.--Nothing in this section may be
construed to prohibit permitted payment stablecoins from being
custodied by any person or entity that is not a broker, dealer,
alternative trading system, or national securities exchange.''.
SEC. 303. ELIGIBILITY OF ALTERNATIVE TRADING SYSTEMS.
(a) In General.--Section 5 of the Securities Exchange Act of 1934
(15 U.S.C. 78e) is amended--
(1) by striking ``It'' and inserting the following:
``(a) In General.--It'';
(2) by adding at the end the following:
``(b) Digital Commodity Protections.--
``(1) In general.--The Commission may not preclude a
trading platform from operating pursuant to a covered exemption
on the basis that the assets traded or to be traded on such
platform include--
``(A) digital commodities or permitted payment
stablecoins; and
``(B) securities.
``(2) Covered exemption.--In this subsection, the term
`covered exemption' means an exemption--
``(A) described in subsection (a)(2); or
``(B) with respect to any other rule of the
Commission relating to the definition of `exchange'.''.
(b) Securities Exchange Act of 1934.--Section 3(a)(2) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(2)) is amended by
adding at the end the following: ``An alternative trading system
primarily facilitating the trading of digital commodities, permitted
payment stablecoins, or both, is not a `facility' of an exchange.''.
(c) Rule of Construction.--Nothing in this section, the amendments
made by this section, or section 304 may be construed to--
(1) prohibit a national securities exchange from owning or
operating any other type of alternative trading system; or
(2) create a presumption that any other type of alternative
trading system owned or operated by a national securities
exchange is a facility of that exchange.
SEC. 304. OPERATION OF ALTERNATIVE TRADING SYSTEMS.
(a) Commission Authority.--The Securities and Exchange Commission
shall have jurisdiction over digital commodity activities and
transactions engaged in by--
(1) a registered broker or registered dealer exempt from
registration with the Commodity Futures Trading Commission
pursuant to section 5k of the Commodity Exchange Act; and
(2) a national securities exchange.
(b) Rulemaking Authority.--The Securities and Exchange Commission
shall have authority to issue rules governing any digital commodity
activities and transactions engaged in by a broker, dealer, or national
securities exchange registered with the Securities and Exchange
Commission and exempt from registration with the Commodity Futures
Trading Commission pursuant to section 5k of the Commodity Exchange
Act, consistent with this section and what is necessary or appropriate
in the public interest or for the protection of investors.
(c) National Securities Exchanges.--Not later than 270 days after
the date of the enactment of this Act, the Securities and Exchange
Commission shall revise the covered regulations to permit a national
securities exchange or affiliate thereof to operate an alternative
trading system that permits the trading of digital commodities,
permitted payment stablecoins, or both by registered brokers or
registered dealers that are exempt from registration with the Commodity
Futures Trading Commission pursuant section 5k of the Commodity
Exchange Act, consistent with this section and what is necessary or
appropriate in the public interest or for the protection of investors.
(d) Registered Brokers and Registered Dealers.--Not later than 270
days after the date of the enactment of this Act, the Securities and
Exchange Commission shall revise the covered regulations to permit a
registered broker or registered dealer that is exempt from registration
with the Commodity Futures Trading Commission pursuant to section 5k of
the Commodity Exchange Act to operate an alternative trading system
that permits the trading of digital commodities, permitted payment
stablecoins, or both, consistent with this section and what is
necessary or appropriate in the public interest or for the protection
of investors.
(e) Permitted Trading.--
(1) In general.--An alternative trading system operated
pursuant to this section and the regulations promulgated
hereunder shall be permitted to trade upon notice to the
Securities and Exchange Commission in a manner prescribed by
the Securities and Exchange Commission any digital commodity
that has been listed by a digital commodity exchange in
compliance with section 5i(c)(3) of the Commodity Exchange Act.
(2) Commission authority.--Digital commodity transactions
offered on an alternative trading system operating pursuant to
this section shall be subject to the jurisdiction of the
Securities and Exchange Commission. The Securities and Exchange
Commission shall have authority to promulgate rules governing
such digital commodity transactions of alternative trading
systems, consistent with this section and what is necessary or
appropriate in the public interest or for the protection of
investors.
(3) Suspension of trading.--The Securities and Exchange
Commission may suspend the trading of a digital commodity by an
alternative trading system operating pursuant to this section
as is necessary or appropriate in the public interest and is
consistent with the protection of investors.
