,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hcgc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #bd1        
#bjbj,mr4 ,conaway 7= himself1 ,mr4     
,au/9 ,scott ( ,georgia1 ,mr4 ,johnson (
 ,s\? ,dakota1 ,mr4 ,emm]1 ,mr4 ,soto1 &
 ,mr4 ,s*weik]t7 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,agriculture  ,a ,,bill  ,to provide =  
ord]ly & secure digital commodity       
ex*ange m>kets1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,digital ,commodity ,ex*ange ,act (     
#bjbj4  #b4 ,am5dm5ts to ! ,commodity   
,ex*ange ,act  7a7 ,def9itions ,section 
#a;a ( ! ,commodity ,ex*ange ,act 7#g   
,u4,s4,c4 #a;a7 is am5d$-- 7#a7 9       
p>agraph 7#dj7-- 7,a7 9 subp>agraph     
7,e71 by /rik+ & at ! end2 &  7,b7 by   
r$esignat+ subp>agraph 7,f7 z           
subp>agraph 7,g7 & ins]t+ aft]          
subp>agraph 7,e7 ! foll[+3  7,f7 a      
digital commodity ex*ange regi/]$ "u    
section #e;i2 &  2 &  7#b7 by add+ at ! 
end ! foll[+3  7#eb7 ,digital commodity 

,! t]m digital commodity means any =m ( 
fungible intangible p]sonal prop]ty t c 
be exclusively possess$ & transf]r$     
p]son to p]son )\t necess>y reliance on 
an int]m$i>y1 & :i* does n repres5t a   
f9ancial int]e/ 9 a company1 p>tn]%ip1  
or inve/m5t vehicle4  7#ec7 ,digital    
commodity cu/odian ,! t]m digital       
commodity cu/odian means an entity t    
holds1 ma9ta9s1 or safegu>ds digital    
commodities & o!r assets on behalf (    
digital commodity m>ket p>ticipants4    
7#ed7 ,digital commodity ex*ange ,! t]m 
digital commodity ex*ange means a trad+ 
facility t li/s = trad+ at lea/ "o      
digital commodity4  7#ee7 ,digital      
commodity presale ,! t]m digital        
commodity presale means ! deliv]y ( a   
unit ( a digital commodity1 or any      
promise or "r to a future unit ( a      
digital commodity1 to a p>ticipant 9 a  
securities (f]+ conduct$ 9 compliance ) 
! ,securities ,act ( #aicc be=e ! li/+ (
 ! digital commodity = trad+ on a       
regi/]$ digital commodity ex*ange4  4   

7b7 ,commission jurisdiction ov] retail 
digital commodity transactions ,section 
#b7;c77#b7 ( su* ,act 7#g ,u4,s4,c4     
#b7;c77#b77 is am5d$-- 7#a7 9           
subp>agraph 7,d77ii7-- 7,a7 9 subclause 
7,,iii71 9 ! matt] t prec$es item 7aa71 
by ins]t+ ( a commodity1 o!r ?an a      
digital commodity1 be=e t2 &  7,b7 by   
r$esignat+ subclauses 7,,iv7 & 7,v7 z   
subclauses 7,v7 & 7,,vi7 & ins]t+ aft]  
subclause 7,,iii7 ! foll[+3  7,,iv7 a   
contract ( sale ( a digital commodity   
t-- 7aa7 results 9 actual deliv]y )9 #b 
days or su* o!r p]iod z ! ,commission   
may det]m9e by rule or regulation bas$  
^u ! typical comm]cial practice 9 ca% or
 spot m>kets = ! digital commodity      
involv$2 or  7bb7 is execut$ on or      
subject to ! rules ( a regi/]$ digital  
commodity ex*ange2  2 &  7#b7 by add+ at
 ! end ! foll[+3  7,f7 ,commission      
jurisdiction ov] digital commodity      
transactions  7i7 ,not)/&+ any o!r      
provision ( law1 ! ,commission %all h   
exclusive jurisdiction ov] any agreem5t1

 contract1 or transaction involv+ a     
contract ( sale ( any digital commodity 
9 int]/ate comm]ce :i* is (f]$1         
solicit$1 trad$1 execut$1 or o!rwise    
dealt 9 on or subject to ! rules ( a    
regi/]$ entity1 includ+ ! conduct ( any 
su* (fice or bus9ess4  7ii7 ,not)/&+ any
 o!r provision ( law1 ! ,commission %all
 h exclusive jurisdiction ov] any       
agreem5t1 contract1 or transaction      
involv+ a unit ( a digital commodity1 or
 any promise or "r to a future unit ( a 
digital commodity1 obta9$ ?r\gh a       
digital commodity presale & subject to !
 re/rictions 9 section #d;c7h74  7iii7  
,no?+ 9 ?is subp>agraph %all be con/ru$ 
to limit ! p[] ( any ,/ate or o!r ,f$]al
 regulatory ag5cy1 or to provide !      
,commission ) jurisdiction1 ) respect   
to-- 7,i7 cu/odial or depository        
activities = a digital asset1 or        
cu/odial or depository activities = any 
promise or "r to a future digital asset1
 ( an entity regulat$ by a ,/ate or     
ano!r ,f$]al regulatory ag5cy2 or       

