,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dgfj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,augu/ #c1 #bjbb,ms4   
,/ab5[ 7= h]self1 ,mr4 ,boozman1 ,mr4   
,book]1 & ,mr4 ,?une7 introduc$ ! foll[+
 bill2 :i* 0 read twice & ref]r$ to !   
,committee on ,agriculture1 ,nutrition1 
& ,=e/ry  ,a ,,bill  ,to am5d !         
,commodity ,ex*ange ,act to provide !   
,commodity ,futures ,trad+ ,commission  
jurisdiction to ov]see ! spot digital   
commodity m>ket1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,digital ,commodities ,consum]          
,protection ,act ( #bjbb4  #b4          
,def9itions  7a7 ,9 g5]al ,section #a;a 
( ! ,commodity ,ex*ange ,act 7#g        
,u4,s4,c4 #a;a7 is am5d$-- 7#a7 by      
r$esignat+ p>agraphs 7#c7 ?r\gh 7#ae7 & 
p>agraphs 7#af7 ?r\gh 7#ea7 z p>agraphs 
7#e7 ?r\gh 7#ag7 & p>agraphs 7#be7 ?r\gh
 7#fj71 respectively2  7#b7 by ins]t+   
aft] p>agraph 7#b7 ! foll[+3  7#c7      
,associat$ p]son ( a digital commodity  
brok]  7,a7 ,9 g5]al ,! t]m associat$   

p]son ( a digital commodity brok] means 
a p]son :o is associat$ ) a digital     
commodity brok] z a p>tn]1 (fic]1       
employee1 or ag5t 7or any p]son occupy+ 
a simil> /atus or p]=m+ simil>          
functions7 9 any capacity t involves--  
7i7 ! solicitation or acceptance ( a    
digital commodity trade2 or  7ii7 !     
sup]vision ( any p]son engag$ 9 !       
solicitation or acceptance ( a digital  
commodity trade4  7,b7 ,exclusion ,! t]m
 associat$ p]son ( a digital commodity  
brok] does n include any p]son associat$
 ) a digital commodity brok] ! functions
 ( :i* are solely cl]ical or m9i/]ial4  
7#d7 ,associat$ p]son ( a digital       
commodity deal]  7,a7 ,9 g5]al ,! t]m   
associat$ p]son ( a digital commodity   
deal] means a p]son :o is associat$ ) a 
digital commodity deal] z a p>tn]1      
(fic]1 employee1 or ag5t 7or any p]son  
occupy+ a simil> /atus or p]=m+ simil>  
functions7 9 any capacity t involves--  
7i7 ! solicitation or acceptance ( a    
digital commodity trade2 or  7ii7 !     

sup]vision ( any p]son engag$ 9 !       
solicitation or acceptance ( a digital  
commodity trade4  7,b7 ,exclusion ,! t]m
 associat$ p]son ( a digital commodity  
deal] does n include any p]son associat$
 ) a digital commodity deal] ! functions
 ( :i* are solely cl]ical or m9i/]ial4  
2  7#c7 9 p>agraph 7#aa7 7z s           
r$esignat$71 by /rik+ & froz5 conc5trat$
 orange juice & ins]t+ froz5 conc5trat$ 
orange juice1 & digital commodities12   
7#d7 9 p>agraph 7#ab77;,a7 7z s         
r$esignat$7-- 7,a7 by r$esignat+ clauses
 7iii7 & 7iv7 z clauses 7iv7 & 7v71     
respectively2 &  7,b7 by ins]t+ aft]    
clause 7ii7 ! foll[+3  7iii7 digital    
commodity2  2  7#e7 9 p>agraph          
7#ac77;,a77i7 7z s r$esignat$7-- 7,a7 by
 r$esignat+ subclauses 7,,iii7 & 7,,iv7 
z subclauses 7,,iv7 & 7,v71             
respectively2 &  7,b7 by ins]t+ aft]    
subclause 7,,ii7 ! foll[+3  7,,iii7     
digital commodity2  2  7#f7 9 p>agraph  
7#ad77;,a77i7 7z s r$esignat$7-- 7,a7 9 
subclause 7,,ii71 by add+ a semicolon at

 ! end2  7,b7 by r$esignat+ subclauses  
7,,iii7 & 7,,iv7 z subclauses 7,,iv7 &  
7,v71 respectively2 &  7,c7 by ins]t+   
aft] subclause 7,,ii7 ! foll[+3  7,,iii7
 a digital commodity2  2  7#g7 by ins]t+
 aft] p>agraph 7#ag7 7z s r$esignat$7 ! 
foll[+3  7#ah7 ,digital commodity  7,a7 
,9 g5]al ,! t]m digital commodity means 
a fungible digital =m ( p]sonal prop]ty 
t c be possess$ & transf]r$             
p]son-to-p]son )\t necess>y reliance on 
an int]m$i>y4  7,b7 ,inclusions ,! t]m  
digital commodity includes prop]ty      
commonly kn[n z cryptocurr5cy or virtual
 curr5cy1 su* z ,bitco9 & ,e!r4  7,c7   
,exclusions ,! t]m digital commodity    
does n include-- 7i7 an int]e/ 9 a      
physical commodity2  7ii7 a security2   
7iii7 a digital =m ( curr5cy back$ by ! 
full fai? & cr$it ( ! ,unit$ ,/ates2    
7iv7 except z provid$ 9 subp>agraph     
7,d71 an in/rum5t regulat$ by !         
,commission pursuant to any provision ( 
?is ,act o!r ?an section                
#b7;c77#b77;,f72 or  7v7 any o!r        

in/rum5t t ! ,commission det]m9es n to  
be a digital commodity4  7,d7 ,exception
 ,! exclusion describ$ 9 subp>agraph    
7,c77iv7 %all n apply to a commodity    
transaction t is subject only to        
,commission antimanipulation1 antifraud1
 or false report+ au?ority4  7#ai7      
,digital commodity brok]  7,a7 ,9 g5]al 
,! t]m digital commodity brok] means a  
p]son t is engag$1 z an id5tifiable     
bus9ess1 9-- 7i7 solicit+ or accept+    
ord]s on behalf ( ano!r p]son = a       
digital commodity trade2  7ii7 accept+  
digital commodities f ano!r p]son = !   
purpose ( ent]+ into digital commodity  
trades2  7iii7 arrang+ digital commodity
 trades on behalf ( ano!r p]son2 or     
7iv7 a simil> activity1 z det]m9$ by !  
,commission4  7,b7 ,exclusion ,! t]m    
digital commodity brok] does n include a
 p]son solely because t p]son validates 
digital commodity transactions4  7#bj7  
,digital commodity cu/odian  7,a7 ,9    
g5]al ,! t]m digital commodity cu/odian 
means a p]son t1 z an id5tifiable       

bus9ess1 ma9ta9s possession1 cu/ody1 or 
control ov] digital commodities on      
behalf ( ano!r p]son4  7,b7 ,exclusions 
,! t]m digital commodity cu/odian does n
 include-- 7i7 an insur$ depository     
in/itution 7z def9$ 9 section #c ( !    
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac772 or  7ii7 an insur$   
cr$it union 7z def9$ 9 section #aja ( ! 
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageb774  7#ba7 ,digital commodity     
deal]  7,a7 ,9 g5]al ,! t]m digital     
commodity deal] means a p]son t-- 7i7   
has an id5tifiable bus9ess ( deal+ 9 a  
digital commodity z pr9cipal = its own  
acc\nt2  7ii7 makes a m>ket 9 a digital 
commodity2  7iii7 holds itself out z a  
deal] 9 a digital commodity2  7iv7 has z
 an id5tifiable bus9ess ( buy+ or sell+ 
digital commodities = conv]sion into o!r
 digital commodities1 curr5cy1 or o!r   
consid]ation2  7v7 has z an id5tifiable 
bus9ess ( accept+ digital commodities f 
ano!r p]son 7ref]r$ to 9 ?is clause z a 
depositor7 ) an obligation to return !  

