,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gfad  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,april #bh1 #bjbb,mr4 
,?ompson ( ,p5nsylvania 7= himself1 ,mr4
 ,khanna1 ,mr4 ,soto1 & ,mr4 ,emm]7     
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 ( #bjbb4  #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$-- 7#a7 9 p>agraph 7#bh77;,a77i7-- 
7,a7 9 subclause 7,i7-- 7i7 9 item      
7aa7-- 7,i7 by /rik+ or at ! end (      
subitem 7,,ee72 &  7,,ii7 by add+ at !  
end ! foll[+3 7,,gg7 ! pur*ase or sale (
 a unit ( a digital commodity t is trad$
 on or subject to ! rules ( a regi/]$   
entity2 2  7ii7 9 item 7bb71 by /rik+ & 
& ins]t+ or2 &  7iii7 by add+ at ! end !
 foll[+3  7cc7 act+ z a c\nt]p>ty to any

 ca% or spot agreem5t1 contract1 or     
transaction involv+ a digital commodity 
) a p]son :o is n an eligible contract  
p>ticipant1 unless ! activity is--      
7,,aa7 conduct$ 9 compliance ) ! laws ( 
! ,/ate 9 :i* ! activity occurs2 7,,bb7 
subject to regulation by ano!r ,f$]al   
au?ority2 or 7,,cc7 sep>ately regulat$  
"u ?is ,act2 &  2 &  7,b7 9 subclause   
7,,ii71 by /rik+ 7aa7 or 7bb7 & ins]t+  
7aa71 7bb71 or 7cc72  7#b7 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#c7 by add+  
at ! end ! foll[+3  7#eb7 ,digital      
commodity  7,a7 ,9 g5]al ,! 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>y4  7,b7 ,exclusions ,! t]m     
digital commodity does n include any    

asset t conveys-- 7i7 an equity or debt 
int]e/ 9 a company1 p>tn]%ip1 or fund2  
7ii7 a pr(it or rev5ue %>e d]iv$ solely 
f ! manag]ial ef=ts ( o!rs2 or  7iii7 an
 entitlem5t to any int]e/ or divid5d    
paym5t4  7,c7 ,fur!r exclusions ,!      
,commission1 by rule or regulation1 may 
exclude f ! t]m digital commodity any   
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>y t is n ( ! nature ( a digital 
asset1 if ! ,commission det]m9es t !    
rule or regulation w effectuate !       
purposes ( ?is ,act4  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 be=e ! li/+ ( !      
digital commodity = trad+ on a regi/]$  
digital commodity ex*ange1 to-- 7,a7 a  
p>ticipant 9 a securities (f]+ t is--   
7i7 int5d$ to f9ance ! developm5t ( !   
digital commodity2 &  7ii7 conduct$ 9   
compliance ) ! ,securities ,act ( #aicc2
  7,b7 a f\nd]1 promot]1 develop]1      
manag]1 affiliat$ organization1 or o!r  
p]son directly associat$ ) ! developm5t 
( ! digital commodity2 or  7,c7 any o!r 
p]son ! ,commission det]m9es has p]sonal
 k ( ! activities ( individuals directly
 associat$ ) ! developm5t ( ! digital   
commodity4  4  7b7 ,commission          
jurisdiction ov] retail digital         
commodity transactions  7#a7 ,9 g5]al   
,section #b7;c77#b7 ( su* ,act 7#g      
,u4,s4,c4 #b7;c77#b77 is am5d$-- 7,a7 9 
subp>agraph 7,d77ii7-- 7i7 9 subclause  
7,,iii71 9 ! matt] t prec$es item 7aa71 
by ins]t+ ( a commodity1 o!r ?an a      

digital commodity1 be=e t2 &  7ii7 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*ange or ) a regi/]$ futures
 commission m]*ant2  2 &  7,b7 by add+  
at ! end ! foll[+3  7,f7 ,commission    
jurisdiction ov] digital commodity      
transactions  7i7 ,9 g5]al ,subject to  
sections #f;d & #ab7;e71 ! ,commission  
%all h exclusive jurisdiction ov] any   
agreem5t1 contract1 or transaction      
involv+ a contract ( sale ( a digital   
commodity 9 int]/ate comm]ce4  7ii7     
,)hold+ ( rulemak+ au?ority ov] c]ta9   
transactions ,not)/&+ clause 7i71 ?is   
subp>agraph %all n be int]pret$ to p]mit

 ! ,commission to issue any rule or     
regulation reg>d+ any agreem5t1         
contract1 or transaction t is n (f]$1   
solicit$1 trad$1 facilitat$1 execut$1   
cle>$1 report$1 or o!rwise dealt 9--    
7,i7 on or subject to ! rules ( a       
regi/]$ entity2  7,,ii7 by any o!r      
entity regi/]$ by ! ,commission2 or     
7,,iii7 = ! purpose ( transf]r+ a       
digital commodity1 or any promise or "r 
to a future unit ( a digital commodity1 
obta9$ ?r\gh a digital commodity presale
 & subject to section #d;c7h74  7iii7   
,limitations ,clause 7i7 %all n apply ) 
respect to-- 7,i7 cu/odial or depository
 activities = a digital commodity1 or   
cu/odial or depository activities = any 
promise or "r to a future digital       
commodity1 ( an entity regulat$ by a    
,/ate or o!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;,a74  4 
7#b7 ,con=m+ am5dm5t ,section           