7,,ii7 a securities (f]+ or transaction 
associat$ )-- 7aa7 a digital commodity  
presale2 or  7bb7 a sale describ$ 9     
section #d;c7h77#c77;,a77i74  4  7c7    
,prohibit$ transactions ,section #d;c ( 
su* ,act 7#g ,u4,s4,c4 #f;c7 is am5d$ by
 add+ at ! end ! foll[+3  7h7 ,prohibit$
 digital commodity transactions  7#a7 ,9
 g5]al ,x %all be a violation ( ?is ,act
 = any p]son :o owns or controls a unit 
( a digital commodity1 or any promise or
 "r to a future unit ( a digital        
commodity1 obta9$ ?r\gh a digital       
commodity presale & subject to !        
re/rictions 9 ?is subsection1 to (f] to 
ent] into1 to ent] into1 or to execute a
 contract = ! pur*ase or sale ( ! unit1 
promise1 or "r1 except z provid$ 9      
p>agraph 7#c74  7#b7 ,unlawful          
facilitation ( prohibit$ transaction ,x 
%all be a violation ( ?is ,act = any    
p]son willfully to execute1 confirm !   
execution (1 or conduct any (fice or    
bus9ess = ! purpose ( solicit+1 accept+ 
any ord] =1 or o!rwise deal+ 91 any     

transaction 91 or 9 connection )1 a     
contract = ! pur*ase or sale ( a unit ( 
a digital commodity1 or any promise or  
"r to a future unit ( a digital         
commodity1 :i* su* p]son has reason to  
believe is obta9$ ?r\gh a digital       
commodity presale & subject to !        
re/rictions 9 ?is subsection1 except z  
provid$ 9 p>agraph 7#c74  7#c7          
,exceptions  7,a7 ,(f-ex*ange           
transactions  7i7 ,sale ( a promise or  
"r ,a promise or "r to a future unit ( a
 digital commodity obta9$ ?r\gh a       
digital commodity presale may be sold   
pursuant to a securities transaction    
conduct$ 9 compliance ) ! ,securities   
,act ( #aicc4  7ii7 ,sale ( a digital   
commodity ,a unit ( a digital commodity 
obta9$ ?r\gh a digital commodity presale
 may be sold to an accr$it$ imve/or 7z  
def9$ 9 section #b7;a77#ae7 ( !         
,securities ,act ( #aicc74  7iii7       
,treatm5t ,= purposes ( ?is subsection1 
a unit ( a digital commodity or any     
promise or "r to a future unit ( a      

digital commodity obta9$ ?r\gh a        
transaction utiliz+ ?is exception %all  
cont9ue to be consid]$ to be obta9$     
?r\gh a digital commodity presale4  7,b7
 ,on-ex*ange transactions  7i7 ,9 g5]al 
,a unit ( a digital commodity t is      
obta9$ ?r\gh a digital commodity presale
 or a transaction describ$ 9 subp>agraph
 7,a7 may be (f]$ = sale or ex*ange on a
 regi/]$ digital commodity ex*ange1     
subject to any limitations impos$ by !  
ex*ange4  7ii7 ,treatm5t ,= purposes (  
?is subsection1 a unit ( a digital      
commodity obta9$ ?r\gh a transaction    
utiliz+ ?is exception %all n be consid]$
 to be obta9$ ?\gh a digital commodity  
presale4  7,c7 ,utilization ( presold   
digital commodities  7i7 ,9 g5]al ,a    
unit ( a digital commodity t is obta9$  
?r\gh a digital commodity presale may   
be-- 7,i7 utiliz$ = ! purposes ( receiv+
 ! non-f9ancial rights or s]vices       
associat$ ) ! digital commodity2 or     
7,,ii7 ex*ang$ or sold 9 su* limit$     
quantities z ! ,commission det]m9es     

support ! public use & function+ (      
s]vices & rights associat$ ) ! digital  
commodity4  7ii7 ,treatm5t ,= purposes (
 ?is subsection1 a unit ( a digital     
commodity obta9$ ?r\gh a transaction    
utiliz+ ?is exception %all n be consid]$
 to be obta9$ ?\gh a digital commodity  
presale4  7,d7 ,prior digital           
commodities ,a unit ( a digital         
commodity %all n be subject to ?is      
subsection if1 be=e ! date ( ! enactm5t 
( ?is subsection1 ! digital commodity 0 
publicly available = trad+ on a trad+   
facility lic5s$ z a money transmitt] 9 a
 ,/ate or t]ritory ( ! ,unit$ ,/ates4   
7#d7 ,transition rules  7,a7 ,9 g5]al ,=
 ! purpose ( a transaction describ$ 9   
p>agraph 7#c77;,b71 ! ,commission %all  
consid] a trad+ facility to be a regi/]$
 digital commodity ex*ange if-- 7i7 !   
trad+ facility-- 7,i7 has be5 cont9u\sly
 lic5s$ z a money transmitt] 9 at lea/  
#bj ,/ates or t]ritories ( ! ,unit$     
,/ates s9ce ,augu/ #a1 #bjai2  7,,ii7 is
 a designat$ contract m>ket2 or  7,,iii7