digital commodities1 consid]ation l9k$  
to ! digital commodities1 or bo? to !   
depositor2 or  7vi7 engages 9 a simil>  
activity1 z det]m9$ by ! ,commission4   
7,b7 ,exclusion ,! t]m digital commodity
 deal] does n include a p]son solely    
because t p]son validates digital       
commodity transactions4  7#bb7 ,digital 
commodity plat=m  7,a7 ,9 g5]al ,! t]m  
digital commodity plat=m means a p]son t
 is #a or m ( ! foll[+3 7i7 ,a digital  
commodity brok]4  7ii7 ,a digital       
commodity cu/odian4  7iii7 ,a digital   
commodity deal]4  7iv7 ,a digital       
commodity trad+ facility4  7,b7         
,category ,! t]m category1 ) respect to 
a digital commodity plat=m1 means #a or 
m categories describ$ 9 clauses 7i7     
?r\gh 7iv7 ( subp>agraph 7,a7 ( t       
digital commodity plat=m4  7#bc7        
,digital commodity trade  7,a7 ,9 g5]al 
,! t]m digital commodity trade means a  
pur*ase or sale ( a digital commodity 9 
ex*ange =-- 7i7 ano!r digital commodity2
 or  7ii7 any o!r consid]ation4  7,b7   

,inclusions ,! t]m digital commodity    
trade includes-- 7i7 an (f] to ent] into
 a pur*ase or sale describ$ 9           
subp>agraph 7,a72 &  7ii7 a loan ( a    
digital commodity1 an (f] to ent] into a
 loan ( a digital commodity1 or a simil>
 activity1 z det]m9$ by ! ,commission4  
7,c7 ,exclusion ,except z provid$ 9     
subp>agraph 7,d71 ! t]m digital         
commodity trade excludes a transaction  
regulat$ by ! ,commission pursuant to   
any provision ( ?is ,act except section 
#b7;c77#b77;,f74  7,d7 ,exception ,!    
exclusion describ$ 9 subp>agraph 7,c7   
%all n apply to a commodity transaction 
t is subject only to ,commission        
antimanipulation1 antifraud1 or false   
report+ au?ority4  7#bd7 ,digital       
commodity trad+ facility  7,a7 ,9 g5]al 
,! t]m digital commodity trad+ facility 
means a trad+ facility t facilitates !  
execution or trad+ ( digital commodity  
trades betwe5 p]sons4  7,b7 ,exclusion  
,! t]m digital commodity trad+ facility 
does n include a p]son solely because t 

p]son validates digital commodity       
transactions4  2  7#h7 9 p>agraph 7#dc7 
7z s r$esignat$7-- 7,a7 9 ! p>agraph    
head+1 by /rik+ 2 memb] ( a d]ivatives  
transaction execution facility2  7,b7 9 
! matt] prec$+ subp>agraph 7,a71 by     
/rik+ entity or d]ivatives transaction  
execution facility1 & ins]t+ entity12   
7,c7 9 subp>agraph 7,a71 by /rik+ entity
 & all t foll[s ?r\gh ! semicolon &     
ins]t+ entity22 &  7,d7 9 subp>agraph   
7,b71 by /rik+ entity & all t foll[s    
?r\gh ! p]iod at ! end & ins]t+ entity42
 &  7#i7 9 p>agraph 7#di7 7z s          
r$esignat$7-- 7,a7 by r$esignat+        
subp>agraphs 7,e7 & 7,f7 z subp>agraphs 
7,f7 & 7,g71 respectively2 &  7,b7 by   
ins]t+ aft] subp>agraph 7,d7 ! foll[+3  
7,e7 a digital commodity trad+ facility 
regi/]$ "u section #e;i2  4  7b7 ,con=m+
 am5dm5ts  7#a7 ,section #a;a ( !       
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7 is am5d$-- 7,a7 9 p>agraph        
7#bf77;,a7 7z r$esignat$ by subsection  
7a77#a771 9 ! matt] prec$+ clause 7i71  

by /rik+ 7#ah77;,a7 & ins]t+ 7#bg77;,a72
 &  7,b7 9 p>agraph                     
7#bg77;,a77vii77,,iii77aa7 7z r$esignat$
 by subsection 7a77#a771 by /rik+       
7#ag77;,a7 & ins]t+ 7#bf77;,a74  7#b7   
,section #d7;c77#a77;,a77i77,i7 ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#f7;c77#a77;,a77i77,i77 is am5d$ by     
/rik+ p>agraphs 7#b71 7#c71 7#d71 7#e71 
& 7#g71 p>agraph 7#ah77;,a77vii77,,iii71
 p>agraphs 7#bc71 7#bd71 7#ca71 7#cb71  
7#ch71 7#ci71 7#da71 7#db71 7#df71      
7#dg71 7#dh71 & 7#di7 ( section #a;a &  
ins]t+ p>agraphs 7#b71 7#e71 7#f71 7#g71
 7#i71 7#bg77;,a77vii77,,iii71 7#cb71   
7#cc71 7#dj71 7#da71 7#dg71 7#dh71      
7#ej71 7#ea71 7#ee71 7#ef71 7#eg71 &    
7#eh7 ( section #a;a4  7#c7 ,section    
#dq7a77#a7 ( ! ,commodity ,ex*ange ,act 
7#g ,u4,s4,c4 #fq7a77#a77 is am5d$ by   
/rik+ #a;a7#i7 & ins]t+ #a;a7#aa74  7#d7
 ,section #ds ( ! ,commodity ,ex*ange   
,act 7#g ,u4,s4,c4 #fs7 is am5d$-- 7,a7 
9 subsection 7f77#a77;,d71 by /rik+     
#a;a7#dg77;,a77v7 & ins]t+              

#a;a7#ef77;,a77v72 &  7,b7 9 subsection 
7h77#e77;,a77i71 9 ! matt] prec$+       
subclause 7,i71 by /rik+ #a;a7#ah7 &    
ins]t+ #a;a7#bg77;,a74  7#e7 ,section   
#dt7b77#a77;,c7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #ft7b77#a77;,c77 is  
am5d$ by /rik+ #a;a7#dg77;,a77v771 &    
ins]t+ #a;a7#ef77;,a77v7714  7#f7       
,section #e ( ! ,commodity ,ex*ange ,act
 7#g ,u4,s4,c4 #g7 is am5d$-- 7,a7 9    
subsection 7d77#bc71 by /rik+           
#a;a7#dg77;,a77v7 & ins]t+              
#a;a7#ef77;,a77v72 &  7,b7 9 subsection 
7e77#a71 by /rik+ #a;a7#i7 & ins]t+     
#a;a7#aa74  7#g7 ,section               
#e;b7k77#c77;,a7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #g;a-#a7k77#c77;,a77
 is am5d$ by /rik+ #a;a7#dg77;,a77v77 & 
ins]t+ #a;a7#ef77;,a77v774  7#h7        
,section #e;c7c77#d77;,b7 ( ! ,commodity
 ,ex*ange ,act 7#g ,u4,s4,c4            
#g;a-#b7;c77#d77;,b77 is am5d$ by /rik+ 
#a;a7#aj7 & ins]t+ #a;a7#aa74  7#i7     
,section #e;h7f77#aj77;,a77iii7 ( !     
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  

#g;b-#c7;f77#aj77;,a77iii77 is am5d$ by 
/rik+ #a;a7#dg77;,a77v7 & ins]t+        
#a;a7#ef77;,a77v74  7#aj7 ,section      
#ba7;f77#d77;,c7 ( ! ,commodity ,ex*ange
 ,act 7#g ,u4,s4,c4 #bd;a7f77#d77;,c77  
is am5d$ by /rik+ #a;a7#dh7 & ins]t+    
#a;a7#eg74  7#aa7 ,section #djc ( !     
,legal ,c]ta9ty = ,bank ,products ,act (
 #bjjj 7#g ,u4,s4,c4 #bg;a7 is am5d$--  
7,a7 9 subsection 7a77#b71 by /rik+     
#a;a7#dg77;,a77v7 & ins]t+              
#a;a7#ef77;,a77v72 &  7,b7 9 subsection 
7b77#a71 by /rik+ #a;a7#dg7 & ins]t+    
#a;a4  7#ab7 ,section #e7;e7 ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;e7e77 is am5d$ by /rik+ section     
#a;a7#ah7 ( ! ,commodity ,ex*ange ,act  
7#g ,u4,s4,c4 #a;a7#ah77 & ins]t+       
section #a;a ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a;a74  7#ac7        
,section #c;,c7g77#c77;,a77v7 ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c-#c7;g77#c77;,a77v77 is  
am5d$ by /rik+ section #a;a7#aj7 ( !    
,commodity ,ex*ange ,act2 & ins]t+      