#b7;a77#a77;,a7 ( su* ,act 7#g ,u4,s4,c4
 #b7;a77#a77;,a77 is am5d$ 9 ! #a/      
s5t5ce by ins]t+ subsection 7c77#b77;,f7
 ( ?is section or be=e section #ai4  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$ 
transactions ,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-- 7,i7 pursuant to a       
securities transaction conduct$ 9       
compliance ) ! ,securities ,act ( #aicc2
 or  7,,ii7 to an accr$it$ inve/or 7z   
def9$ 9 section #b7;a77#ae7 ( su* ,act74
  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 s]vices       
bus9ess ) ! ,dep>tm5t ( ! ,treasury4    
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 s]vices bus9ess ) !   
,dep>tm5t ( ! ,treasury s9ce ,augu/ #a1 

#bjai2  7,,ii7 is a regi/]$ designat$   
contract m>ket2 or  7,,iii7 is a regi/]$
 swap execution facility2  7ii7 ! trad+ 
facility submits a notice to !          
,commission conta9+-- 7,i7 docum5tation 
demon/rat+ its lic5s+ ref]r$ to 9 clause
 7i77,i72 &  7,,ii7 an assessm5t ( !    
digital commodity & all units ( !       
digital commodity to be p]mitt$ to      
trade1 9 accordance ) section           
#e;i7c77#c72 &  7iii7 ! ,commission has 
n issu$ a notice ( disapproval4  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$ notice2 &  7ii7    
id5tify ! specific defici5cies ) !      
notice t necessitat$ ! disapproval4     
7,c7 ,ext5sions ,! ,commission may ext5d
 ! "t = consid]ation "u subp>agraph     
7,b7-- 7i7 once1 = #bj bus9ess days1    
?r\gh writt5 notice to ! digital        
commodity ex*ange2 &  7ii7 once1 = an   
additional #ij bus9ess days1 ?r\gh      

notice to ! digital commodity ex*ange   
: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 ,segregation (    
digital commodities ,section #d;d ( su* 
,act 7#g ,u4,s4,c4 #f;d7 is am5d$ by    
add+ at ! end ! foll[+3  7i7            
,segregation ( digital commodities  7#a7
 ,hold+ ( cu/om] assets  7,a7 ,9 g5]al  
,ea* futures commission m]*ant %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    

7,b7 ,qualifi$ digital commodity        
cu/odian ,a futures commission m]*ant   
%all hold 9 a qualifi$ digital commodity
 cu/odian ea* unit ( a digital commodity
 t is-- 7i7 ! prop]ty ( a cu/om] ( !    
futures commission m]*ant2 or  7ii7     
o!rwise s requir$ by ! ,commission to   
reasonably protect cu/om]s or promote ! 
public int]e/4  7#b7 ,segregation (     
funds  7,a7 ,9 g5]al ,a futures         
commission m]*ant %all treat & deal )   
all money1 assets1 & prop]ty ( any      
digital commodity cu/om] receiv$ z      
belong+ to ! cu/om]4  7,b7 ,comm+l+     
prohibit$ ,money1 assets1 & prop]ty ( a 
cu/om] describ$ 9 subp>agraph 7,a7 %all 
be sep>ately acc\nt$ =1 & %all n be     
comm+l$ ) ! funds ( ! futures commission
 m]*ant 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  7,c7 ,digital commodity 
cu/om] def9$ ,= ! purposes ( ?is        
p>agraph1 ! t]m digital commodity cu/om]
 means a cu/om] involv$ 9 a ca% or spot1

 lev]ag$1 m>g9$1 or f9anc$ digital      
commodity transaction 9 :i* ! futures   
commission m]*ant is act+ z ! c\nt]p>ty4
  7#c7 ,exceptions  7,a7 ,use ( funds   
7i7 ,9 g5]al ,not)/&+ p>agraph 7#b71    
money1 assets1 & prop]ty ( cu/om]s ( a  
futures commission m]*ant describ$ 9    
p>agraph 7#b7 may1 = conv5i5ce1 be      
comm+l$ & deposit$ 9 ! same acc\nt or   
acc\nts ) any bank1 tru/ company1       
d]ivatives cle>+ organization1 or       
qualifi$ digital commodity cu/odian4    
7ii7 ,)drawal ,not)/&+ p>agraph 7#b71 ! 
%>e ( ! money1 assets1 & prop]ty        
describ$ 9 clause 7i7 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,b7 ,commission action   
,not)/&+ p>agraph 7#b71 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 futures commission m]*ant   
describ$ 9 p>agraph 7#b7 may be comm+l$ 
& deposit$ 9 cu/om] acc\nts ) any o!r   
money1 assets1 or prop]ty receiv$ by !  
futures commission m]*ant & requir$ by !
 ,commission to be sep>ately acc\nt$ = &
 treat$ & dealt ) z belong+ to ! cu/om] 
( ! futures commission m]*ant4  7#d7    
,p]mitt$ inve/m5ts ,money describ$ 9    
p>agraph 7#b7 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 & ! inve/m5ts 
%all be made 9 accordance ) su* rules & 
regulations & subject to su* conditions 
z ! ,commission may prescribe4  7#e7    
,prohibition ,x %all be unlawful = any  
p]son1 includ+ any d]ivatives cle>+     