 is a swap execution facility2  7ii7 !  
trad+ facility submits a li/+ notice to 
! ,commission conta9+-- 7,i7            
docum5tation demon/rat+ its lic5s+      
ref]r$ to 9 clause 7i77,i72 &  7,,ii7 ! 
det]m9ation made by ! trad+ facility "u 
section #e;i7c77#c7 t ! digital         
commodity t is ! subject ( ! transaction
 is n readily susceptible to            
manipulation2 &  7iii7 ! ,commission has
 n issu$ a notice ( disapproval ( ! li/+
 notice4  7,b7 ,disapproval process ,9  
mak+ a disapproval "u subp>agraph 7,a71 
! ,commission %all-- 7i7 issue any      
disapproval )9 #bj bus9ess days aft]    
receipt ( a complet$ li/+ notice2 &     
7ii7 id5tify ! specific defici5cies ) ! 
li/+ notice t necessitat$ ! disapproval4
  7,c7 ,ext5sions ,! ,commission may    
ext5d ! "t = disapproval "u subp>agraph 
7,b7-- 7i7 once1 = #bj days1 ?r\gh      
writt5 notice to ! digital commodity    
ex*ange giv5 by a division director2 &  
7ii7 once1 = an additional #ij bus9ess  
days1 ?r\gh notice giv5 by ! ,commission

 :i* includes a description ( any       
defici5cies ) ! li/+ notice1 includ+    
any-- 7,i7 novel or complex issues :i*  
require additional "t to analyze2       
7,,ii7 miss+ in=mation or inadequate    
explanations2 or  7,,iii7 pot5tial      
inconsi/5cies ) ?is ,act4  7,d7         
,expiration ,! au?ority provid$ by ?is  
subp>agraph %all expire #a ye> aft] !   
date ( ! f9al promulgation ( ! digital  
commodity ex*ange regi/ration           
requirem5ts1 or on ! fir/ regi/ration ( 
a digital commodity ex*ange1 :i*ev]     
occurs e>li]4  4  7d7 ,common provisions
 applicable to regi/]$ entities ,section
 #e;c ( su* ,act 7#g ,u4,s4,c4 #g;a-#b7 
is am5d$-- 7#a7 9 subsection 7a71 by    
/rik+ #e7;d7 & #e;b7c77#b7 & ins]t+     
#e7;d71 #e;b7c77#b71 & #e;i7c72  7#b7 9 
subsection 7b7-- 7,a7 9 ea* ( p>agraphs 
7#a7 & 7#b71 by ins]t+ digital commodity
 ex*ange1 be=e d]ivatives2 &  7,b7 9    
p>agraph 7#c71 by ins]t+ digital        
commodity ex*ange1 be=e d]ivatives ea*  
place x appe>s2 &  7#c7 9 subsection    

7c7-- 7,a7 9 p>agraph 7#b71 by ins]t+ or
 p>ticipants be=e 792  7,b7 9 p>agraph  
7#d77;,b71 by /rik+ #a;a7#aj7 & ins]t+  
#a;a7#i72 &  7,c7 9 p>agraph 7#e71 by   
add+ at ! end ! foll[+3  7,d7 ,special  
rules = ! li/+ ( c]ta9 digital          
commodities  7i7 ,9 g5]al ,9 ! case (   
li/+ a digital commodity = trad+ :i* has
 n yet be5 li/$ = trad+ on ano!r regi/]$
 entity1 p>agraphs 7#b7 & 7#c7 %all     
apply z if ! li/+ 7 a rule1 & p>agraph  
7#b7 %all be appli$ by sub/itut+ #bj    
bus9ess days = #aj bus9ess days4  7ii7  
,transitional ext5sion ,= #a ye> aft] ! 
regi/ration ( ! fir/ digital commodity  
ex*ange1 ! ,commission %all h an        
additional #bj bus9ess days review any  
c]tification "u clause 7i74  7iii7      
,digital commodity presales ,9          
conjunction ) li/+ a digital commodity 9
 :i* any unit ( ! digital commodity 0   
obta9$ ?r\gh a digital commodity        
presale1 ! ,commission %all require !   
regi/]$ entity to prohibit ! sale ( any 
unit ( ! digital commodity t 0 obta9$ 9 

violation ( section #d;c7h74  4  7e7    
,regi/ration ( digital commodity        
ex*anges2 qualifi$ digital commodity    
cu/odians ,! ,commodity ,ex*ange ,act   
7#g ,u4,s4,c4 #a et seq47 is am5d$ by   
ins]t+ aft] section #e;h ! foll[+3      
#e;i4 ,regi/ration ( digital commodity  
ex*anges  7a7 ,9 g5]al  7#a7 ,volunt>y  
regi/ration  7,a7 ,9 g5]al ,any trad+   
facility t (f]s or seeks to (f] a m>ket 
9 digital commodities may regi/] ) !    
,commission z a digital commodity       
ex*ange4  7,b7 ,application ,a p]son    
desir+ to regi/] z a digital commodity  
ex*ange %all submit to ! ,commission an 
application 9 su* =m & conta9+ su*      
in=mation z ! ,commission may require = 
! purpose ( mak+ ! det]m9ations requir$ 
= approval "u subsections 7c7 & 7e74    
7#b7 ,deem$ regi/ration ,a regi/]$      
designat$ contract m>ket or regi/]$ swap
 execution facility :i* fulfills !      
requirem5ts ( ?is section %all be       
consid]$ a regi/]$ digital commodity    
ex*ange4  7b7 ,trad+  7#a7 ,9 g5]al ,a  