section #a;a ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a;a724  7#ad7       
,section #f7;g77#e77;,b77i7 ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;f7g77#e77;,b77i77 is      
am5d$-- 7,a7 9 subclause 7,i71 by /rik+ 
section #a;a7#ah77;,b77ii7 ( !          
,commodity ,ex*ange ,act & ins]t+       
subp>agraph 7,b77ii7 ( section #a;a7#bg7
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #a;a7#bg772 &  7,b7 9         
subclause 7,,ii71 by /rik+ su* section  
#a;a7#ah77 & ins]t+ t section74  7#ae7  
,section #gab7;a77#h7 ( ! ,dodd-,frank  
,wall ,/reet ,re=m & ,consum]           
,protection ,act 7#ae ,u4,s4,c4         
#hcjb7;a77#h77 is am5d$ by /rik+ section
 #a;a7#dg77;,d7 ( ! ,commodity ,ex*ange 
,act 7#g ,u4,s4,c4 #a;a7#dg77;,d77 &    
ins]t+ section #a;a7#ef77;,d7 ( !       
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a7#ef77;,d774  7#af7 ,section        
#geb7;a7 ( ! ,dodd-,frank ,wall ,/reet  
,re=m & ,consum] ,protection ,act 7#ae  
,u4,s4,c4 #hcbe7;a77 is am5d$ by /rik+  

section #a;a7#ci7 ( ! ,commodity        
,ex*ange ,act71 & ins]t+ section #a;a ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #a;a7714  #c4 ,commission jurisdiction 
ov] digital commodity trades ,section #b
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #b7 is am5d$-- 7#a7 9         
subsection 7a77#a77;,a71 9 ! fir/       
s5t5ce1 by /rik+ section #ai ( ?is ,act 
& ins]t+ subsection 7c77#b77;,f7 or     
section #ai2 &  7#b7 9 subsection       
7c77#b71 by add+ at ! end ! foll[+3     
7,f7 ,commission jurisdiction ov]       
digital commodity trades  7i7 ,9 g5]al  
,except z provid$ 9 clause 7ii71 ?is    
,act applies to1 & ! ,commission %all h 
exclusive jurisdiction ov]1 any acc\nt1 
agreem5t1 contract1 or transaction      
involv+ a digital commodity trade4  7ii7
 ,exception ,no?+ 9 ?is ,act applies to1
 & ! ,commission %all n h jurisdiction  
ov]1 any digital commodity transaction  
by a m]*ant or consum] t uses a digital 
commodity solely = ! pur*ase or sale ( a
 good or s]vice4  7iii7 ,prohibition on 

c]ta9 trad+ practices ,sections #d;b1   
#d;c1 & #f7;c7 %all apply to any digital
 commodity trade z if ! digital         
commodity trade 7 a contract ( sale ( a 
commodity = future deliv]y4  4  #d4     
,digital commodity plat=ms ,! ,commodity
 ,ex*ange ,act is am5d$ by ins]t+ aft]  
section #e;h 7#g ,u4,s4,c4 #g;b-#c7 !   
foll[+3  #e;i4 ,digital commodity       
plat=ms  7a7 ,regi/ration  7#a7         
,requirem5t ,x %all be unlawful = any   
p]son to act z any category ( digital   
commodity plat=m unless ! p]son is      
regi/]$ "u ?is section z t category (   
digital commodity plat=m4  7#b7         
,applications ,a p]son desir+ to regi/] 
z any category ( digital commodity      
plat=m %all submit to ! ,commission an  
application 9 su* =m & conta9+ su*      
in=mation z ! ,commission may require = 
! purpose ( det]m9+ :e!r ! applicant is 
9 compliance ) subsection 7b7 & ! o!r   
requirem5ts ( ?is ,act4  7#c7 ,multiple 
regi/rations ,z appropriate to fur!r !  
purposes ( ?is ,act & avoid duplicative 

or unnecess>y requirem5ts1 & tak+ into  
consid]ation pot5tial conflicts ( int]e/
 or o!r risks1 ! ,commission may        
prescribe rules or regulations p]mitt+1 
or may o!rwise au?orize-- 7,a7          
regi/ration by a p]son 9 m ?an #a       
category ( digital commodity plat=m2    
7,b7 a regi/]$ entity1 a swap deal]1 or 
a futures commission m]*ant regi/]$ "u  
?is ,act to regi/] "u ?is section 9 #a  
or m categories ( digital commodity     
plat=m2 &  7,c7 exemptions or additional
 requirem5ts applicable to p]sons )     
multiple regi/rations "u ?is ,act4  7b7 
,core pr9ciples = digital commodity     
plat=ms  7#a7 ,compliance ) core        
pr9ciples  7,a7 ,9 g5]al ,to be regi/]$1
 & ma9ta9 regi/ration1 z a digital      
commodity plat=m1 ! digital commodity   
plat=m %all comply )-- 7i7 ! core       
pr9ciples describ$ 9 ?is subsection2 &  
7ii7 any requirem5t t ! ,commission may 
impose by rule or regulation4  7,b7     
,reasonable discretion ( digital        
commodity plat=m ,unless o!rwise det]m9$

 by ! ,commission by rule or regulation1
 a digital commodity plat=m describ$ 9  
subp>agraph 7,a7 %all h reasonable      
discretion 9 e/abli%+ ! mann] 9 :i* !   
digital commodity plat=m complies ) !   
core pr9ciples describ$ 9 ?is           
subsection4  7#b7 ,core pr9ciples       
applicable to digital commodity trad+   
facilities  7,a7 ,compliance ) rules ,a 
digital commodity trad+ facility %all-- 
7i7 e/abli% & en=ce compliance ) any    
rule ( ! digital commodity trad+        
facility1 includ+-- 7,i7 ! t]ms &       
conditions ( ! transactions 9 digital   
commodities trad$ or process$ on or     
?r\gh ! digital commodity trad+         
facility2 &  7,,ii7 any limitation on   
access to ! digital commodity trad+     
facility2  7ii7 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-- 7,i7 to provide m>ket           
p>ticipants ) imp>tial access to !      
m>ket2 &  7,,ii7 to capture in=mation t 

may be us$ 9 e/abli%+ :e!r rule         
violations h occurr$2 &  7iii7 e/abli%  
rules gov]n+ ! op]ation ( ! digital     
commodity trad+ facility4  7,b7 ,digital
 commodity transactions n readily       
susceptible to manipulation ,a digital  
commodity trad+ facility %all p]mit     
trad+ only 9 transactions 9 digital     
commodities t are n readily susceptible 
to manipulation4  7,c7 ,monitor+ ( trad+
 & trade process+  7i7 ,m>kets &        
me*anisms  7,i7 ,9 g5]al ,a digital     
commodity trad+ facility %all provide a 
competitive1 op51 & effici5t m>ket &    
me*anism = execut+ transactions t       
protects ! price discov]y process (     
trad+ on ! digital commodity trad+      
facility4  7,,ii7 ,c5traliz$ m>ket ,a   
digital commodity trad+ facility %all   
provide a c5traliz$ m>ket = execut+     
transactions4  7ii7 ,protection ( m>kets
 & m>ket p>ticipants ,a digital         
commodity trad+ facility %all e/abli% & 
en=ce rules-- 7,i7 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 &  7,,ii7 to       
promote fair & equitable trad+ on !     
digital commodity trad+ facility4  7iii7
 ,proc$ures & monitor+ ,a digital       
commodity trad+ facility %all-- 7,i7    
e/abli% & en=ce rules or t]ms &         
conditions def9+1 or specifications     
detail+-- 7aa7 trad+ proc$ures to be us$
 9 ent]+ & execut+ ord]s trad$ on or    
?r\gh ! facilities ( ! digital commodity
 trad+ facility2 &  7bb7 proc$ures =    
trade process+ ( digital commodities on 
or ?r\gh ! facilities ( ! digital       
commodity trad+ facility2 &  7,,ii7     
monitor trad+ 9 digital commodities to  
prev5t manipulation1 price di/ortion1 & 
disruptions ( ! deliv]y or settlem5t    
process ?r\gh surveillance1 compliance1 
& discipl9>y practices & proc$ures1     
includ+ inve/igations1 sanctions1 &     
me?ods = conduct+ real-"t monitor+ (    
trad+ & compreh5sive & accurate trade   
recon/ructions4  7,d7 ,ability to obta9 