(f) Order Display and Execution Reporting.--Not later than 270 days
after the date of the enactment of this Act, the Securities and
Exchange Commission shall issue and revise rules, as necessary or
appropriate in the public interest or for the protection of investors,
regarding whether alternative trading systems operating pursuant to
subsections (c) and (d) have an obligation to provide the prices and
sizes of orders displayed to more than one person in such alternative
trading system of digital commodities to self-regulatory organizations
with members who trade in digital commodities or permitted payment
stablecoins.
(g) Principles of Trade.--Not later than 270 days after the date of
the enactment of this Act, the Securities and Exchange Commission shall
issue and revise rules, as necessary or appropriate in the public
interest or for the protection of investors, to--
(1) apply the rules and standards promulgated pursuant to
paragraph (2) to the appropriate market participants,
including--
(A) national securities exchanges operating an
alternative trading system described in subsection (c);
and
(B) registered brokers and registered dealers
operating or subscribing to an alternative trading
system described in subsection (d); and
(2) apply, as appropriate to the market participants
described in subparagraph (1) and customers thereof rules and
standards to--
(A) prevent fraudulent and manipulative acts and
practices;
(B) foster cooperation and coordination with
persons engaged in regulating, settling, processing
information with respect to, and facilitating
transactions in digital commodities or permitted
payment stablecoins traded, as applicable, on or by any
alternative trading system operating pursuant to
subsection (c) or (d), or any registered broker or
registered dealer;
(C) remove impediments to and perfect the mechanism
of a free and open market in digital commodities or
permitted payment stablecoins traded, as applicable, on
or by any alternative trading system operating pursuant
to subsection (c) or (d), or any registered broker or
registered dealer;
(D) in general, protect investors and the public
interest; and
(E) prohibit any unfair discrimination between--
(i) customers;
(ii) any market participants described in
subparagraphs (A) and (B) of paragraph (1); or
(iii) issuers of digital commodities.
(h) Implementing Organizations.--The Securities and Exchange
Commission shall require any registered national securities association
that has as a member a registered broker or registered dealer that
operates an alternative trading system pursuant to subsection (d) or
otherwise transacts in digital commodities or permitted payment
stablecoins to adopt such rules as may be necessary to further
compliance with this section, including subsection (g)(2), protect
investors, maintain fair, orderly, and efficient markets, and
facilitate capital formation.
(i) Rule of Construction.--The enumeration of any category of rules
or regulations in this section shall not be construed to limit the
authority of the Securities and Exchange Commission to promulgate such
rules as may be necessary or appropriate to implement this section and
the purposes of this Act, including over--
(1) system capacity, integrity, and security;
(2) examinations, inspections, and investigations;
(3) trade reporting; or
(4) written procedures for the confidential treatment of
trading information.
(j) Memorandum of Understanding.--Consistent with section 5k of the
Commodity Exchange Act and to carry out this Act, the Securities and
Exchange Commission shall enter into a memorandum of understanding with
the Commodity Futures Trading Commission to ensure--
(1) requirements imposed on registered brokers or
registered dealers operating an alternative trading system
pursuant to subsection (c) or otherwise transacting in digital
commodities or permitted payment stablecoins are consistent
with the substantive requirements under section 4u of the
Commodity Exchange Act;
(2) requirements imposed on alternative trading systems
operating pursuant to subsection (c) or (d) are not
inconsistent with core principles of and are consistent with
the other substantive requirements under section 5i of the
Commodity Exchange Act; and
(3) non-duplicative supervision and enforcement with
respect to registrants of the Securities and Exchange
Commission notice registered with the Commodity Futures Trading
Commission.
(k) Covered Regulations Defined.--In this section, the term
``covered regulations'' means sections 242.300, 242.301, 242.302,
242.303, 242.304, and 242.1000 through 242.1007 of title 17, Code of
Federal Regulations.
(l) Rule of Construction.--Nothing in this section shall be
construed to limit the anti-fraud, anti-manipulation, or false
reporting enforcement authorities of the Commodity Futures Trading
Commission with respect to a contract of sale of a commodity and
persons effecting such contracts.
SEC. 305. MODERNIZATION OF RECORDKEEPING REQUIREMENTS.
(a) In General.--For purposes of books and records requirements for
brokers, dealers, and exchanges under the Securities and Exchange Act
of 1934 (15 U.S.C. 78a et seq.), a person may consider records from a
blockchain system.
(b) Revision of Rules.--Not later than 180 days after the date of
enactment of this Act, the Securities and Exchange Commission shall
issue and revise such rules as may be necessary to implement this
section.
SEC. 306. EXEMPTIVE AUTHORITY.