digital commodity ex*ange t is regi/]$  
"u subsection 7a7 may make available =  
trad+ any digital commodity t is n      
readily subject to manipulation1 subject
 to ?is subsection4  7#b7 ,rules gov]n+ 
m>g9$ or lev]ag$ trad+ ,! ,commission   
may make1 promulgate1 & en=ce su* rules 
gov]n+ m>g9$1 lev]ag$1 or f9anc$        
transactions z are reasonably necess>y  
to protect m>ket p>ticipants & promote !
 ord]ly settlem5t ( transactions )      
respect to-- 7,a7 disclosure2  7,b7     
recordkeep+2  7,c7 capital1 m>g91 & o!r 
f9ancial res\rces2  7,d7 report+2  7,e7 
bus9ess conduct2  7,f7 docum5tation2 &  
7,g7 su* o!r matt]s z ! ,commission     
demon/rates to be necess>y4  7#c7       
,prohibition on c]ta9 trad+ practices   
,sections #d;b1 #d;c1 & #f7;c7 %all     
apply to any agreem5t1 contract1 or     
transaction 9 a digital commodity z if !
 agreem5t1 contract1 or transaction 7 a 
contract ( sale ( a commodity = future  
deliv]y4  7#d7 ,prohibition on trad+    
d]ivatives products ,regi/ration z a    

digital commodity ex*ange %all n p]mit a
 trad+ facility to (f] any contract (   
sale ( a commodity = future deliv]y1    
option1 or swap = trad+ )\t also be+    
regi/]$ z a designat$ contract m>ket or 
swap execution facility4  7c7 ,core     
pr9ciples = digital commodity ex*anges  
7#a7 ,compliance ) core pr9ciples  7,a7 
,9 g5]al ,to be regi/]$1 & ma9ta9       
regi/ration1 z a digital commodity      
ex*ange1 ! digital commodity ex*ange    
%all comply )-- 7i7 ! core pr9ciples    
describ$ 9 ?is subsection2 &  7ii7 any  
requirem5t t ! ,commission may impose by
 rule or regulation pursuant to section 
#h;a7#e74  7,b7 ,reasonable discretion (
 a digital commodity ex*ange ,unless    
o!rwise det]m9$ by ! ,commission by rule
 or regulation1 a digital commodity     
ex*ange describ$ 9 subp>agraph 7,a7 %all
 h reasonable discretion 9 e/abli%+ !   
mann] 9 :i* ! digital commodity ex*ange 
complies ) ! core pr9ciples describ$ 9  
?is subsection4  7#b7 ,compliance )     
rules ,a digital commodity ex*ange      

%all-- 7,a7 e/abli% & en=ce compliance )
 any rule ( ! digital commodity ex*ange1
 includ+-- 7i7 ! t]ms & conditions ( !  
trades trad$ or process$ on or ?r\gh !  
digital commodity ex*ange2 &  7ii7 any  
limitation on access to ! digital       
commodity ex*ange2  7,b7 e/abli% & en=ce
 trad+1 trade process+1 & p>ticipation  
rules t w det] abuses & h ! capacity to 
detect1 inve/igate1 & en=ce ^? rules1   
includ+ means-- 7i7 to provide m>ket    
p>ticipants ) imp>tial access to !      
m>ket2 &  7ii7 to capture in=mation t   
may be us$ 9 e/abli%+ :e!r rule         
violations h occurr$2 &  7,c7 e/abli%   
rules gov]n+ ! op]ation ( ! ex*ange1    
includ+ rules specify+ trad+ proc$ures  
to be us$ 9 ent]+ & execut+ ord]s trad$ 
or po/$ on ! facility4  7#c7 ,digital   
commodities n readily susceptible to    
manipulation  7,a7 ,9 g5]al ,! digital  
commodity ex*ange %all p]mit trad+ only 
9 digital commodities t are n readily   
susceptible to manipulation4  7,b7      
,det]m9ations ,prior to (f]+ trad+ 9 any

 digital commodity1 ! digital commodity 
ex*ange %all make a det]m9ation "u ?is  
p>agraph z to :e!r ! digital commodity  
is readily susceptible to manipulation4 
7,c7 ,consid]ations ,9 mak+ a           
det]m9ation "u ?is p>agraph1 ! ex*ange  
%all consid] ! digital commodity's-- 7i7
 purpose & use2  7ii7 gov]nance         
/ructure2  7iii7 p>ticipation2  7iv7    
di/ribution2  7v7 int5d$1 curr5t1 &     
propos$ functionality2  7vi7 o!r        
relevant factors det]m9$ by ! ex*ange2 &
  7vii7 any o!r factor requir$ by !     
,commission4  7,d7 ,rules = digital     
commodity presales ,! digital commodity 
ex*ange %all h 9 place su* rules z may  
be necess>y to reasonably ensure !      
ord]ly sale ( any unit ( a digital      
commodity obta9$ ?r\gh a digital        
commodity presale4  7#d7 ,treatm5t (    
cu/om] assets  7,a7 ,requir$ /&>ds &    
proc$ures ,ea* digital commodity ex*ange
 %all e/abli% /&>ds & proc$ures t are   
design$ to protect & ensure ! safety (  
cu/om] money1 assets1 & prop]ty4  7,b7  