organization or depository in/itution t 
has receiv$ any money1 securities1 or   
prop]ty = deposit 9 a sep>ate acc\nt or 
acc\nts z provid$ 9 p>agraph 7#b7 to    
hold1 dispose (1 or use any ( ! money1  
assets1 or prop]ty t belongs to !       
deposit+ futures commission m]*ant or   
any p]son o!r ?an ! digital commodity   
cu/om] ( ! futures commission m]*ant4   
7#f7 ,cu/om] "r to opt out  7,a7 ,9     
g5]al ,a cu/om] %all h ! "r to waive !  
re/rictions 9 ?is subsection1 by        
affirmatively elect+1 9 writ+ to !      
futures commission m]*ant1 to waive !   
re/rictions4  7,b7 ,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 subsection 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#g7 ,cu/om]  
protection dur+ bankruptcy  7,a7 ,cu/om]

 prop]ty ,all money1 assets1 or prop]ty 
describ$ 9 p>agraph 7#b7 %all be        
consid]$ cu/om] prop]ty = purposes (    
section #gfa ( title #aa1 ,unit$ ,/ates 
,code4  7,b7 ,transactions ,a ca% or    
spot1 lev]ag$1 m>g9$1 or f9anc$ digital 
commodity transaction 9 :i* ! futures   
commission m]*ant is act+ z ! c\nt]p>ty 
%all be consid]$ a contract = ! pur*ase 
or sale ( a commodity = future deliv]y  
on1 or subject to ! rules (1 a contract 
m>ket or bo>d ( trade = purposes ( !    
def9ition ( commodity contract 9 section
 #gfa ( title #aa1 ,unit$ ,/ates ,code4 
7,c7 ,assets remov$ f segregation       
,assets remov$ f segregation due to a   
cu/om] election "u p>agraph 7#f7 %all n 
be consid]$ cu/om] prop]ty = purposes ( 
section #gfa ( title #aa1 ,unit$ ,/ates 
,code4  4  7e7 ,limitation on futures   
commission m]*ant act+ z a c\nt]p>ty 9  
digital commodity transactions ,section 
#d;d ( su* ,act 7#g ,u4,s4,c4 #f;d7 is  
fur!r am5d$ by add+ at ! end ! foll[+3  
7j7 ,limitation on futures commission   

m]*ant act+ z a c\nt]p>ty 9 digital     
commodity transactions ,a regi/]$       
futures commission m]*ant %all n act z a
 c\nt]p>ty 9 any agreem5t1 contract1 or 
transaction involv+ a digital commodity 
t has n be5 li/$ = trad+ on a regi/]$   
digital commodity ex*ange4  4  7f7      
,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 to review   
any c]tification "u clause 7i74  7iii7  
,digital commodity presales  7,i7 ,9    
g5]al ,9 conjunction ) li/+ a digital   
commodity 9 :i* any unit ( ! digital    
commodity 0 obta9$ ?r\gh a digital      
commodity presale1 a regi/]$ entity %all
 prohibit any transaction ) any unit ( !
 digital commodity obta9$ 9 violation ( 
section #d;c7h74  7,,ii7 ,reliance on   
disclosure by regi/]$ develop] ,9       
comply+ ) subclause 7,i71 a regi/]$     
entity may rely on ! records &          
disclosures ( a regi/]$ digital         
commodity develop] submitt$ to !        

,commission or its designee "u section  
#dv 9 det]m9+ :e!r a unit ( a digital   
commodity 0 obta9$ 9 violation ( section
 #d;c7h74  7iv7 ,consid]ation ( comm5ts 
,9 conduct+ a review "u clause 7i71 !   
,commission %all consid] any comm5ts    
provid$ by ! ,securities & ,ex*ange     
,commission reg>d+ any inconsi/5cies )  
?is ,act pos$ by ! pot5tial li/+ ( an   
asset t is n a digital commodity4  4    
7g7 ,regi/ration ( digital commodity    
ex*anges2 qualifi$ digital commodity    
cu/odians  7#a7 ,9 g5]al ,! ,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  
,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 may elect to  
be consid]$ a regi/]$ digital commodity 
ex*ange1 9 su* =m & mann] z !           
,commission %all prescribe4  7#c7       
,additional regi/rations ,a regi/]$     
digital commodity ex*ange %all be-- 7,a7
 a memb] ( a regi/]$ futures            
association2 &  7,b7 regi/]$ ) !        
,secret>y ( ! ,treasury z a ,money      
,s]vices ,bus9ess4  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 susceptible to           
manipulation1 subject to ?is subsection4
  7#b7 ,rules gov]n+ m>g9$ or lev]ag$   
trad+ ,! ,commission may make1          
promulgate1 & en=ce su* additional 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  7#e7 ,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  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+ 9    
only digital commodities t are n readily
 susceptible to manipulation4  7,b7     
,li/+ re/rictions ,a digital commodity  
ex*ange %all n p]mit trad+ 9-- 7i7 a    
unit ( a digital commodity1 if x is     