Section 28 of the Securities Act of 1933 (15 U.S.C. 77z-3) is
amended by striking ``by rule or regulation'' and inserting ``by rule,
regulation, or order''.
SEC. 307. ADDITIONAL REGISTRATIONS WITH THE COMMODITY FUTURES TRADING
COMMISSION.
Section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o)
is amended by adding at the end the following:
``(p) Additional Registrations With the Commodity Futures Trading
Commission.--A registered broker or registered dealer shall be
permitted to maintain a registration with the Commodity Futures Trading
Commission as a digital commodity broker or digital commodity dealer,
to list or trade contracts of sale for digital commodities.''.
SEC. 308. EXEMPTING DIGITAL COMMODITIES FROM STATE SECURITIES LAWS.
Section 18(b) of the Securities Act of 1933 (15 U.S.C. 77r(b)) is
amended by adding at the end the following:
``(5) Exemption in connection with digital commodities.--A
digital commodity shall be treated as a covered security.''.
SEC. 309. EXCLUSION FOR DECENTRALIZED FINANCE ACTIVITIES.
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is
amended by inserting after section 15G the following:
``SEC. 15H. DECENTRALIZED FINANCE ACTIVITIES NOT SUBJECT TO THIS ACT.
``(a) In General.--Notwithstanding any other provision of this Act,
a person shall not be subject to this Act and the regulations
promulgated under this Act based on the person directly or indirectly
engaging in any of the following activities, whether singly or in
combination, in relation to the operation of a blockchain system or in
relation to a decentralized finance trading protocol:
``(1) Compiling network transactions or relaying,
searching, sequencing, validating, or acting in a similar
capacity.
``(2) Providing computational work, operating a node or
oracle service, or procuring, offering, or utilizing network
bandwidth, or providing other similar incidental services.
``(3) Providing a user-interface that enables a user to
read and access data about a blockchain system.
``(4) Developing, publishing, constituting, administering,
maintaining, or otherwise distributing a blockchain system or a
decentralized finance trading protocol.
``(5) Developing, publishing, constituting, administering,
maintaining, or otherwise distributing a decentralized finance
messaging system, or operating or participating in a liquidity
pool, for the purpose of executing a contract of sale of a
digital commodity.
``(6) Developing, publishing, constituting, administering,
maintaining, or otherwise distributing software or systems that
create or deploy hardware or software, including wallets or
other systems, facilitating an individual user's own personal
ability to keep, safeguard, or custody the user's digital
assets or related private keys.
``(b) Exceptions.--Subsection (a) shall not apply to the anti-fraud
and anti-manipulation authorities of the Commission.''.
SEC. 310. TREATMENT OF CUSTODY ACTIVITIES BY BANKING INSTITUTIONS.
(a) Treatment of Custody Activities.--The appropriate Federal
banking agency, the National Credit Union Administration (in the case
of a credit union), and the Securities and Exchange Commission may not
require a depository institution, national bank, Federal credit union,
State credit union, trust company, broker, or dealer, or any affiliate
thereof (the ``entity'')--
(1) to include assets held in custody that are not owned by
the entity as a liability on the financial statement or balance
sheet of the entity, including digital commodity or permitted
payment stablecoin custody or safekeeping services;
(2) to hold regulatory capital against assets, including
reserves backing such assets, in custody or safekeeping, except
as necessary to mitigate against operational risks inherent
with the custody or safekeeping services, as determined by--
(A) the appropriate Federal banking agency;
(B) the National Credit Union Administration (in
the case of a credit union);
(C) a State bank supervisor;
(D) a State credit union supervisor (as defined in
section 6003 of the Anti-Money Laundering Act of 2020
(31 U.S.C. 5311 note)); or
(E) the Securities and Exchange Commission (in the
case of a broker or dealer); and
(3) to recognize a liability for any obligations related to
activities or services performed with respect to digital
commodities that the entity does not own if that liability
would exceed the expense recognized in the income statement as
a result of the corresponding obligation.
(b) Definitions.--In this section:
(1) Banking terms.--The terms ``appropriate Federal banking
agency'', ``depository institution'', ``national bank'', and
``State bank supervisor'' have the meaning given those terms,
respectively, under section 3 of the Federal Deposit Insurance
Act (12 U.S.C. 1813).
(2) Credit union terms.--The terms ``Federal credit union''
and ``State credit union'' have the meaning given those terms,
respectively, under section 101 of the Federal Credit Union Act
(12 U.S.C. 1752).
SEC. 311. DIGITAL COMMODITY ACTIVITIES THAT ARE FINANCIAL IN NATURE.