,hold+ ( cu/om] assets  7i7 ,9 g5]al    
,ea* digital commodity ex*ange %all hold
 cu/om] money1 assets1 & prop]ty 9 a    
mann] to m9imize ! cu/om]'s risk ( loss 
or unreasonable delay 9 ! access to !   
money1 assets1 & prop]ty ( ! cu/om]4    
7ii7 ,segregation ( funds  7,i7 ,9 g5]al
 ,a digital commodity ex*ange %all treat
 & deal ) all money1 assets1 & prop]ty (
 any cu/om] receiv$ z belong+ to !      
cu/om]4  7,,ii7 ,comm+l+ prohibit$      
,money1 assets1 & prop]ty ( a cu/om]    
describ$ 9 subclause 7,i7 %all be       
sep>ately acc\nt$ = & %all n be comm+l$ 
) ! funds ( ! digital commodity ex*ange 
or be us$ to m>g91 secure1 or gu>antee  
any trades or acc\nts ( any cu/om] or   
p]son o!r ?an ! p]son = :om ! same are  
held4  7iii7 ,exceptions  7,i7 ,use (   
funds  7aa7 ,9 g5]al ,not)/&+ clause    
7ii71 money1 assets1 & prop]ty ( cu/om]s
 ( a describ$ 9 clause 7ii7 may1 =      
conv5i5ce1 be comm+l$ & deposit$ 9 !    
same acc\nt or acc\nts ) any bank1 tru/ 
company1 or qualifi$ digital commodity  

cu/odian4  7bb7 ,)drawal ,not)/&+ clause
 7ii71 su* %>e ( ! money1 assets1 &     
prop]ty describ$ 9 item 7aa7 z 9 !      
normal c\rse ( bus9ess %all be necess>y 
to m>g91 gu>antee1 secure1 transf]1     
adju/1 or settle a digital commodity    
transaction ) a regi/]$ entity may be   
)drawn & appli$ to su* purposes1 includ+
 ! paym5t ( commissions1 brok]age1      
int]e/1 taxes1 /orage1 & o!r *>ges1     
lawfully accru+ 9 connection ) ! digital
 commodity transaction4  7,,ii7         
,commission action ,not)/&+ clause 7ii71
 9 accordance ) su* t]ms & conditions z 
! ,commission may prescribe by rule1    
regulation1 or ord]1 any money1 assets1 
or prop]ty ( ! cu/om]s ( a digital      
commodity ex*ange describ$ 9 clause 7ii7
 may be comm+l$ & deposit$ 9 cu/om]     
acc\nts ) any o!r money1 assets1 or     
prop]ty receiv$ by ! digital commodity  
ex*ange & requir$ by ! ,commission to be
 sep>ately acc\nt$ = & treat$ & dealt ) 
z belong+ to ! cu/om] ( ! digital       
commodity ex*ange4  7,c7 ,p]mitt$       

inve/m5ts ,money describ$ 9 clause 7ii7 
may be inve/$ 9 obligations ( ! ,unit$  
,/ates1 9 g5]al obligations ( any ,/ate 
or ( any political subdivision ( a      
,/ate1 & 9 obligations fully gu>ante$ z 
to pr9cipal & int]e/ by ! ,unit$ ,/ates1
 or 9 any o!r inve/m5t t ! ,commission  
may by rule or regulation prescribe1 &  
su* inve/m5ts %all be made 9 accordance 
) su* rules & regulations & subject to  
su* conditions z ! ,commission may      
prescribe4  7,d7 ,cu/om] prop]ty ,assets
 held on behalf ( a cu/om] by a digital 
commodity ex*ange %all be consid]$ to be
 cu/om] prop]ty z su* t]m is def9$ 9    
section #gfa ( title #aa1 ,unit$ ,/ates 
,code1 ) reg>d to all money1 assets1 &  
prop]ty ( any cu/om] receiv$ by a       
digital commodity ex*ange = trad+ or    
cu/ody1 or to m>g91 gu>antee1 or secure 
digital commodity transactions 7includ+ 
money1 assets1 or prop]ty accru+ to !   
cu/om] z ! result ( su* transactions74  
7,e7 ,misuse ( cu/om] prop]ty ,x %all be
 unlawful-- 7i7 = any digital commodity 

ex*ange t has receiv$ any cu/om] money1 
assets1 or prop]ty = cu/ody to dispose  
(1 or use any su* money1 assets1 or     
prop]ty z belong+ to ! digital commodity
 ex*ange2 or  7ii7 = any o!r p]son1     
includ+ any depository1 o!r digital     
commodity ex*ange1 or digital commodity 
cu/odian t has receiv$ any cu/om] money1
 assets1 or prop]ty = deposit1 to hold1 
dispose (1 or use any su* money1 assets1
 or prop]ty z belong+ to ! deposit+     
digital commodity ex*ange or any p]son  
o!r ?an ! cu/om]s ( ! digital commodity 
ex*ange4  7,f7 ,cu/om] "r to opt out    
7i7 ,9 g5]al ,a cu/om] %all h ! "r to   
waive ! re/rictions 9 subp>agraph 7,b71 
by affirmatively elect+1 9 writ+ to !   
digital commodity ex*ange1 to waive !   
re/rictions4  7ii7 ,limitations ,!      
,commission may1 by rule1 e/abli% notice
 & disclosure requirem5ts1 segregation  
requirem5ts1 inve/m5t limitations1 & o!r
 rules relat$ to ! waiv+ ( any          
re/rictions "u ?is p>agraph t are       
reasonably necess>y to protect cu/om]s1 