reasonably likely t ! transaction hi/ory
 ( ! digital commodity c be fraudul5tly 
alt]$ by any p]son or gr\p ( p]sons act+
 collectively2 or  7ii7 a unit ( a      
digital commodity subject to !          
re/rictions 9 section #d;c7h71 if x is  
reasonably likely t ! functionality or  
op]ation ( ! digital commodity c be     
mat]ially alt]$ by any p]son or gr\p (  
p]sons "u common control4  7,c7         
,consid]ations ,9 assess+ a digital     
commodity "u ?is p>agraph1 ! ex*ange    
%all consid]1 ) respect to ! digital    
commodity-- 7i7 its purpose & use2  7ii7
 its unit creation or release process2  
7iii7 its cons5sus me*anism2  7iv7 its  
gov]nance /ructure2  7v7 its            
p>ticipation & di/ribution2  7vi7 its   
curr5t & propos$ functionality2 &  7vii7
 any o!r factor requir$ by !            
,commission4  7,d7 ,rules = fix$-value  
digital commodities ,a fix$-value       
digital commodity %all be det]m9$ to be 
n readily susceptible to manipulation "u
 ?is section if ! issu] ( ! fix$-value  

digital commodity is regi/]$ z a        
fix$-value digital commodity op]ator or 
subject to comp>able1 compreh5sive      
sup]vision & regulation by ano!r ,f$]al 
regulator or an appropriate gov]nm5t    
au?ority 9 ! home c\ntry ( ! fix$-value 
digital commodity op]ator4  7#d7        
,treatm5t ( cu/om] assets  7,a7 ,requir$
 /&>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 digital 
commodity ex*ange 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] protection dur+

 bankruptcy  7i7 ,cu/om] prop]ty ,all   
assets held on behalf ( a cu/om] by a   
digital commodity ex*ange regi/]$ "u    
section #e;i ( ?is ,act1 & all money1   
assets1 & prop]ty ( any cu/om] receiv$  
by a digital commodity ex*ange regi/]$  
"u section #e;i ( ?is ,act = trad+ or   
cu/ody1 or to facilitate1 m>g91         
gu>antee1 or secure digital commodity   
transactions 7includ+ money1 assets1 or 
prop]ty accru+ to ! cu/om] z ! result ( 
! transactions71 %all be consid]$ cu/om]
 prop]ty = purposes ( section #gfa (    
title #aa1 ,unit$ ,/ates ,code4  7ii7   
,transactions ,a transaction involv+ a  
unit ( a digital commodity occurr+ on or
 subject to ! rules ( a digital         
commodity ex*ange regi/]$ "u section    
#e;i ( ?is ,act %all be consid]$ a      
contract = ! pur*ase or sale ( a        
commodity = future deliv]y1 on or       
subject to ! rules (1 a contract m>ket  
or bo>d ( trade = ! purposes ( !        
def9ition ( a commodity contract 9      
section #gfa ( title #aa1 ,unit$ ,/ates 

,code4  7iii7 ,ex*anges ,a digital      
commodity ex*ange regi/]$ "u section    
#e;i ( ?is ,act %all be consid]$ a      
futures commission m]*ant = purposes (  
section #gfa ( title #aa1 ,unit$ ,/ates 
,code4  7iv7 ,assets remov$ f           
segregation ,not)/&+ clause 7i71 assets 
t h be5 remov$ f segregation due to a   
cu/om] election "u subp>agraph 7,f7 %all
 n be consid]$ cu/om] prop]ty = purposes
 ( section #gfa ( title #aa1 ,unit$     
,/ates ,code4  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 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 ,act2 or  7#b7 ! digital commodity  
ex*ange is subject to comp>able1        
compreh5sive sup]vision & regulation by 
! appropriate gov]nm5t au?orities 9 !   
home c\ntry ( ! organization4  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$1
 directly or indirectly1 by ! digital   
commodity ex*ange7 = its own behalf or  
on behalf ( o!r any p]son4  7h7 ,f$]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 ! ,commission1 !          
,securities & ,ex*ange ,commission1 an  
appropriate ,f$]al bank+ ag5cy1 a ,/ate 
bank sup]visor 7)9 ! mean+ ( section #c 
( ! ,f$]al ,deposit ,insurance ,act71 or
 an appropriate =eign gov]nm5tal        
au?ority 9 ! home c\ntry ( ! digital    
commodity cu/odian2 &  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 accessibility ( cu/om] assets2
  7#b7 f9ancial res\rces2  7#c7 risk    
managem5t requirem5ts2  7#d7 gov]nance  
arrangem5ts2  7#e7 fitness /&>ds2  7#f7 
recordkeep+2  7#g7 in=mation-%>+2 &     
7#h7 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  7#b7 ,c]ta9 digital commodity 
ex*ange functions n suffici5t to trigg] 
requirem5t to regi/] z futures          
commission m]*ant ,section #d;f7c7 ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f;f7c77 is am5d$ by add+ at ! end !    
foll[+3  7#ab7 ,cl>ification ( scope (  
regi/ration requirem5t ,a regi/]$       

digital commodity ex*ange %all n be     
requir$ to regi/] z a futures commission
 m]*ant = any activity = :i* ! ex*ange  
is regulat$ "u section #e;i4  4  7h7    
,regi/ration & regulation ( fix$-,value 
digital commodity op]ators  7#a7        
,def9itions ,section #a;a ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4 #a;a7 is   
fur!r am5d$ by add+ at ! end ! foll[+3  
7#ef7 ,fix$-value digital commodity     
7,a7 ,9 g5]al ,! t]m fix$-value digital 
commodity means a digital commodity :i* 
is r$eemable = a fix$ am\nt ( fiat      
curr5cy or ano!r commodity1 or ! value  
!re(4  7,b7 ,fur!r def9ition ,!         
,commission1 by rule or regulation1 may 
include )91 or exclude f1 ! t]m         
fix$-value digital commodity any digital
 commodity if ! ,commission det]m9es t !
 rule or regulation w effectuate !      
purposes ( ?is ,act4  7#eg7 ,fix$-value 
digital commodity op]ator  7,a7 ,9 g5]al
 ,! t]m fix$-value digital commodity    
op]ator means any p]son-- 7i7 engag$ 9 a
 bus9ess t solicits1 accepts1 or        