Section 4(k)(4) of the Bank Holding Company Act of 1956 (12 U.S.C.
1843(k)(4)) is amended--
(1) in subparagraph (A), by striking ``or securities'' and
inserting ``, securities, or digital commodities''; and
(2) in subparagraph (E), by inserting ``or digital
commodities'' before the period at the end.
SEC. 312. EFFECTIVE DATE; ADMINISTRATION.
Except as otherwise provided under this title, this title and the
amendments made by this title shall take effect 360 days after the date
of enactment of this Act, except that, to the extent a provision of
this title requires a rulemaking, the provision shall take effect on
the later of--
(1) 360 days after the date of enactment of this Act; or
(2) 60 days after the publication in the Federal Register
of the final rule implementing the provision.
SEC. 313. STUDIES ON FOREIGN ADVERSARY PARTICIPATION.
(a) In General.--The Secretary of the Treasury, in consultation
with the Commodity Futures Trading Commission and the Securities and
Exchange Commission, shall, not later than 1 year after date of the
enactment of this section, conduct a study and submit a report to the
relevant congressional committees that--
(1) identifies any digital commodity registrants which are
owned by governments of foreign adversaries;
(2) determines whether any governments of foreign
adversaries are collecting personal data or trading data about
United States persons in the digital commodity markets; and
(3) evaluates whether any proprietary intellectual property
of digital commodity registrants is being misused or stolen by
any governments of foreign adversaries.
(b) GAO Study and Report.--
(1) In general.--The Comptroller General shall, not later
than 1 year after date of the enactment of this section,
conduct a study and submit a report to the relevant
congressional committees that--
(A) identifies any digital commodity registrants
which are owned by governments of foreign adversaries;
(B) determines whether any governments of foreign
adversaries are collecting personal data or trading
data about United States persons in the digital
commodity markets; and
(C) evaluates whether any proprietary intellectual
property of digital commodity registrants is being
misused or stolen by any governments of foreign
adversaries.
(c) Definitions.--In this section:
(1) Digital commodity registrant.--The term ``digital
commodity registrant'' means any person required to register as
a digital commodity exchange, digital commodity broker, or
digital commodity dealer under the Commodity Exchange Act.
(2) Foreign adversaries.--The term ``foreign adversaries''
means the foreign governments and foreign non-government
persons determined by the Secretary of Commerce to be foreign
adversaries under section 7.4(a) of title 15, Code of Federal
Regulations.
(3) Relevant congressional committees.--The term ``relevant
congressional committees'' means--
(A) the Committees on Financial Services and
Agriculture of the House of Representatives; and
(B) the Committees on Banking, Housing, and Urban
Affairs and Agriculture, Nutrition, and Forestry of the
Senate.
TITLE IV--REGISTRATION FOR DIGITAL COMMODITY INTERMEDIARIES AT THE
COMMODITY FUTURES TRADING COMMISSION
SEC. 401. COMMISSION JURISDICTION OVER DIGITAL COMMODITY TRANSACTIONS.
(a) Savings Clause.--Section 2(a)(1) of the Commodity Exchange Act
(7 U.S.C. 2(a)(1)) is amended by adding at the end the following:
``(J) Except as expressly provided in this Act,
nothing in the CLARITY Act of 2025 shall affect or
apply to, or be interpreted to affect or apply to--
``(i) any agreement, contract, or
transaction that is subject to this Act as--
``(I) a contract of sale of a
commodity for future delivery or an
option on such a contract;
``(II) a swap;
``(III) a security futures product;
``(IV) an option authorized under
section 4c of this Act;
``(V) an agreement, contract, or
transaction described in subparagraph
(C)(i) or (D)(i) of subsection (c)(2)
of this section; or
``(VI) a leverage transaction
authorized under section 19; or
``(ii) the activities of any person with
respect to any such an agreement, contract, or
transaction.''.
(b) Limitation on Authority Over Permitted Payment Stablecoins.--
Section 2(c)(1) of the Commodity Exchange Act (7 U.S.C. 2(c)(1)) is
amended--
(1) in subparagraph (F), by striking ``or'' at the end;
(2) in subparagraph (G), by striking the period and
inserting ``; or''; and
(3) by adding at the end the following:
``(H) permitted payment stablecoins.''.