includ+ eligible contract p>ticipants1  
non-eligible contract p>ticipants1 or   
any o!r class ( cu/om]s4  7#e7 ,monitor+
 ( trad+ & trade process+  7,a7 ,9 g5]al
 ,! digital commodity ex*ange %all      
provide a competitive1 op51 & effici5t  
m>ket & me*anism = execut+ transactions 
t protects ! price discov]y process (   
trad+ on ! ex*ange4  7,b7 ,protection ( 
m>kets & m>ket p>ticipants ,! digital   
commodity ex*ange %all e/abli% & en=ce  
rules-- 7i7 to protect m>kets & m>ket   
p>ticipants f abusive practices committ$
 by any p>ty1 includ+ abusive practices 
committ$ by a p>ty act+ z an ag5t = a   
p>ticipant2 &  7ii7 to promote fair &   
equitable trad+ on ! ex*ange4  7,c7 ,!  
digital commodity ex*ange %all-- 7i7    
e/abli% & en=ce rules or t]ms &         
conditions def9+1 or specifications     
detail+-- 7,i7 trad+ proc$ures to be us$
 9 ent]+ & execut+ ord]s trad$ on or    
?r\gh ! facilities ( ! digital commodity
 ex*ange2 &  7,,ii7 proc$ures = trade   
process+ ( digital commodities on or    

?r\gh ! facilities ( ! digital commodity
 ex*ange2 &  7ii7 monitor trad+ 9       
digital commodities to prev5t           
manipulation1 price di/ortion1 &        
disruptions ( ! deliv]y or ca% settlem5t
 process ?r\gh surveillance1 compliance1
 & discipl9>y practices & proc$ures1    
includ+ me?ods = conduct+ real-"t       
monitor+ ( trad+ & compreh5sive &       
accurate trade recon/ructions4  7#f7    
,ability to obta9 in=mation ,! digital  
commodity ex*ange %all-- 7,a7 e/abli% & 
en=ce rules t w all[ ! facility to obta9
 any necess>y in=mation to p]=m any ( ! 
functions describ$ 9 ?is section2  7,b7 
provide ! in=mation to ! ,commission on 
reque/2 &  7,c7 h ! capacity to c>ry out
 su* int]national in=mation-%>+         
agreem5ts z ! ,commission may require4  
7#g7 ,em]g5cy au?ority ,! digital       
commodity ex*ange %all adopt rules to   
provide = ! ex]cise ( em]g5cy au?ority1 
9 consultation or coop]ation ) !        
,commission or a regi/]$ entity1 z is   
necess>y & appropriate1 includ+ !       

au?ority to facilitate ! liquidation or 
transf] ( op5 positions 9 any digital   
commodity or to susp5d or curtail trad+ 
9 a digital commodity4  7#h7 ,report+   
requirem5ts  7,a7 ,duty ( digital       
commodity ex*ange ,ea* digital commodity
 ex*ange %all provide to ! ,commission  
all in=mation t is det]m9$ by !         
,commission to be necess>y to p]=m ea*  
responsibility ( ! ,commission "u ?is   
,act4  7,b7 ,timely publication ( trad+ 
in=mation  7i7 ,9 g5]al ,! digital      
commodity ex*ange %all make public      
timely in=mation on price1 trad+ volume1
 & o!r trad+ data on digital commodities
 to ! ext5t prescrib$ by ! ,commission4 
7ii7 ,capacity ( digital commodity      
ex*ange ,! digital commodity ex*ange    
%all be requir$ to h ! capacity to      
electronically capture & transmit trade 
in=mation ) respect to transactions     
execut$ on ! ex*ange4  7#i7 ,recordkeep+
 & report+  7,a7 ,9 g5]al ,a digital    
commodity ex*ange %all-- 7i7 ma9ta9     
records ( all activities relat+ to !    

bus9ess ( ! facility1 includ+ a complete
 audit trail1 9 a =m & mann] acceptable 
to ! ,commission = a p]iod ( #e ye>s2   
7ii7 report to ! ,commission1 9 a =m &  
mann] acceptable to ! ,commission1 su*  
in=mation z ! ,commission det]m9es to be
 necess>y or appropriate = ! ,commission
 to p]=m ! duties ( ! ,commission "u ?is
 ,act2 &  7iii7 keep any su* records (  
digital commodities :i* relate to a     
security op5 to inspection & exam9ation 
by ! ,securities & ,ex*ange ,commission4
  7,b7 ,in=mation-%>+ ,subject to       
section #h1 & on reque/1 ! ,commission  
%all %>e in=mation collect$ "u          
subp>agraph 7,a7 )-- 7i7 ! ,bo>d2  7ii7 
! ,securities & ,ex*ange ,commission2   
7iii7 ea* appropriate ,f$]al bank+      
ag5cy2  7iv7 ea* appropriate ,/ate bank 
sup]visor 7)9 ! mean+ ( section #c ( !  
,f$]al ,deposit ,insurance ,act72  7v7 !
 ,f9ancial ,/ability ,ov]sight ,c\ncil2 
7vi7 ! ,dep>tm5t ( ,ju/ice2 &  7vii7 any
 o!r p]son t ! ,commission det]m9es to  
be appropriate1 includ+-- 7,i7 =eign    

f9ancial sup]visors 7includ+ =eign      
futures au?orities72  7,,ii7 =eign      
c5tral banks2 &  7,,iii7 =eign m9i/ries4
  7,c7 ,confid5tiality agreem5t ,be=e ! 
,commission may %>e in=mation ) any     
entity describ$ 9 subp>agraph 7,b71 !   
,commission %all receive a writt5       
agreem5t f ea* entity /at+ t ! entity   
%all abide by ! confid5tiality          
requirem5ts describ$ 9 section #h relat+
 to ! in=mation on digital commodity    
transactions t is provid$4  7,d7        
,provid+ in=mation ,ea* digital         
commodity ex*ange %all provide to !     
,commission 7includ+ any designee ( !   
,commission7 in=mation "u subp>agraph   
7,a7 9 su* =m & at su* frequ5cy z is    
requir$ by ! ,commission4  7#aj7        
,antitru/ consid]ations ,unless necess>y
 or appropriate to a*ieve ! purposes (  
?is ,act1 ! digital commodity ex*ange   
%all n-- 7,a7 adopt any rules or take   
any actions t result 9 any unreasonable 
re/ra9t ( trade2 or  7,b7 impose any    
mat]ial anticompetitive burd5 on trad+4 