in=mation ,a digital commodity trad+    
facility %all-- 7i7 e/abli% & en=ce     
rules t w all[ ! digital commodity trad+
 facility to obta9 any necess>y         
in=mation to p]=m any ( ! functions     
describ$ 9 ?is section2  7ii7 provide ! 
in=mation to ! ,commission on reque/2 & 
7iii7 h ! capacity to c>ry out su*      
int]national in=mation-%>+ agreem5ts z !
 ,commission may require4  7,e7         
,f9ancial integrity ( transactions ,a   
digital commodity trad+ facility %all   
e/abli% & en=ce rules & proc$ures =     
ensur+ ! f9ancial integrity ( digital   
commodity trades ent]$ on or ?r\gh !    
facilities ( ! digital commodity trad+  
facility4  7,f7 ,em]g5cy au?ority ,a    
digital commodity trad+ facility %all   
adopt rules to provide = ! ex]cise (    
em]g5cy au?ority1 9 consultation or     
coop]ation ) ! ,commission1 z is        
necess>y & appropriate1 includ+ !       
au?ority to liquidate or transf] op5    
positions 9 any digital commodity or to 
susp5d or curtail trad+ 9 a digital     

commodity4  7,g7 ,timely publication (  
trad+ in=mation  7i7 ,9 g5]al ,a digital
 commodity trad+ facility %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 trad+ facility ,a digital     
commodity trad+ facility %all be requir$
 to h ! capacity to electronically      
capture & transmit trade in=mation )    
respect to transactions execut$ on !    
digital commodity trad+ facility4  7,h7 
,availability ( g5]al in=mation ,a      
digital commodity trad+ facility %all   
make available to m>ket au?orities1     
m>ket p>ticipants1 & ! public accurate  
in=mation conc]n+-- 7i7 ! t]ms &        
conditions ( ! contracts = transactions 
9 digital commodities2  7ii7 ! rules &  
me*anisms = execut+ digital commodity   
trades on or ?r\gh ! facilities ( !     
digital commodity trad+ facility2 &     
7iii7 ! rules & specifications describ+ 
! op]ation ( ! electronic mat*+ plat=m  

or trade execution facility ( ! digital 
commodity trad+ facility4  7,i7         
,discipl9>y proc$ures ,a digital        
commodity trad+ facility %all e/abli% & 
en=ce-- 7i7 discipl9>y proc$ures t      
au?orize ! digital commodity trad+      
facility to discipl9e1 susp5d1 or expel 
m>ket p>ticipants t violate ! rules ( ! 
digital commodity trad+ facility2 or    
7ii7 simil> me?ods = p]=m+ ! functions  
describ$ 9 clause 7i71 includ+          
delegation to ?ird p>ties4  7,j7        
,dispute resolution ,a digital commodity
 trad+ facility %all e/abli% & en=ce    
rules reg>d+1 & provide facilities =    
alt]native dispute resolution1 z        
appropriate1 =1 m>ket p>ticipants &     
m>ket int]m$i>ies4  7#c7 ,core pr9ciples
 applicable to digital commodity deal]s 
& digital commodity brok]s  7,a7        
,execution ,a digital commodity deal] or
 digital commodity brok]-- 7i7 %all     
e/abli% prices fairly & objectively2    
7ii7 %all disclose ! basis = ^? prices2 
&  7iii7 %all n disrupt m>ket function+ 

or h9d] ! price discov]y process4  7,b7 
,daily trad+ records  7i7 ,9 g5]al ,a   
digital commodity deal] or digital      
commodity brok] %all keep full1         
complete1 & sy/ematic records 7includ+  
all p]t95t data & memor&a7 ( all        
transactions relat+ to its bus9ess (    
deal+ or brok]age 9 digital commodity   
transactions4  7ii7 ,includ$            
communications ,a digital commodity     
deal] or digital commodity brok] %all   
keep all oral & writt5 communications   
provid$ or receiv$ conc]n+ quotes1      
solicitations1 bids1 (f]s1 in/ructions1 
trad+1 & prices t lead to ! execution ( 
a transaction 9 a digital commodity4    
7,c7 ,bus9ess conduct /&>ds ,a digital  
commodity deal] or digital commodity    
brok] %all con=m ) su* bus9ess conduct  
/&>ds z may be prescrib$ by !           
,commission by rule or regulation t     
relate to-- 7i7 fraud1 manipulation1 &  
o!r abusive practices involv+ digital   
commodity trades 7includ+ digital       
commodity trades t are (f]$ b n ent]$   

into72  7ii7 dilig5t sup]vision ( !     
bus9ess ( ! digital commodity deal] or  
digital commodity brok]2 &  7iii7 su*   
o!r matt]s z ! ,commission det]m9es to  
be appropriate4  7,d7 ,duties ,a digital
 commodity deal] or digital commodity   
brok] %all comply ) ! foll[+            
requirem5ts3 7i7 ,risk managem5t        
proc$ures ,! digital commodity deal] or 
digital commodity brok] %all e/abli%    
robu/ & pr(essional risk managem5t      
sy/ems adequate = manag+ ! day-to-day   
bus9ess ( ! digital commodity deal] or  
digital commodity brok]4  7ii7          
,disclosure ( g5]al in=mation ,! digital
 commodity deal] or digital commodity   
brok] %all disclose to ! ,commission1 z 
applicable1 in=mation conc]n+-- 7,i7    
t]ms & conditions ( its digital         
commodity trades2  7,,ii7 trad+         
op]ations1 me*anisms1 & practices2      
7,,iii7 f9ancial integrity protections  
relat+ to transactions 9 digital        
commodity trades2 &  7,,iv7 o!r         
in=mation relevant to its digital       

commodity trades4  7,e7 ,ability to     
obta9 in=mation ,a digital commodity    
deal] or digital commodity brok] %all-- 
7i7 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 &  7ii7 provide 
! in=mation describ$ 9 clause 7i7 to !  
,commission on reque/4  7#d7 ,core      
pr9ciples applicable to all digital     
commodity plat=ms  7,a7 ,recordkeep+ &  
report+ ,a digital commodity plat=m     
%all-- 7i7 7,i7 ma9ta9 records ( all    
activities relat+ to ! bus9ess ( !      
digital commodity plat=m1 includ+ a     
complete audit trail1 9 a =m & mann]    
acceptable to ! ,commission = a p]iod ( 
#e ye>s2 &  7,,ii7 keep ! records       
describ$ 9 subclause 7,i7 op5 to        
inspection by ! ,commission2  7ii7      
provide 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 make su* reports z are  
requir$ by ! ,commission relat+ to !    
transactions & positions ( ! cu/om]s ( !
 digital commodity plat=m4  7,b7        
,antitru/ consid]ations ,unless necess>y
 or appropriate to a*ieve ! purposes (  
?is ,act1 a digital commodity plat=m    
%all n-- 7i7 adopt any rules or take any
 actions t result 9 any unreasonable    
re/ra9t ( trade2 or  7ii7 impose any    
mat]ial anticompetitive burd5 on trad+  
or cu/ody4  7,c7 ,conflicts ( int]e/ ,! 
,commission %all require conflict (     
int]e/ sy/ems & proc$ures t-- 7i7       
e/abli% /ructural & in/itutional        
safegu>ds-- 7,i7 to m9imize conflicts ( 
int]e/ t might pot5tially bias ! judgm5t
 or sup]vision ( a digital commodity    
plat=m & contrav5e ! core pr9ciples (   
fair & equitable trad+ & ! bus9ess      
conduct /&>ds describ$ 9 ?is ,act1      
includ+ conflicts aris+ out (           
transactions or arrangem5ts ) affiliates
 7includ+ affiliates act+ z issu]s1     
m>ket-mak]s1 or cu/odians72 &  7,,ii7   