receives funds1 prop]ty1 or o!r assets f
 o!rs = ! purpose ( issu+ units ( a     
fix$-value digital commodity2 or  7ii7  
:o is regi/]$ ) ! ,commission z a       
fix$-value digital commodity op]ator4   
7,b7 ,fur!r def9ition ,! ,commission1 by
 rule or regulation1 may include )91 or 
exclude f1 ! t]m fix$-value digital     
commodity op]ator any p]son engag$ 9 a  
bus9ess ( issu+ fix$-value digital      
commodities1 if ! ,commission det]m9es t
 ! rule or regulation w effectuate !    
purposes ( ?is ,act4  4  7#b7           
,regi/ration & regulation ,! ,commodity 
,ex*ange ,act 7#g ,u4,s4,c4 #a et seq47 
is am5d$ by ins]t+ aft] section #dt !   
foll[+3  #du4 ,regi/ration & regulation 
( fix$-value digital commodity op]ators 
7a7 ,regi/ration  7#a7 ,9 g5]al ,a p]son
 may regi/] ) ! ,commission z a         
fix$-value digital commodity op]ator4   
7#b7 ,fil+ requirem5t ,a p]son desir+ to
 regi/] ) ! ,commission z a fix$-value  
digital commodity op]ator %all file ) ! 
,commission a regi/ration application1 9

 su* =m & mann] z is prescrib$ by !     
,commission4  7#c7 ,application cont5ts 
,! application %all include-- 7,a7 a    
description ( ! op]ation ( ! fix$-value 
digital commodity1 includ+ ! process =  
issu+1 r$eem+1 & calculat+ ! value ( !  
out/&+ r$eemable units ( ! fix$-value   
digital commodity2  7,b7 ! process by   
:i* ! fix$-value digital commodity      
op]ator w\ld w9d-d[n its bus9ess1       
includ+-- 7i7 transf]r+ ! funds &       
prop]ty available = ! r$emption ( units 
( ! fix$-value digital commodity to     
ano!r fix$-value digital commodity      
op]ator2 or  7ii7 r$eem+ out/&+ units ( 
! fix$-value digital commodity 9 an     
ord]ly mann]2 &  7,c7 su* o!r in=mation 
z ! ,commission consid]s necess>y       
conc]n+ ! bus9ess 9 :i* ! applicant is  
or w be engag$4  7b7 ,prohibitions2     
en=cem5t  7#a7 ,/atutory                
disqualification ,except to ! ext5t     
o!rwise specifically provid$ by rule1   
regulation1 or ord]1 x %all be unlawful 
= a regi/]$ fix$-value digital commodity

 op]ator to p]mit any p]son :o is       
associat$ ) ! op]ator & is subject to a 
/atutory disqualification1 to take any  
action 9 relation to ! fix$-value       
digital commodity on behalf ( ! op]ator1
 if ! op]ator knew1 or 9 ! ex]cise (    
reasonable c>e %\ld h kn[n1 ( ! /atutory
 disqualification4  7#b7 ,revocation    
7,a7 ,9 g5]al ,! failure ( a regi/]$    
fix$-value digital commodity op]ator to 
comply ) any provision ( ?is ,act or any
 regulation or ord] ( ! ,commission "u  
?is ,act %all be cause = ! susp5sion = a
 p]iod n to exce$ #ahj days1 or         
revocation1 ( ! regi/ration ( ! op]ator 
z a fix$-value digital commodity        
op]ator1 9 accordance ) ! proc$ures &   
subject to ! judicial review provid$ 9  
section #f7;b74  7,b7 ,tru/ee ,if a     
proce$+ "u subp>agraph 7,a7 results 9 ! 
susp5sion or revocation ( ! regi/ration 
( a fix$-value digital commodity        
op]ator1 or if su* an op]ator )draws f  
regi/ration1 ! ,commission1 on notice to
 ! op]ator1 may apply to ! appropriate  

,unit$ ,/ates di/rict c\rt = ! judicial 
di/rict 9 :i* ! op]ator is locat$ = !   
appo9tm5t ( a tru/ee4  7,c7 ,assumption 
( jurisdiction ,if ! ,commission applies
 = appo9tm5t ( a tru/ee "u subp>agraph  
7,b7-- 7i7 ! c\rt may take exclusive    
jurisdiction ov] ! fix$-value digital   
commodity op]ator & ! records & assets (
 ! op]ator1 :]ev] locat$2 &  7ii7 if !  
c\rt takes jurisdiction "u clause 7i71 !
 c\rt %all appo9t ! ,commission1 or a   
p]son designat$ by ! ,commission1 z     
tru/ee ) p[] to take possession &       
cont9ue to op]ate or t]m9ate ! op]ations
 ( ! fix$-value digital commodity       
op]ator 9 an ord]ly mann] = ! protection
 ( p>ticipants1 subject to su* t]ms &   
conditions z ! c\rt may prescribe4  7c7 
,duties ( a regi/]$ fix$-,value digital 
commodity op]ator ,a regi/]$ fix$-value 
digital commodity op]ator %all comply1 9
 su* mann] z ! ,commission %all by rule 
or ord] det]m9e1 ) ! foll[+ requirem5ts3
 7#a7 ,disclosure ( g5]al in=mation ,=  
ea* fix$-value digital commodity x      