7#aa7 ,conflicts ( int]e/ ,! digital    
commodity ex*ange %all-- 7,a7 e/abli% & 
en=ce rules to m9imize conflicts (      
int]e/ 9 its decision-mak+ process2 &   
7,b7 e/abli% a process = resolv+ !      
conflicts ( int]e/4  7#ab7 ,f9ancial    
res\rces  7,a7 ,9 g5]al ,ea* digital    
commodity ex*ange %all h adequate       
f9ancial1 op]ational1 & manag]ial       
res\rces1 z det]m9$ by ! ,commission1 to
 dis*>ge ea* responsibility ( ! digital 
commodity ex*ange4  7,b7 ,m9imum am\nt (
 f9ancial res\rces ,ea* digital         
commodity ex*ange %all possess f9ancial 
res\rces t1 at a m9imum1 exce$ ! total  
am\nt t w\ld enable ! digital commodity 
ex*ange to conduct an ord]ly w9d d[n (  
its activities4  7,c7 ,additional       
f9ancial res\rces = lev]age trad+ ,!    
,commission may require su* additional  
f9ancial res\rces z are necess>y to     
enable a digital commodity ex*ange :i*  
(f]s m>g9$1 lev]ag$1 or f9anc$          
transactions to fulfill its cu/om]      
obligations4  7#ac7 ,gov]nance fitness  

/&>ds  7,a7 ,gov]nance arrangem5ts ,ea* 
digital commodity ex*ange %all e/abli%  
gov]nance arrangem5ts t are transp>5t to
 fulfill public int]e/ requirem5ts4     
7,b7 ,fitness /&>ds ,ea* digital        
commodity ex*ange %all e/abli% & en=ce  
appropriate fitness /&>ds =-- 7i7       
directors2  7ii7 any individual or      
entity ) direct access to ! settlem5t   
activities ( ! digital commodity        
ex*ange2  7iii7 any individual or entity
 ) direct access to any affiliat$       
digital commodity cu/odian2  7iv7 any   
entity (f]+ affiliat$ s]vices = !       
digital commodity ex*ange2 &  7v7 any   
p>ty affiliat$ ) any individual or      
entity describ$ 9 ?is clause4  7#ad7    
,sy/em safegu>ds ,! digital commodity   
ex*ange %all-- 7,a7 e/abli% & ma9ta9 a  
program ( risk analysis & ov]sight to   
id5tify & m9imize s\rces ( op]ational & 
security risks1 ?r\gh ! developm5t (    
appropriate controls & proc$ures1 &     
automat$ sy/ems1 t-- 7i7 are reliable & 
secure2 &  7ii7 h adequate scalable     

capacity2  7,b7 e/abli% & ma9ta9 em]g5cy
 proc$ures1 backup facilities1 & a plan 
= disa/] recov]y t all[ =-- 7i7 ! timely
 recov]y & resumption ( op]ations2 &    
7ii7 ! fulfillm5t ( ! responsibilities &
 obligations ( ! digital commodity      
ex*ange2 &  7,c7 p]iodically conduct    
te/s to v]ify t ! backup res\rces ( !   
digital commodity ex*ange are suffici5t 
to ensure cont9u$-- 7i7 ord] process+ & 
trade mat*+2  7ii7 price report+2  7iii7
 m>ket surveillance2 &  7iv7 ma9t5ance (
 a compreh5sive & accurate audit trail4 
7d7 ,appo9tm5t ( tru/ee  7#a7 ,9 g5]al  
,if a proce$+ "u section #e;e results 9 
! susp5sion or revocation ( !           
regi/ration ( a digital commodity       
ex*ange1 or if a digital commodity      
ex*ange )draws f regi/ration1 !         
,commission1 on notice to ! digital     
commodity ex*ange1 may apply to !       
appropriate ,unit$ ,/ates di/rict c\rt  
:]e ! digital commodity ex*ange is      
locat$ = ! appo9tm5t ( a tru/ee4  7#b7  
,assumption ( jurisdiction ,if !        