(c) Commission Jurisdiction Over Financing Agreements.--Section
2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is amended--
(1) in subparagraph (D), by redesignating clause (iv) as
clause (v) and inserting after clause (iii) the following:
``(iv) Notwithstanding clause (iii), a
digital commodity broker may, subject to the
requirements of section 4u(c)(3), offer to or
enter into an agreement for margin financing
with a customer for the purchase or sale of a
digital commodity.''; and
(2) by adding at the end the following:
``(F) Commission Jurisdiction With Respect to Digital Commodity
Transactions.--
``(i) In general.--Subject to sections 6d and 12(e), the
Commission shall have exclusive jurisdiction with respect to
any account, agreement, contract, or transaction involving a
contract of sale of a digital commodity in interstate commerce,
including in a digital commodity cash or spot market, that is
offered, solicited, traded, facilitated, executed, cleared,
reported, or otherwise dealt in--
``(I) on or subject to the rules of a registered
entity or an entity that is required to be registered
as a registered entity; or
``(II) by any other entity registered, or required
to be registered, with the Commission.
``(ii) Limitations.--Clause (i) shall not apply with
respect to--
``(I) custodial or depository activities for a
digital commodity of an entity regulated by an
appropriate Federal banking agency or a State bank
supervisor (within the meaning of section 3 of the
Federal Deposit Insurance Act); or
``(II) an offer or sale of an investment contract
involving a digital commodity or of a securities offer
or sale involving a digital commodity.
``(iii) Mixed digital asset transactions.--
``(I) In general.--Clause (i) shall not apply to a
mixed digital asset transaction.
``(II) Reports on mixed digital asset
transactions.--A digital commodity issuer, digital
commodity related person, digital commodity affiliated
person, or other person registered with the Securities
and Exchange Commission that engages in a mixed digital
asset transaction, shall, on request of the Commission,
open to inspection and examination by the Commission
all books and records relating to the mixed digital
asset transaction, subject to the confidentiality and
disclosure requirements of section 8.
``(G) Agreements, Contracts, and Transactions in Stablecoins.--
``(i) Treatment of permitted payment stablecoins on
commission-registered entities.--Subject to clauses (ii) and
(iii), the Commission shall have jurisdiction over a cash or
spot agreement, contract, or transaction in a permitted payment
stablecoin that is offered, offered to enter into, entered
into, executed, confirmed the execution of, solicited, or
accepted--
``(I) on or subject to the rules of a registered
entity; or
``(II) by any other entity registered with the
Commission.
``(ii) Permitted payment stablecoin transaction rules.--
This Act shall apply to a transaction described in clause (i)
only for the purpose of regulating the offer, execution,
solicitation, or acceptance of a cash or spot permitted payment
stablecoin transaction on a registered entity or by any other
entity registered with the Commission, as if the permitted
payment stablecoin were a digital commodity.
``(iii) No authority over permitted payment stablecoins.--
Notwithstanding clauses (i) and (ii), the Commission shall not
make a rule or regulation, impose a requirement or obligation
on a registered entity or other entity registered with the
Commission, or impose a requirement or obligation on a
permitted payment stablecoin issuer, regarding the operation of
a permitted payment stablecoin issuer or a permitted payment
stablecoin.''.
(d) Conforming Amendment.--Section 2(a)(1)(A) of such Act (7 U.S.C.
2(a)(1)(A)) is amended in the 1st sentence by inserting ``subparagraphs
(F) and (G) of subsection (c)(2) of this section or'' before ``section
19''.
SEC. 402. REQUIRING FUTURES COMMISSION MERCHANTS TO USE QUALIFIED
DIGITAL ASSET CUSTODIANS.
Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) is amended--
(1) in subsection (a)(2)--
(A) in the 1st proviso, by striking ``any bank or
trust company'' and inserting ``any bank, trust
company, or qualified digital asset custodian, as
applicable,''; and
(B) by inserting ``: Provided further, That any
such property that is a digital asset shall be held in
a qualified digital asset custodian'' before the period
at the end; and
(2) in subsection (f)(3)(A)(i), by striking ``any bank or
trust company'' and inserting ``any bank, trust company, or
qualified digital asset custodian''.
SEC. 403. TRADING CERTIFICATION AND APPROVAL FOR DIGITAL COMMODITIES.