:i* may include1 z ! ,commission        
det]m9es to be appropriate1 in=mation   
p>titions & ! legal sep>ation ( diff]5t 
categories ( digital commodity plat=ms2 
7ii7 e/abli% a process = resolv+        
conflicts ( int]e/ describ$ 9 clause    
7i72  7iii7 require disclosure by a     
digital commodity plat=m ( any mat]ial  
inc5tives or conflicts ( int]e/ t !     
digital commodity plat=m is unable to   
resolve2 &  7iv7 address su* o!r issues 
z ! ,commission det]m9es to be          
appropriate4  7,d7 ,f9ancial res\rces   
7i7 ,9 g5]al ,a digital commodity plat=m
 %all h adequate f9ancial1 op]ational1 &
 manag]ial res\rces to dis*>ge ea*      
responsibility ( ! digital commodity    
plat=m4  7ii7 ,f9ancial res\rces = m>g9 
trad+ ,! ,commission %all require su*   
additional f9ancial res\rces z are      
necess>y to enable a digital commodity  
plat=m to fulfill obligations ( !       
digital commodity plat=m aris+ f m>g9$1 
lev]ag$1 or f9anc$ transactions4  7,e7  
,sy/em safegu>ds ,a digital commodity   

plat=m %all-- 7i7 e/abli% & ma9ta9 a    
program ( risk analysis & ov]sight to   
id5tify & m9imize s\rces ( op]ational   
risk 7includ+ cyb]security risk71 ?r\gh 
! developm5t ( appropriate controls &   
proc$ures1 & automat$ sy/ems1 t-- 7,i7  
are reliable & secure2 &  7,,ii7 h      
adequate scalable capacity2  7ii7       
e/abli% & ma9ta9 em]g5cy proc$ures1     
backup facilities1 & a plan = disa/]    
recov]y t all[ =-- 7,i7 ! timely recov]y
 & resumption ( op]ations2 &  7,,ii7 !  
fulfillm5t ( ! responsibilities &       
obligations ( ! digital commodity       
plat=m2 &  7iii7 p]iodically conduct    
te/s to v]ify t ! backup res\rces ( !   
digital commodity plat=m are suffici5t  
to ensure cont9u$-- 7,i7 ord] process+ &
 trade mat*+2  7,,ii7 price report+2    
7,,iii7 m>ket surveillance2 &  7,,iv7   
ma9t5ance ( a compreh5sive & accurate   
audit trail4  7,f7 ,designation ( *ief  
compliance (fic]  7i7 ,9 g5]al ,a       
digital commodity plat=m %all designate 
an individual to s]ve z a *ief          

compliance (fic] 7ref]r$ to 9 ?is       
p>agraph z a *ief compliance (fic]74    
7ii7 ,duties ,a *ief compliance (fic]   
%all-- 7,i7 report directly to ! bo>d or
 to ! s5ior (fic] ( ! digital commodity 
plat=m2  7,,ii7 review compliance ) !   
core pr9ciples describ$ 9 ?is           
subsection2  7,,iii7 9 consultation ) ! 
bo>d ( ! digital commodity plat=m1 a    
body p]=m+ a function simil> to t ( a   
bo>d1 or ! s5ior (fic] ( ! digital      
commodity plat=m1 resolve any conflicts 
( int]e/ t may arise2  7,,iv7 be        
responsible = e/abli%+ & adm9i/]+ !     
policies & proc$ures requir$ to be      
e/abli%$ pursuant to ?is section2  7,v7 
ensure compliance ) ?is ,act & ! rules &
 regulations issu$ "u ?is ,act1 includ+ 
rules prescrib$ by ! ,commission        
pursuant to ?is section2 &  7,,vi7      
e/abli% proc$ures = ! rem$iation (      
noncompliance issues f\nd dur+          
compliance (fice reviews1 look backs1   
int]nal or ext]nal audit f9d+s1         
self-report$ errors1 or ?r\gh validat$  

compla9ts4  7iii7 ,requirem5ts =        
proc$ures ,9 e/abli%+ proc$ures "u      
clause 7ii77,,vi71 a *ief compliance    
(fic] %all design ! proc$ures to e/abli%
 ! h&l+1 managem5t response1 rem$iation1
 rete/+1 & clos+ ( noncompliance issues4
  7iv7 ,annual reports  7,i7 ,9 g5]al ,9
 accordance ) rules prescrib$ by !      
,commission1 a *ief compliance (fic]    
%all annually prep>e & sign a report t  
conta9s a description (-- 7aa7 !        
compliance ( ! digital commodity plat=m 
) ?is ,act2 &  7bb7 ! policies &        
proc$ures1 includ+ ! code ( e?ics &     
conflict ( int]e/ policies1 ( ! digital 
commodity plat=m4  7,,ii7 ,requirem5ts  
,a *ief compliance (fic] %all-- 7aa7    
submit ea* report describ$ 9 subclause  
7,i7 ) ! appropriate f9ancial report ( !
 digital commodity plat=m t is requir$  
to be submitt$ to ! ,commission pursuant
 to ?is section2 &  7bb7 include 9 !    
report a c]tification t1 "u p5alty (    
law1 ! report is accurate & complete4   
7,g7 ,gov]nance2 fitness /&>ds  7i7     

,gov]nance arrangem5ts ,a digital       
commodity plat=m %all e/abli% gov]nance 
arrangem5ts t are transp>5t to fulfill  
public int]e/ requirem5ts4  7ii7        
,fitness /&>ds ,a digital commodity     
plat=m %all e/abli% & en=ce appropriate 
fitness /&>ds =-- 7,i7 directors2 &     
7,,ii7 any entity (f]+ affiliat$ s]vices
 = ! digital commodity plat=m4  7,h7    
,treatm5t ( cu/om] assets  7i7 ,9 g5]al 
,a digital commodity plat=m %all hold   
cu/om] prop]ty 7includ+ digital         
commodities7 9 a mann] t m9imizes ! risk
 ( loss (1 or unreasonable delay 9      
access to1 ! cu/om] prop]ty4  7ii7      
,segregation ( funds  7,i7 ,9 g5]al ,a  
digital commodity plat=m %all treat &   
deal ) all cu/om] prop]ty t is receiv$  
by ! digital commodity plat=m z belong+ 
to ! cu/om]4  7,,ii7 ,comm+l+ prohibit$ 
,cu/om] prop]ty describ$ 9 subclause    
7,i7-- 7aa7 %all be sep>ately acc\nt$ =2
 &  7bb7 %all n be comm+l$ ) ! assets ( 
! digital commodity plat=m4  7iii7      
,exceptions  7,i7 ,use ( funds ,not)/&+ 

clause 7ii71 cu/om] prop]ty describ$ 9 t
 clause may1 = conv5i5ce1 be comm+l$ 9 !
 same acc\nt or acc\nts )-- 7aa7 an     
insur$ depository in/itution 7z def9$ 9 
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac772 
7bb7 an insur$ cr$it union 7z def9$ 9   
section #aja ( ! ,f$]al ,cr$it ,union   
,act 7#ab ,u4,s4,c4 #ageb772 or  7cc7 a 
digital commodity plat=m4  7,,ii7       
,)drawal ,not)/&+ clause 7ii71 su* %>e (
 ! cu/om] prop]ty describ$ 9 t clause z1
 9 ! normal c\rse ( bus9ess1 is necess>y
 to m>g91 gu>antee1 secure1 transf]1    
adju/1 or settle a digital commodity    
transaction ) a digital commodity       
plat=m1 or ) any cu/om] ( a digital     
commodity plat=m1 may be )drawn & appli$
 to su* purposes lawfully accru+ 9      
connection ) ! digital commodity        
transaction1 includ+ ! paym5t (         
commissions1 taxes1 & brok]age1 int]e/1 
/orage1 & o!r *>ges4  7,,iii7           
,commission action ,not)/&+ clause      
7ii7-- 7aa7 ! ,commission may adopt     