,commission applies = appo9tm5t ( a     
tru/ee "u p>agraph 7#a7-- 7,a7 ! c\rt   
may take exclusive jurisdiction ov] !   
digital commodity ex*ange & ! records & 
assets ( ! digital commodity ex*ange1   
:]ev] locat$2 &  7,b7 if ! c\rt takes   
jurisdiction "u subp>agraph 7,a71 ! c\rt
 %all appo9t ! ,commission1 or a p]son  
designat$ by ! ,commission1 z tru/ee )  
p[] to take possession & cont9ue to     
op]ate or t]m9ate ! op]ations ( !       
digital commodity ex*ange 9 an ord]ly   
mann] = ! protection ( cu/om]s subject  
to su* t]ms & conditions z ! c\rt may   
prescribe4  7e7 ,qualifi$ digital       
commodity cu/odian ,a digital commodity 
ex*ange %all hold 9 a qualifi$ digital  
commodity cu/odian ea* unit ( a digital 
commodity t is-- 7#a7 ! prop]ty ( a     
cu/om] ( ! digital commodity ex*ange2   
7#b7 requir$ to be held by ! digital    
commodity ex*ange "u subsection 7b77#b7 
or 7c77#ab7 ( ?is section2 or  7#c7     
o!rwise s requir$ by ! ,commission to   
reasonably protect cu/om]s or promote ! 

public int]e/4  7f7 ,exemptions ,9 ord] 
to promote responsible economic or      
f9ancial innovation & fair competition1 
or protect cu/om]s1 ! ,commission may   
7on its own initiative or on application
 ( ! regi/]$ digital commodity ex*ange7 
exempt1 ei!r unconditionally or on /at$ 
t]ms or conditions or = /at$ p]iods &   
ei!r retroactively or prospectively1 or 
bo?1 a regi/]$ digital commodity ex*ange
 f ! requirem5ts ( ?is section1 if !    
,commission det]m9es t-- 7#a7 !         
exemption w\ld be consi/5t ) ! public   
int]e/ & ! purposes ( ?is ,act2 &  7#b7 
! exemption w n h a mat]ial adv]se      
effect on ! ability ( ! ,commission or !
 digital commodity ex*ange to dis*>ge   
regulatory or self-regulatory duties "u 
?is ,act4  7g7 ,cu/om] def9$ ,9 ?is     
section1 ! t]m cu/om] means any p]son t 
ma9ta9s an acc\nt = ! trad+ ( digital   
commodities directly ) a digital        
commodity ex*ange 7o!r ?an a p]son t is 
own$ or controll$1 directly or          
indirectly1 by ! digital commodity      

ex*ange7 = its own behalf or on behalf (
 o!r any p]son4  7h7 ,fees  7#a7 ,9     
g5]al ,! ,commission may1 by rule1      
e/abli%-- 7,a7 an initial application   
fee to (fset ! co/ to review an         
application "u ?is section & ! initial  
regi/ration ( a digital commodity       
ex*ange "u ?is section2 &  7,b7 an      
annual sup]visory fee to (fset ! co/ to 
provide ongo+ sup]vision & ov]sight ( a 
digital commodity ex*ange "u ?is        
section4  7#b7 ,imposition2 collection  
,! ,commission may impose on1 & collect 
f applicants & entities regi/]$ "u ?is  
section fees e/abli%$ "u p>agraph 7#a71 
9 reasonable am\nts to (fset ! co/s     
describ$ 9 p>agraph 7#a74  7#c7         
,ret5tion ( fees ,any fees collect$ "u  
?is section %all rema9 available =      
exp5diture1 )\t fur!r appropriation1    
until exp5d$ = ! purpose (-- 7,a7       
implem5t+ ?is section2 &  7,b7 provid+  
ongo+ regi/ration1 sup]vision1 &        
ov]sight "u ?is section4  7i7 ,f$]al    
preemption ,not)/&+ any o!r provision ( 

law1 ! ,commission %all h exclusive     
jurisdiction ov] any digital commodity  
ex*ange regi/]$ "u ?is section4  #e;j4  
,qualifi$ digital commodity cu/odians   
7a7 ,9 g5]al ,! ,commission %all        
designate a digital commodity cu/odian z
 a qualifi$ digital commodity cu/odian1 
if-- 7#a7 ! ,commission f9ds ! digital  
commodity cu/odian is subject to        
adequate sup]vision & appropriate       
regulation by an appropriate ,f$]al     
bank+ ag5cy1 a ,/ate bank sup]visor 7)9 
! mean+ ( section #c ( ! ,f$]al ,deposit
 ,insurance ,act71 or an appropriate    
gov]nm5t au?ority 9 ! home c\ntry ( !   
organization2 &  7#b7 ! digital         
commodity cu/odian agrees to su* regul> 
& p]iodic %>+ ( in=mation z !           
,commission det]m9es by rule %all be    
reasonably necess>y to effectuate any ( 
! provisions1 or to accompli% any ( !   
purposes1 ( ?is ,act4  7b7 ,rulemak+    
au?ority ,= purposes ( subsection 7a71 !
 ,commission1 by rule or ord]1 %all     
def9e adequate sup]vision & appropriate 

regulation z any regulatory regime :i*  
meets su* m9imum /&>ds = sup]vision &   
regulation z ! ,commission det]m9es are 
reasonably necess>y to protect ! prop]ty
 ( cu/om]s ( a regi/]$ digital commodity
 ex*ange1 includ+ m9imum /&>ds relat+   
to-- 7#a7 f9ancial res\rces2  7#b7 risk 
managem5t requirem5ts2  7#c7 gov]nance  
arrangem5ts2  7#d7 fitness /&>ds2  7#e7 
recordkeep+2  7#f7 in=mation-%>+2 &     
7#g7 conflicts ( int]e/4  7c7 ,au?ority 
,to tempor>ily susp5d /&>ds ,!          
,commission may1 by rule or ord]1       
tempor>ily susp5d1 9 :ole or 9 "p1 any  
requirem5t impos$ "u1 or any /&>d ref]r$
 to 91 ?is section if ! ,commission     
det]m9es t ! susp5sion w\ld be consi/5t 
) ! public int]e/ & ! purposes ( ?is    
,act4  4