Section 5c of the Commodity Exchange Act (7 U.S.C. 7a-2) is
amended--
(1) in subsection (a), by striking ``5(d) and 5b(c)(2)''
and inserting ``5(d), 5b(c)(2), and 5i(c)'';
(2) in subsection (b)--
(A) in each of paragraphs (1) and (2), by inserting
``digital commodity exchange,'' before ``derivatives'';
and
(B) in paragraph (3), by inserting ``digital
commodity exchange,'' before ``derivatives'' each place
it appears;
(3) in subsection (c)--
(A) in paragraph (2), by inserting ``or
participants'' before ``(in'';
(B) in paragraph (4)(B), by striking ``1a(10)'' and
inserting ``1a(9)''; and
(C) in paragraph (5), by adding at the end the
following:
``(D) Special rules for digital commodity
contracts.--In certifying any new rule or rule
amendment, or listing any new contract or instrument,
in connection with a contract of sale of a commodity
for future delivery, option, swap, or other agreement,
contract, or transaction, that is based on or
references a digital commodity, a registered entity
shall make or rely on a certification under subsection
(d) for the digital commodity.''; and
(4) by inserting after subsection (c) the following:
``(d) Certifications for Digital Commodity Trading.--
``(1) In general.--Notwithstanding subsection (c), for the
purposes of listing or offering a digital commodity for trading
in a digital commodity cash or spot market, an eligible entity
shall submit a written certification to the Commission that the
digital commodity meets the requirements of this Act (including
the regulations prescribed under this Act).
``(2) Contents of the certification.--
``(A) In general.--In making a written
certification under this paragraph, the eligible entity
shall furnish to the Commission an analysis of how the
digital commodity meets the requirements of section
5i(c)(3).
``(B) Reliance on prior disclosures.--In making a
certification under this subsection, an eligible entity
may rely on the records and disclosures of any relevant
person registered with the Securities and Exchange
Commission or other State or Federal agency.
``(3) Modifications.--
``(A) In general.--An eligible entity shall modify
a certification made under paragraph (1) to--
``(i) account for significant changes in
any information provided to the Commission
under paragraph (2)(A)(ii); or
``(ii) permit or restrict trading in units
of a digital commodity held by a digital
commodity related person or a digital commodity
affiliated person.
``(B) Recertification.--Modifications required by
this subsection shall be subject to the same
disapproval and review process as a new certification
under paragraphs (4) and (5).
``(4) Disapproval.--
``(A) In general.--The written certification
described in paragraph (1) shall become effective
unless the Commission finds that the listing of the
digital commodity is inconsistent with the requirements
of this Act or the rules and regulations prescribed
under this Act.
``(B) Analysis required.--The Commission shall
include, with any findings referred to in subparagraph
(A), a detailed analysis of the factors on which the
decision was based.
``(C) Public findings.--The Commission shall make
public any disapproval decision, and any related
findings and analysis, made under this paragraph.
``(5) Review.--
``(A) In general.--Unless the Commission makes a
disapproval decision under paragraph (4), the written
certification described in paragraph (1) shall become
effective, pursuant to the certification by the
eligible entity and notice of the certification to the
public (in a manner determined by the Commission) on
the date that is--
``(i) 20 business days after the date the
Commission receives the certification (or such
shorter period as determined by the Commission
by rule or regulation), in the case of a
digital commodity that has not been certified
under this section or for which a certification
is being modified under paragraph (3); or
``(ii) 1 business day after the date the
Commission receives the certification (or such
shorter period as determined by the Commission
by rule or regulation) for any digital
commodity that has been certified under this
section.
``(B) Extensions.--The time for consideration under
subparagraph (A) may be extended through notice to the
eligible entity that there are novel or complex issues
that require additional time to analyze, that the
explanation by the submitting eligible entity is
inadequate, or of a potential inconsistency with this
Act--
``(i) once, for 30 business days, through
written notice to the eligible entity by the
Commission; and
``(ii) once, for an additional 30 business
days, through written notice to the eligible
entity from the Commission that includes a
description of any deficiencies with the
certification, including any--
``(I) novel or complex issues which
require additional time to analyze;
``(II) missing information or
inadequate explanations; or
``(III) potential inconsistencies
with this Act.
``(6) Prior approval before registration.--
``(A) In general.--A person applying for
registration with the Commission for the purposes of
listing or offering a digital commodity for trading in
a digital commodity cash or spot market may request
that the Commission grant prior approval for the person
to list or offer the digital commodity on being
registered with the Commission.
``(B) Request for prior approval.--A person seeking
prior approval under subparagraph (A) shall furnish the
Commission with a written certification that the
digital commodity meets the requirements of this Act
(including the regulations prescribed under this Act)
and the information described in paragraph (2).
``(C) Deadline.--The Commission shall take final
action on a request for prior approval not later than
90 business days after submission of the request,
unless the person submitting the request agrees to an
extension of the time limitation established under this
subparagraph.