rules or regulations p]mitt+ ! l5d+ (   
digital commodities by a digital        
commodity plat=m hold+ ^? digital       
commodities = cu/om]s1 subject to su*   
conditions z ! ,commission may prescribe
 to protect cu/om]s & a*ieve ! purposes 
( ?is ,act2 &  7bb7 9 accordance ) su*  
t]ms & conditions z ! ,commission may   
prescribe by rule1 regulation1 or ord]1 
any cu/om] prop]ty describ$ 9 t clause  
may be comm+l$ & deposit$ 9 cu/om]      
acc\nts ) any o!r money1 securities1 or 
prop]ty receiv$ by ! digital commodity  
plat=m & requir$ by ! ,commission to be 
sep>ately acc\nt$ =1 treat$1 & dealt ) z
 belong+ to cu/om]s4  7iv7 ,p]mitt$     
inve/m5ts  7,i7 ,9 g5]al ,cu/om] prop]ty
 describ$ 9 clause 7ii7 9 ! =m ( money  
may be inve/$ 9-- 7aa7 obligations ( !  
,unit$ ,/ates2  7bb7 obligations !      
pr9cipal & int]e/ ( :i* are fully       
gu>ante$ by ! ,unit$ ,/ates2 &  7cc7 any
 o!r inve/m5t t ! ,commission may by    
rule or regulation prescribe4  7,,ii7   
,rules & conditions ,inve/m5ts "u       

subclause 7,i7 %all be made 9 accordance
 ) su* rules & regulations1 & subject to
 su* conditions1 z ! ,commission may    
prescribe4  7v7 ,prohibition ,x %all be 
unlawful = any p]son1 includ+ a digital 
commodity plat=m or a depository        
in/itution1 t has receiv$ any cu/om]    
prop]ty = deposit 9 a sep>ate acc\nt or 
acc\nts 9 accordance ) clause 7ii7 to   
hold1 dispose (1 or use t cu/om] prop]ty
 z belong+ to ! deposit+ digital        
commodity plat=m or any p]son o!r ?an ! 
cu/om]s ( ! digital commodity plat=m4   
7c7 ,rules gov]n+ m>g9$ or lev]ag$ trad+
 ,! ,commission may make1 promulgate1 & 
en=ce su* rules gov]n+ m>g9$1 lev]ag$1  
or f9anc$ digital commodity trades on   
digital commodity plat=ms z are         
reasonably necess>y to protect ! public 
int]e/ & promote ! ord]ly settlem5t (   
transactions4  7d7 ,contract li/+s1     
rules1 & rule am5dm5ts = digital        
commodity trad+ facilities  7#a7 ,9     
g5]al ,subject to ! requirem5ts "u ?is  
subsection1 a digital commodity trad+   

facility may-- 7,a7 li/ = trad+ a       
contract = a digital commodity2 &  7,b7 
approve & implem5t a new rule or rule   
am5dm5t4  7#b7 ,c]tification f digital  
commodity trad+ facility ,a digital     
commodity trad+ facility t elects to    
c>ry out an activity describ$ 9         
subp>agraph 7,a7 or 7,b7 ( p>agraph 7#a7
 %all1 prior to c>ry+ out t activity1   
provide to ! ,commission a writt5       
c]tification t ! contract1 new rule1 or 
rule am5dm5t1 z applicable1 complies )  
?is ,act 7includ+ regulations "u ?is    
,act74  7#c7 ,effective date ( li/+1    
rule1 & rule am5dm5t ,subject to        
p>agraph 7#d71 a li/+1 rule1 or rule    
am5dm5t describ$ 9 p>agraph 7#a7 %all   
become effective on ! date t is-- 7,a7 9
 ! case ( a li/+ ( a contract t has n   
previ\sly be5 li/$ on any digital       
commodity trad+ facility1 #cj bus9ess   
days aft] ! date on :i* ! ,commission   
receives ! c]tification 7or su* %ort]   
p]iod z det]m9$ by ! ,commission by rule
 or regulation72 or  7,b7 9 any o!r     

case1 #aj bus9ess days aft] ! date on   
:i* ! ,commission receives !            
c]tification 7or su* %ort] p]iod z      
det]m9$ by ! ,commission by rule or     
regulation74  7#d7 ,/ay ( c]tification  
7,a7 ,9 g5]al ,! ,commission may /ay a  
c]tification = a li/+1 rule1 or rule    
am5dm5t describ$ 9 p>agraph 7#a7 by     
notify+ ! digital commodity trad+       
facility t ! ,commission is /ay+ !      
c]tification because !re exi/s-- 7i7 a  
novel or complex issue t requires       
additional "t to analyze2  7ii7 an      
inadequate explanation by ! submitt+    
digital commodity trad+ facility2 or    
7iii7 a pot5tial inconsi/5cy ) ?is ,act 
7includ+ regulations "u ?is ,act74  7,b7
 ,duration ( /ay ,a /ay ( c]tification  
by ! ,commission "u subp>agraph 7,a7    
%all be = a p]iod ( n m ?an #ij days1   
beg9n+ on ! date ( ! notification by !  
,commission "u t subp>agraph4  7,c7     
,effective date aft] /ay ,a li/+1 rule1 
or rule am5dm5t subject to a /ay "u     
subp>agraph 7,a7 %all become effective  

on ! expiration ( ! p]iod describ$ 9    
subp>agraph 7,b71 unless ! ,commission--
 7i7 )draws ! /ay prior to t "t2 or     
7ii7 notifies ! digital commodity trad+ 
facility dur+ su* p]iod t ! ,commission 
objects to ! propos$ c]tification &     
disapproves a li/+1 rule1 or rule       
am5dm5t pursuant to p>agraph 7#e74  7,d7
 ,public comm5t ,! ,commission may      
provide a public comm5t p]iod ( n less  
?an #cj days1 )9 ! p]iod 9 :i* a /ay is 
9 effect "u subp>agraph 7,b71 :5ev] !   
,commission reviews a li/+1 rule1 or    
rule am5dm5t pursuant to a notification 
by ! ,commission "u subp>agraph 7,a74   
7#e7 ,disapproval  7,a7 ,9 g5]al ,!     
,commission may disapprove a li/+1 rule1
 or rule am5dm5t describ$ 9 p>agraph    
7#a7 if ! ,commission det]m9es t ! li/+1
 rule1 or rule am5dm5t is inconsi/5t )  
?is ,act 7includ+ ! consid]ations 9     
subp>agraph 7,b7 & regulations "u ?is   
,act74  7,b7 ,consid]ations ,9 mak+ a   
det]m9ation describ$ 9 subp>agraph 7,a7 
) respect to a li/+ = a digital         

commodity1 ! ,commission may consid]1   
among o!r ?+s-- 7i7 :e!r ! op]at+       
/ructure & sy/em ( ! digital commodity  
is secure f cyb]security ?reats1 includ+
 ! possibility ( mat]ial alt]ations by  
p]sons act+ collectively2  7ii7 :e!r !  
functionality ( ! digital commodity w   
protect hold]s f op]ational failures2   
7iii7 ) respect to a digital commodity t
 purports to h a fix$ value-- 7,i7 an   
id5tification & description ( ! issu] ( 
! digital commodity2  7,,ii7 ! collat]al
 or res]ves back+ ! digital commodity2 &
  7,,iii7 ! t]ms by :i* ! issu] w r$eem 
! digital commodity2 &  7iv7 :e!r !     
digital commodity & ! m>ket = ! digital 
commodity are n readily susceptible to  
manipulation4  7#f7 ,prior approval     
7,a7 ,9 g5]al ,a digital commodity trad+
 facility may reque/ t ! ,commission    
grant prior approval to ! li/+ ( any new
 contract = a digital commodity4  7,b7  
,deadl9e ,if prior approval is reque/$  
"u subp>agraph 7,a71 ! ,commission %all 
take f9al action on ! reque/ n lat] ?an 