op]ates1 su* an op]ator %all-- 7,a7     
disclose to ! ,commission in=mation     
conc]n+-- 7i7 ! t]ms & conditions ( !   
fix$-value digital commodity            
transactions2  7ii7 ! fix$-value digital
 commodity op]ations1 me*anisms1 &      
practices2  7iii7 ! process = ! issuance
 & r$emption ( units ( ! fix$-value     
digital commodity2  7iv7 ! f9ancial     
integrity protections relat+ to !       
fix$-value digital commodity2 &  7v7 o!r
 in=mation relevant to transact+ 9 !    
fix$-value digital commodity2 &  7,b7   
cont9ue to submit to ! ,commission      
reports t conta9 su* in=mation p]ta9+ to
 ! bus9ess ( ! op]ator z ! ,commission  
may require4  7#b7 ,publicly available  
in=mation ,= ea* fix$-value digital     
commodity x op]ates1 su* an op]ator %all
 make available to ! public1 in=mation  
conc]n+-- 7,a7 ! fix$-value digital     
commodity op]ations1 me*anisms1 &       
practices2  7,b7 ! process = ! issuance 
& r$emption ( ! units ( ! fix$-value    
digital commodity2  7,c7 in=mation ab\t 

! mat]ial risks & *>act]i/ics ( !       
fix$-value digital commodity2  7,d7 !   
total value ( ! out/&+ units ( !        
fix$-value digital commodity2  7,e7 !   
total value ( funds & o!r prop]ty held  
by ! op]ator = r$emption2  7,f7 any     
mat]ial inc5tives or conflicts ( int]e/ 
t ! op]ator may h 9 connection ) !      
fix$-value digital commodity2 &  7,g7   
any o!r in=mation ! ,commission det]m9es
 is relevant to ! public's und]/&+ ( !  
op]ation ( ! fix$-value digital         
commodity4  7#c7 ,record ( assets &     
liabilities ,= ea* fix$-value digital   
commodity x op]ates1 su* an op]ator %all
 ma9ta9 daily r$emption fund records    
reflect+ ! total am\nt ( funds or       
prop]ty held by ! op]ator = r$emption & 
! total value ( out/&+ r$eemable units (
 ! fix$-value digital commodity4  7#d7  
,ability to obta9 in=mation ,su* an     
op]ator %all-- 7,a7 e/abli% & en=ce     
int]nal sy/ems & proc$ures to obta9 any 
necess>y in=mation to p]=m any ( !      
functions describ$ 9 ?is section2 &     

7,b7 provide ! in=mation to !           
,commission1 z applicable1 on reque/4   
7#e7 ,conflicts ( int]e/ ,su* an op]ator
 %all implem5t conflict-(-int]e/ sy/ems 
& proc$ures t address su* issues z !    
,commission det]m9es to be appropriate4 
7#f7 ,risk managem5t proc$ures ,su* an  
op]ator %all e/abli% robu/ & pr(essional
 risk managem5t sy/ems adequate = manag+
 ! day-to-day bus9ess ( ! op]ator4  7#g7
 ,report+ & recordkeep+ ,su* an op]ator 
%all-- 7,a7 make su* reports z are      
requir$ by ! ,commission by rule or     
regulation reg>d+ ! issuance & r$emption
 transactions1 & positions & f9ancial   
condition ( ! regi/]$ fix$-value digital
 commodity op]ator2  7,b7 keep books &  
records 9 su* =m & mann] & = su* p]iod z
 may be prescrib$ by ! ,commission by   
rule or regulation2 &  7,c7 keep ! books
 & records ref]r$ to 9 subp>agraph 7,b7 
op5 to inspection & exam9ation by any   
repres5tative ( ! ,commission4  7#h7    
,bus9ess conduct /&>ds ,su* an op]ator  
%all con=m ) su* bus9ess conduct /&>ds z

 ! ,commission may prescribe1 relat$    
to-- 7,a7 fraud1 manipulation1 & o!r    
abusive practices involv+ ! issuance &  
r$emption ( any unit ( ! fix$-value     
digital commodity2  7,b7 dilig5t        
sup]vision ( ! bus9ess ( ! op]ator2     
7,c7 communicat+ ) ! public 9 a fair &  
balanc$ mann] bas$ on pr9ciples ( fair  
deal+ & good fai?2 &  7,d7 su* o!r /&>ds
 & requirem5ts z ! ,commission may      
det]m9e are appropriate 9 ! public      
int]e/1 = ! protection ( p>ticipants 9 !
 fix$-value digital commodity1 or       
o!rwise 9 fur!rance ( ! purposes ( ?is  
section4  7#i7 ,requirem5ts = issuance &
 r$emption transaction records  7,a7 ,9 
g5]al ,= ea* fix$-value digital         
commodity x op]ates1 su* an op]ator %all
 ma9ta9 daily transaction records ( !   
units ( ! fix$-value digital commodity  
issu$ or r$eem$ by ! op]ator = su* p]iod
 z may be requir$ by ! ,commission by   
rule or regulation4  7,b7 ,c\nt]p>ty    
records ,= ea* fix$-value digital       
commodity x op]ates1 su* an op]ator %all