``(D) Disapproval.--
``(i) In general.--The Commission shall
approve the listing of the digital commodity
unless the Commission finds that the listing is
inconsistent with this Act (including any
regulation prescribed under this Act).
``(ii) Analysis required.--The Commission
shall include, with any findings made under
clause (i), a detailed analysis of the factors
on which the decision is based.
``(iii) Public findings.--The Commission
shall make public any disapproval decision, and
any related findings and analysis, made under
this paragraph.
``(7) Eligible entity defined.--In this subsection, the
term `eligible entity' means a registered entity or group of
registered entities acting jointly.''.
SEC. 404. REGISTRATION OF DIGITAL COMMODITY EXCHANGES.
The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended by
inserting after section 5h the following:
``SEC. 5I. REGISTRATION OF DIGITAL COMMODITY EXCHANGES.
``(a) In General.--
``(1) Registration.--
``(A) In general.--A trading facility that offers
or seeks to offer a cash or spot market in at least 1
digital commodity shall register with the Commission as
a digital commodity exchange.
``(B) Application.--A person desiring to register
as a digital commodity exchange shall submit to the
Commission an application in such form and containing
such information as the Commission may require for the
purpose of making the determinations required for
approval.
``(C) Exemptions.--A trading facility that offers
or seeks to offer a cash or spot market in at least 1
digital commodity shall not be required to register
under this section if the trading facility--
``(i) permits no more than a de minimis
amount of trading activity, as the Commission
may determine by rule or regulation, in a
digital commodity; or
``(ii) serves only customers in a single
State, territory, or possession of the United
States.
``(2) Additional registrations.--
``(A) With the commission.--In order to foster the
development of fair and orderly markets, protect
customers, and promote responsible innovation, the
Commission--
``(i) shall prescribe rules to exempt an
entity registered with the Commission under
more than 1 section of this Act from
duplicative, conflicting, or unduly burdensome
provisions of this Act and the rules under this
Act;
``(ii) shall prescribe rules to address
conflicts of interests and activities of the
entity; and
``(iii) may, after an analysis of the risks
and benefits, prescribe rules to provide for
portfolio margining.
``(B) With a registered futures association.--
``(i) In general.--A registered digital
commodity exchange shall also be a member of a
registered futures association and comply with
rules related to such activity, if the
registered digital commodity exchange accepts
customer funds required to be segregated under
subsection (d).
``(ii) Rulemaking required.--The Commission
shall require any registered futures
association with a digital commodity exchange
as a member to provide such rules as may be
necessary to further compliance with subsection
(d), protect customers, and promote the public
interest.
``(C) Registration required.--A person required to
be registered as a digital commodity exchange under
this section shall register with the Commission as such
regardless of whether the person is registered with
another State or Federal regulator.
``(b) Trading.--
``(1) Prohibition on certain trading practices.--
``(A) Section 4b shall apply to any agreement,
contract, or transaction in a digital commodity as if
the agreement, contract, or transaction were a contract
of sale of a commodity for future delivery.
``(B) Section 4c shall apply to any agreement,
contract, or transaction in a digital commodity as if
the agreement, contract, or transaction were a
transaction involving the purchase or sale of a
commodity for future delivery.
``(C) Section 4b-1 shall apply to any agreement,
contract, or transaction in a digital commodity as if
the agreement, contract, or transaction were a contract
of sale of a commodity for future delivery.
``(2) Prohibition on acting as a counterparty.--
``(A) In general.--A digital commodity exchange or
any affiliate of such an exchange shall not trade on or
subject to the rules of the digital commodity exchange
for its own account.
``(B) Exceptions.--The Commission shall, by rule,
permit a digital commodity exchange or any affiliate of
a digital commodity exchange to engage in trading on
the exchange so long as the trading is not solely for
the purpose of the profit of the exchange, including
the following:
``(i) Customer direction.--A transaction
for, or entered into at the direction of, or
for the benefit of, an unaffiliated customer.
``(ii) Risk management.--A transaction to
manage the credit, market, and liquidity risks
associated with the digital commodity business
of the exchange.
``(iii) Operational needs.--A transaction
related to the operational needs of the
business of the digital commodity exchange or
its affiliate.
``(iv) Functional use.--A transaction
related to the functional operation of a
blockchain system.
``(C) Notice requirement.--In order for a digital
commodity exchange or any affiliate of a digital
commodity exchange to engage in trading on the
affiliated exchange pursuant to subsection (B), notice
must be given to the Commission that shall enumerate
how any proposed activity is consistent with the
exceptions in subsection (B) and the purposes of this
Act.