#ij days aft] submission ( ! reque/1    
unless ! p]son submitt+ ! reque/ agrees 
to an ext5sion ( ! "t limitation        
e/abli%$ "u ?is subp>agraph4  7,c7      
,disapproval ,p>agraphs 7#d7 & 7#e7 %all
 apply to ,commission action on a reque/
 "u ?is p>agraph4  7#g7 ,deli/+2        
,revocation ,aft] ! li/+ ( a contract = 
a digital commodity has tak5 effect1 !  
,commission may require ! deli/+ ( !    
contract or disapprove ! li/+ 9         
accordance ) p>agraph 7#e74  7#h7       
,disclosures  7,a7 ,9 g5]al ,!          
,commission %all require a digital      
commodity trad+ facility to disclose to 
! public1 on a timely basis1 ) respect  
to a li/+ describ$ 9 p>agraph           
7#a77;,a7-- 7i7 ! op]at+ /ructure &     
sy/em ( ! digital commodity2 &  7ii7 !  
trad+ volume & volatility ( ! digital   
commodity4  7,b7 ,=mat ,! ,commission   
%all prescribe rules & regulations = !  
/&>dization & simplification (          
disclosures "u subp>agraph 7,a7 &       
subsection 7f77#a77;,a71 includ+ requir+

 t disclosures-- 7i7 are conspicu\s2    
7ii7 use pla9 language compreh5sible to 
cu/om]s2 &  7iii7 succ9ctly expla9 !    
in=mation t is requir$ to be communicat$
 to ! cu/om]4  7e7 ,product li/+ =      
digital commodity brok]s & digital      
commodity deal]s  7#a7 ,9 g5]al ,a      
digital commodity brok] & a digital     
commodity deal] may only trade1 or      
arrange a trade1 9 a contract = a       
digital commodity t is n readily        
susceptible to manipulation4  7#b7      
,disclosure1 li/+1 & c]tification       
requirem5ts ,a digital commodity brok] &
 a digital commodity deal] may only     
trade1 or arrange = trad+1 9 digital    
commodities t h met ! requirem5ts (     
subsection 7d7 7includ+ ! li/+ &        
disclosure requirem5ts74  7f7 ,cu/om]   
protection ,! ,commission %all adopt    
cu/om] protection requirem5ts t-- 7#a7  
require disclosure by a digital         
commodity plat=m to a cu/om] 7o!r ?an   
ano!r digital commodity plat=m regi/]$  
"u ?is section7 (-- 7,a7 in=mation ab\t 

! mat]ial risks & *>act]i/ics ( any     
applicable digital commodity contracts2 
&  7,b7 any mat]ial inc5tives or        
conflicts ( int]e/ t ! digital commodity
 plat=m may h 9 connection ) any        
applicable digital commodity contracts2 
7#b7 e/abli% a duty = a digital         
commodity plat=m to communicate 9 a fair
 & balanc$ mann] bas$ on pr9ciples (    
fair deal+ & good fai?2  7#c7 e/abli%   
/&>ds gov]n+ digital commodity plat=m   
m>ket+ & adv]tis+1 includ+ te/imonials &
 endorsem5ts2 &  7#d7 e/abli% su* o!r   
/&>ds & requirem5ts z ! ,commission may 
det]m9e are-- 7,a7 9 ! public int]e/2   
7,b7 appropriate = ! protection (       
cu/om]s2 or  7,c7 o!rwise 9 fur!rance ( 
! purposes ( ?is ,act4  7g7 ,exam9ation 
& publication ( en]gy consumption 9     
digital commodity m>kets  7#a7 ,9 g5]al 
,! ,commission %all exam9e1 9           
collaboration ) o!r ,f$]al regulatory   
ag5cies z ! ,commission det]m9es        
appropriate1 ! en]gy consumption &      
s\rces ( en]gy us$ 9 connection ) !     

creation & transf] ( ! mo/ widely trad$ 
digital commodities4  7#b7 ,report ,n   
lat] ?an #ahj days aft] ! date (        
enactm5t ( ! ,digital ,commodities      
,consum] ,protection ,act ( #bjbb1 !    
,commission %all submit to ! ,committee 
on ,agriculture1 ,nutrition1 & ,=e/ry ( 
! ,s5ate & ! ,committee on ,agriculture 
( ! ,h\se ( ,repres5tatives a report    
describ+-- 7,a7 an e/imate ( ! en]gy    
consumption & s\rces ( en]gy us$ 9      
connection ) ! creation & transf] ( !   
mo/ widely trad$ digital commodities2 & 
7,b7 ! me?odology us$ by ! ,commission  
to g5]ate ! e/imate describ$ 9          
subp>agraph 7,a74  7#c7 ,publication    
,us+ ! me?odology describ$ 9 p>agraph   
7#b77;,b71 ! ,commission %all publi% on 
! website ( ! ,commission1 & p]iodically
 update on a timely basis1 an e/imate ( 
! en]gy consumption & s\rces ( en]gy us$
 9 connection ) ! creation & transf] ( !
 mo/ widely trad$ digital commodities4  
7h7 ,prohibition on fraud1 deception1 & 
manipulation ,x %all be unlawful = any  

digital commodity plat=m to engage 9 any
 act1 practice1 or c\rse ( bus9ess 9    
connection ) its bus9ess z a digital    
commodity plat=m t is fraudul5t1        
deceptive1 or manipulative4  7i7        
,self-,regulation  7#a7 ,9 g5]al ,a     
digital commodity brok]1 digital        
commodity deal]1 or digital commodity   
cu/odian %all be a memb] ( a regi/]$    
futures association1 reg>dless ( :e!r   
su* p]son is sep>ately regi/]$ z a      
digital commodity trad+ facility4  7#b7 
,delegation ( regi/ration functions ,!  
,commission may au?orize any regi/]$    
futures association to p]=m any portion 
( ! regi/ration functions ) respect to  
digital commodity plat=ms1 associat$    
p]sons ( digital commodity brok]s1 &    
associat$ p]sons ( digital commodity    
deal]s-- 7,a7 9 accordance ) rules1     
not)/&+ any o!r provision ( law1 adopt$ 
by t regi/]$ futures association &      
submitt$ to ! ,commission = approval2 & 
7,b7 subject to ! provisions ( ?is      
section applicable to regi/rations      

grant$ by ! ,commission4  7j7 ,dual     
regi/ration ,a digital commodity plat=m 
regi/]$ "u ?is section may also be      
regi/]$ ) ! ,securities & ,ex*ange      
,commission z an ex*ange1 brok]1 or     
deal] 7z ^? t]ms are def9$ 9 section #c 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;c77 or ano!r trad+   
plat=m4  7k7 ,fees = regi/ration  7#a7  
,9 g5]al ,! ,commission %all1 9         
accordance ) ?is subsection1 assess &   
collect fees1 :i* %all be us$ to recov] 
! annual co/s (-- 7,a7 regi/]+ digital  
commodity plat=ms2  7,b7 conduct+       
ov]sight ( digital commodity trades2 &  
7,c7 c>ry+ out education & outrea* "u   
subsection 7l74  7#b7 ,det]m9ation ( fee
 rates ,9 det]m9+ fee rates "u p>agraph 
7#a71 ! ,commission %all consid]-- 7,a7 
! volume ( bus9ess ( ! digital commodity
 plat=m2 &  7,b7 ! category ( ! digital 
commodity plat=m4  7#c7 ,prohibitions   
7,a7 ,commission ,! ,commission %all n  
require a digital commodity plat=m to   
collect directly f cu/om]s a            

p]-transaction fee = ea* digital        
commodity trade4  7,b7 ,digital         
commodity plat=ms ,a digital commodity  
plat=m %all n impose directly on cu/om]s
 a p]-transaction fee = ea* digital     
commodity trade to pay ! fees "u        
p>agraph 7#a74  7#d7 ,publication ,n    
lat] ?an #fj days aft] ! date ( enactm5t
 ( an ,act mak+ a regul> appropriation  
to ! ,commission = a fiscal ye>1 !      
,commission %all publi% 9 ! ,f$]al      
,regi/] a notice (-- 7,a7 ! fee rates   
det]m9$ pursuant to ?is subsection = t  
fiscal ye>2 &  7,b7 any e/imates or     
projections on :i* ^? fee rates are     
bas$4  7#e7 ,records & disclosure ,9    
c>ry+ out ?is subsection1 ! ,commission 
%all n be requir$ to comply ) section   
#eec ( title #e1 ,unit$ ,/ates ,code4   
7#f7 ,no judicial review ,a fee rate    
prescrib$ "u ?is subsection %all n be   
subject to judicial review4  7#g7       
,deposit ( fees ,fees collect$ pursuant 
to ?is subsection = any fiscal ye> %all 
be deposit$ & cr$it$ z (fsett+          