 ma9ta9 daily transaction records = ea* 
c\nt]p>ty to an issuance or r$emption   
transaction 9 a mann] & =m t is         
id5tifiable ) ea* fix$-value digital    
commodity transaction4  7,c7 ,audit     
trail ,= ea* fix$-value digital         
commodity x op]ates1 su* an op]ator %all
 ma9ta9 a complete audit trail =        
conduct+ compreh5sive & accurate        
issuance & r$emption transaction        
recon/ructions4  7,d7 ,in=mation        
requirem5ts ,su* a daily transaction    
record %all include su* in=mation z !   
,commission %all require by rule or     
regulation4  7d7 ,funds held = r$emption
  7#a7 ,am\nt ( funds ,= ea* fix$-value 
digital commodity x op]ates1 a regi/]$  
fix$-value digital commodity op]ator    
%all ma9ta9 funds or o!r prop]ty equal  
to ! total value ( any out/&+ r$eemable 
fix$-value digital commodities issu$ by 
! op]ator1 z det]m9$ 9 accordance ) su* 
requirem5ts & limitations on valuation z
 ! ,commission %all1 by rule1 prescribe4
  7#b7 ,segregation requirem5ts  7,a7   

,funds held = r$emption ,= ea*          
fix$-value digital commodity x op]ates1 
a regi/]$ fix$-value digital commodity  
op]ator %all-- 7i7 segregate ! funds or 
o!r prop]ty held = r$emption2 &  7ii7 9 
accordance ) su* rules & regulations z !
 ,commission may promulgate1 ma9ta9 !   
funds or o!r prop]ty 9 a segregat$      
acc\nt sep>ate f ! assets & o!r int]e/s 
( ! op]ator4  7,b7 ,applicability       
,subp>agraph 7,a7 %all n preclude any   
comm]cial arrangem5t reg>d+ ! inve/m5t (
 segregat$ funds or o!r prop]ty t may   
only be inve/$ 9 su* inve/m5ts z !      
,commission may p]mit by rule or        
regulation4  7,c7 ,cu/odians ,!         
segregat$ acc\nt ref]r$ to 9 subp>agraph
 7,a7 %all be c>ri$ by a qualifi$       
digital commodity cu/odian = any digital
 commodity held = r$emption4  7e7       
,f9ancial res\rces  7#a7 ,9 g5]al ,a    
regi/]$ fix$-value digital commodity    
op]ator %all meet su* m9imum capital    
requirem5ts z ! ,commission %all by rule
 or regulation prescribe1 pursuant to ! 

/&>ds 9 p>agraph 7#b74  7#b7 ,/&>ds =   
capital requirem5ts  7,a7 ,! requirem5ts
 impos$ "u p>agraph 7#a7 %all-- 7i7 help
 ensure ! safety & s\ndness ( !         
fix$-value digital commodity op]ator2   
7ii7 be appropriate = ! risk associat$ )
 ! funds = r$emption held by su* an     
op]ator2 &  7iii7 be suffici5t = !      
op]ator to comply ) its plan = an ord]ly
 w9d-d[n ( its activities4  7,b7        
,adju/m5ts ,9 sett+ capital requirem5ts 
= a regi/]$ fix$-value digital commodity
 op]ator1 ! ,commission %all take into  
acc\nt-- 7i7 ! risks associat$ ) o!r    
activities conduct$ by ! op]ator or     
affiliat$ entity = activities n subject 
to regulations provid+ = a m9imum       
capital /&>d2 &  7ii7 any o!r capital   
requirem5t impos$ on ! op]ator or       
affiliat$ entity = activities subject to
 regulations provid+ = a m9imum capital 
/&>d4  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/]$ fix$-value digital commodity   
op]ator7 exempt1 ei!r unconditionally or
 on /at$ t]ms or conditions or = /at$   
p]iods & ei!r retroactively or          
prospectively1 or bo?1 a regi/]$        
fix$-value digital commodity op]ator f !
 requirem5ts ( ?is section1 if !        
,commission det]m9es t-- 7#a7 !         
exemption w\ld be consi/5t ) ! public   
int]e/ & ! purposes ( ?is ,act2 &  7#b7 
! exemption w n h a mat]ial adv]se      
effect on ! ability ( ! ,commission or !
 op]ator to dis*>ge any duty ( !        
,commission or ! op]ator1 respectively1 
"u ?is ,act4  7g7 ,rulemak+  7#a7 ,9    
g5]al ,! ,commission %all adopt rules = 
regi/]$ fix$-value digital commodity    
op]ators & to effectuate ! requirem5ts (
 ?is section4  7#b7 ,prohibition on !   
collection ( c]ta9 in=mation ,?is       
section %all n be con/ru$ to-- 7,a7     
require a regi/]$ fix$-value digital    
commodity op]ator to solicit1 collect1  
ma9ta91 report1 or o!rwise make         

available to ! ,commission1 any o!r     
,/ate or ,f$]al ag5cy1 or any =eign     
au?ority1 any record or in=mation relat+
 to any p]son1 c\nt]p>ty1 am\nt1 or     
acc\nt utiliz+ a unit ( ! fix$-value    
digital commodity 9 a transaction :i*   
does n involve ! issuance or r$emption (
 a unit ( ! fix$-value digital          
commodity1 or to cause any o!r p]son to 
d ! same2 or  7,b7 p]mit ! ,commission  
to require su* an op]ator to solicit1   
collect1 ma9ta91 report1 or o!rwise make
 available to ! ,commission1 any o!r    
,/ate or ,f$]al ag5cy1 or any =eign     
au?ority1 any record or in=mation relat+
 to any p]son1 c\nt]p>ty1 am\nt1 or     
acc\nt utiliz+ a unit ( ! fix$-value    
digital commodity 9 a transaction :i*   
does n involve ! issuance or r$emption (
 a unit ( ! fix$-value digital          
commodity1 or to cause any o!r p]son to 
d ! same4  4  7i7 ,volunt>y regi/ration 
& disclosures by digital commodity      
develop]s  7#a7 ,def9ition ,section #a;a
 ( ! ,commodity ,ex*ange ,act 7#g       