``(c) Core Principles for Digital Commodity Exchanges.--
``(1) Compliance with core principles.--
``(A) In general.--To be registered, and maintain
registration, as a digital commodity exchange, a
digital commodity exchange shall comply with--
``(i) the core principles described in this
subsection; and
``(ii) any requirement that the Commission
may impose by rule or regulation pursuant to
section 8a(5).
``(B) Reasonable discretion of a digital commodity
exchange.--Unless otherwise determined by the
Commission by rule or regulation, a digital commodity
exchange described in subparagraph (A) shall have
reasonable discretion in establishing the manner in
which the digital commodity exchange complies with the
core principles described in this subsection.
``(2) Compliance with rules.--A digital commodity exchange
shall--
``(A) establish and enforce compliance with any
rule of the digital commodity exchange, including--
``(i) the terms and conditions of the
trades traded or processed on or through the
digital commodity exchange; and
``(ii) any limitation on access to the
digital commodity exchange;
``(B) establish and enforce trading, trade
processing, and participation rules that will deter
abuses and have the capacity to detect, investigate,
and enforce those rules, including means--
``(i) to provide market participants with
impartial access to the market; and
``(ii) to capture information that may be
used in establishing whether rule violations
have occurred; and
``(C) establish rules governing the operation of
the exchange, including rules specifying trading
procedures to be used in entering and executing orders
traded or posted on the facility.
``(3) Listing standards for digital commodities.--
``(A) In general.--A digital commodity exchange
shall not permit trading in a digital commodity
unless--
``(i) reports with respect to the digital
commodity required under section 4B(b)(3) of
the Securities Act of 1933 (or, with respect to
a digital commodity not issued in reliance on
section 4(a)(8) of the Securities Act of 1933,
a comparable set of reports, where required by
the Securities and Exchange Commission) have
been filed with the Securities and Exchange
Commission; or
``(ii) the blockchain system to which the
digital commodity relates, together with the
digital commodity, is certified as a mature
blockchain system under section 42 of the
Securities Exchange Act of 1934.
``(B) Public information requirements.--
``(i) In general.--A digital commodity
exchange shall permit trading only in a digital
commodity if the information required in clause
(ii) is correct, current, and available to the
public.
``(ii) Required information.--With respect
to a digital commodity and each blockchain
system to which the digital commodity relates
for which the digital commodity exchange will
make the digital commodity available to the
customers of the digital commodity exchange,
the information required in this clause is as
follows:
``(I) Source code.--The source code
for any blockchain system to which the
digital commodity relates.
``(II) Transaction history.--A
Official legislative text sourced from the public record (cached on CivicsHQ). Display truncated for length.
Official source
View the original bill, actions, and full legislative record on Congress.gov.
Status
Passed Both Chambers
- 1Introduced
- 2Committee
- 3Floor
- 4Passed
- 5Signed
Timeline reflects current normalized status only. Full action history is not yet stored in the API.
Sponsors
- Rep. Hill, J. French [R-AR-2]RHouseAR
Cosponsors
- Emmer
- Rep. Begich, Nicholas J. [R-AK-At Large]
- Rep. Bresnahan, Robert P. [R-PA-8]
- Rep. Carter, Earl L. "Buddy" [R-GA-1]
- Rep. Craig, Angie [D-MN-2]
- Rep. Davidson, Warren [R-OH-8]
- Rep. Davis, Donald G. [D-NC-1]
- Rep. Gottheimer, Josh [D-NJ-5]
- Rep. Huizenga, Bill [R-MI-4]
- Rep. Johnson, Dusty [R-SD-At Large]
- Rep. Lawler, Michael [R-NY-17]
- Rep. McDonald Rivet, Kristen [D-MI-8]
- Rep. Messmer, Mark B. [R-IN-8]
- Rep. Meuser, Daniel [R-PA-9]
- Rep. Moore, Riley M. [R-WV-2]
- Rep. Nunn, Zachary [R-IA-3]
- Rep. Steil, Bryan [R-WI-1]
- Rep. Stevens, Haley M. [D-MI-11]
- Rep. Thanedar, Shri [D-MI-13]
- Rep. Thompson, Glenn [R-PA-15]
- Rep. Torres, Ritchie [D-NY-15]
Votes
HouseRoll Call 199Jul 17, 2025
On passage Passed by the Yeas and Nays: 294 - 134 (Roll no. 199). (text of amendment in the nature of a substitute: CR H3373-3397)
Vote totals recorded, but member positions were not captured.