,u4,s4,c4 #a;a7 is fur!r am5d$ by add+  
at ! end ! foll[+3  7#eh7 ,digital      
commodity develop] ,! t]m digital       
commodity develop] means a p]son :o     
creates or develops a digital commodity4
  4  7#b7 ,regi/ration & disclosures ,! 
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a et seq471 z am5d$ by subsection      
7f77#b7 ( ?is section1 is fur!r am5d$ by
 ins]t+ aft] section #dt ! foll[+3  #dv4
 ,regi/ration & disclosures by digital  
commodity develop]s  7a7 ,regi/ration   
,any p]son may regi/] ) ! ,commission z 
a digital commodity develop] by fil+ a  
regi/ration application ) ! ,commission4
  7b7 ,requirem5ts  7#a7 ,9 g5]al ,!    
application %all be made 9 su* =m &     
mann] z prescrib$ by ! ,commission1 &   
%all conta9 su* in=mation1 z !          
,commission det]m9es by rule is necess>y
 to effectuate ! purposes ( ?is ,act4   
7#b7 ,memb]%ip ,any p]son regi/]$ z a   
digital commodity develop] %all be a    
memb] ( a regi/]$ futures association = 
! duration ( ! regi/ration4  7#c7       

,expiration ,ea* regi/ration "u ?is     
section %all expire-- 7,a7 :5 !         
applicant )draws f regi/ration2  7,b7 :5
 ! applicant fails to comply ) !        
requirem5ts ( ?is section2 or  7,c7 at  
su* o!r "t z ! ,commission may prescribe
 by rule or regulation4  7c7            
,disclosures ,= ea* digital commodity1 a
 regi/]$ digital commodity develop] %all
 submit to ! ,commission or its         
designee1 & ma9ta9 on a publicly        
available website1 9 su* =m & mann] z   
prescrib$ by ! ,commission1 ! foll[+3   
7#a7 ,initial disclosures  7,a7 ,project
 disclosures ,a g5]al description ( !   
digital commodity1 includ+-- 7i7 its    
purpose & use2  7ii7 its unit creation  
or release process2  7iii7 its cons5sus 
me*anism2  7iv7 its gov]nance /ructure2 
7v7 its p>ticipation & di/ribution2     
7vi7 its curr5t & propos$ functionality2
 &  7vii7 any o!r su* in=mation !       
,commission det]m9es w effectuate !     
purposes ( ?is ,act4  7,b7 ,developm5t  
disclosures ,a li/ ( all individuals :o 

are-- 7i7 p>ticipants 9 a relat$ digital
 commodity presale2  7ii7 hold]s ( units
 ( ! digital commodity subject to !     
limitations 9 section #d;c7h72  7iii7   
hold]s ( rights or promises to future   
units ( ! digital commodity2 or  7iv7   
comp5sat$ 9 any fa%ion = provid+ mat]ial
 support = ! developm5t ( ! digital     
commodity4  7,c7 ,te*nical disclosures  
,te*nical docum5tation relat$ to !      
digital commodity1 includ+ any-- 7i7    
:itepap]2  7ii7 s\rce code2  7iii7      
developm5t guide2 or  7iv7 o!r simil>   
mat]ial4  7#b7 ,p]iodic disclosures ,!  
digital commodity develop] %all         
p]iodically update ! disclosures made   
pursuant to subsection 7c77#a71 at su*  
frequ5cy z prescrib$ by ! ,commission4  
7#c7 ,po/-fil+ digital commodity sale   
disclosures  7,a7 ,9 g5]al ,! digital   
commodity develop] %all publicly        
disclose ! sale or transf] ( any unit1  
or any promise or "r to any future unit1
 ( ! digital commodity1 t is subject to 
! re/rictions 9 section #d;c7h74  7,b7  

,cont5ts ,ea* disclosure requir$ "u     
subp>agraph 7,a7 %all include ! date (  
sale1 numb] ( digital commodities sold1 
numb] ( pur*as]s if id5tifiable1 any    
limitations or re/rictions on !         
transf]ability ( ! digital commodities  
sold1 price p] digital commodity1 & !   
type & am\nt ( consid]ation receiv$4    
7#d7 ,sub/itute disclosures ,!          
,commission may exempt1 conditionally or
 unconditionally1 a digital commodity   
develop] f ! disclosure requirem5ts "u  
?is section if ! ,commission det]m9es t 
! digital commodity develop] complies ) 
! comp>able disclosure requirem5ts (    
ano!r f$]al regulator4  7d7 ,no         
requirem5t to regi/] ,! creator or      
develop] ( a digital commodity %all n be
 requir$ to be regi/]$ "u ?is section 9 
ord] = a digital commodity creat$ or    
develop$ by ! creator or develop] to be 
li/$ = trad+ on a regi/]$ digital       
commodity ex*ange4  4