collections to ! acc\nt provid+         
appropriations to ! ,commission4  7#h7  
,annual adju/m5t ,= ea* fiscal ye>1 !   
,commission %all1 by ord]1 det]m9e fee  
rates pursuant to ?is subsection t are  
reasonably likely to produce aggregate  
fee collections t are equal to ! annual 
appropriation to ! ,commission by       
,congress = activities relat+ to !      
regi/ration ( digital commodity plat=ms 
& ! ov]sight ( digital commodity trades4
  7#i7 ,lapse ( appropriation ,if1 on ! 
fir/ day ( a fiscal ye>1 a regul>       
appropriation to ! ,commission has n be5
 enact$1 ! ,commission %all cont9ue to  
collect 7z (fsett+ collections7 fees    
pursuant to ?is subsection at ea* ( !   
rates 9 effect dur+ ! prec$+ fiscal ye>4
  7#aj7 ,budget reque/s ,! ,commission  
%all itemize 9 ea* budget submitt$ to ! 
,presid5t or ! ,(fice ( ,managem5t &    
,budget ! e/imat$ annual co/s (-- 7,a7  
regi/]+ digital commodity plat=ms2  7,b7
 conduct+ ov]sight ( digital commodity  
trades2 &  7,c7 c>ry+ out education &   

outrea* "u subsection 7l74  7#aa7       
,limitations  7,a7 ,9 g5]al ,fees may   
only be assess$ & impos$ pursuant to ?is
 subsection on digital commodity plat=ms
 regulat$ by ! ,commission pursuant to  
?is section4  7,b7 ,use ( fees ,fees    
au?oriz$ "u ?is subsection are prohibit$
 f fund+ any ,commission activity n     
directly relat$ to ! regi/ration (      
digital commodity plat=ms1 ! ov]sight ( 
digital commodity trades1 & ! education 
& outrea* c>ri$ out "u subsection 7l74  
7l7 ,cu/om] education & outrea* ,!      
,commission %all provide education &    
outrea* to cu/om]s p>ticipat+ 9 digital 
commodity m>kets4  7m7 ,inspection ,!   
,commission may inspect & monitor       
digital commodity plat=ms1 on an ongo+  
basis1 = ! purpose ( ensur+ compliance )
 ?is ,act4  7n7 ,preemption ( ,/ate laws
  7#a7 ,9 g5]al ,! regi/ration ( a      
digital commodity plat=m1 an associat$  
p]son ( a digital commodity brok]1 or an
 associat$ p]son ( a digital commodity  
deal] "u ?is section-- 7,a7 %all preempt

 any applicable regi/ration requirem5ts 
"u ,/ate laws relat+ to money           
transmission1 virtual curr5cy1 &        
commodity brok]s2 &  7,b7 %all n affect 
! applicability ( ,/ate antifraud laws4 
7#b7 ,compliance ,beg9n+ on ! effective 
date ( a regi/ration ( a digital        
commodity plat=m "u ?is section1 !      
digital commodity plat=m %all n be      
requir$ to comply ) applicable ,/ate law
 requirem5ts relat+ to money            
transmission1 virtual curr5cy1 &        
commodity brok]age4  7o7 ,regulations ,!
 ,commission %all prescribe su* rules & 
regulations z are appropriate = !       
implem5tation ( ?is section4  4  #e4    
,additional am5dm5ts  7a7 ,retail       
commodity transactions ,section         
#b7;c77#b77;,d77ii7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4             
#b7;c77#b77;,d77ii77 is am5d$-- 7#a7 9  
subclause 7,,iii77bb71 by /rik+ or at ! 
end2  7#b7 by r$esignat+ subclauses     
7,,iv7 & 7,v7 z subclauses 7,v7 &       
7,,vi71 respectively2 &  7#c7 by ins]t+ 

aft] subclause 7,,iii7 ! foll[+3  7,,iv7
 a digital commodity trade2  4  7b7     
,applicability ,section #b7;i7 ( !      
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#b7;i77 is am5d$-- 7#a7 by r$esignat+   
p>agraphs 7#a7 & 7#b7 z subp>agraphs    
7,a7 & 7,b71 respectively1 & ind5t+     
appropriately2  7#b7 9 ! matt] prec$+   
subp>agraph 7,a7 7z s r$esignat$71 by   
/rik+ ,! provisions & ins]t+ ! foll[+3  
7#a7 ,swaps ,! provisions  2 &  7#c7 by 
add+ at ! end ! foll[+3  7#b7 ,digital  
commodities ,! provisions ( ?is ,act    
7includ+ any rule prescrib$ or          
regulation promulgat$ "u ?is ,act7      
relat+ to digital commodities %all n    
apply to activities outside ! ,unit$    
,/ates unless ^? activities-- 7,a7 h a  
reasonably =eseeable significant effect 
)9 ! ,unit$ ,/ates2  7,b7 involve1 = !  
purpose ( solicit+ or accept+ any ord]  
=1 or o!rwise deal+ 91 digital          
commodities-- 7i7 ! (f]+ to ent] into1  
ent]+ into1 execution1 or confirm+ !    
execution ( digital commodities ) any   

,unit$ ,/ates p]son2 or  7ii7 ! conduct+
 ( any (fice or bus9ess any:]e 9 !      
,unit$ ,/ates 7includ+ any t]ritory or  
possession ( ! ,unit$ ,/ates72 or  7,c7 
contrav5e su* rules or regulations z !  
,commission may prescribe or promulgate 
z are necess>y or appropriate to prev5t 
! evasion ( any provision ( ?is ,act4  4
  7c7 ,regi/ration ( associat$ p]sons   
7#a7 ,9 g5]al ,section #dk ( !          
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#fk7 is am5d$-- 7,a7 by r$esignat+      
p>agraphs 7#d7 ?r\gh 7#f7 z p>agraphs   
7#e7 ?r\gh 7#g72  7,b7 by ins]t+ aft]   
p>agraph 7#c7 ! foll[+3  7#d7 ,x %all be
 unlawful = any p]son to act z an       
associat$ p]son ( a digital commodity   
brok] or an associat$ p]son ( a digital 
commodity deal] unless su* p]son is     
regi/]$ ) ! ,commission "u ?is ,act &   
su* regi/ration %all n h expir$1 be5    
susp5d$ 7& ! p]iod ( susp5sion has n    
expir$71 or be5 revok$4 ,x %all be      
unlawful = a digital commodity brok] or 
a digital commodity deal] to p]mit su* a

 p]son to become or rema9 associat$ ) ! 
digital commodity brok] or digital      
commodity deal] if su* digital commodity
 brok] or digital commodity deal] knew  
or %\ld h kn[n t su* p]son 0 n s regi/]$
 or t su* regi/ration _h expir$1 be5    
susp5d$ 7& ! p]iod ( susp5sion has n    
expir$71 or be5 revok$4  2 &  7,c7 9    
p>agraph 7#e7 7z s r$esignat$71 by /rik+
 or ( a commodity trad+ advisor & ins]t+
 ( a commodity trad+ advisor1 ( a       
digital commodity brok]1 or ( a digital 
commodity deal]4  7#b7 ,con=m+ am5dm5t  
,! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #a;a et seq47 is am5d$ by     
/rik+ section #dk7#f7 ea* place x appe>s
 & ins]t+ section #dk7#g74  7d7         
,commodity trad+ advis]s2 commodity pool
 op]ators  7#a7 ,9 g5]al ,section #dl ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #fl7 is am5d$-- 7,a7 9 p>agraph 7#b71  
by /rik+ d]ivatives transaction         
execution facilities & ins]t+ digital   
commodity trades on or subject to !     
rules ( digital commodity trad+         

facilities2 &  7,b7 9 p>agraph 7#c71 by 
/rik+ d]ivatives transaction execution  
facilities & ins]t+ digital commodity   
trad+ facilities4  7#b7 ,use ( mail or  
o!r int]/ate comm]ce ,section           
#dm7#c77;,c7 ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #fm7#c77;,c77 is     
am5d$ by ins]t+ digital commodity       
trades1 be=e & any monies4  7#c7        
,regi/ration ,section #dn7#c77;,b7 ( !  
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#fn7#c77;,b77 is am5d$ by ins]t+ or     
digital commodity aft] futures m>ket4   
7e7 ,acceptable bus9ess practices "u    
core pr9ciples ,section #e;c7a77#a7 ( ! 
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#g;a-#b7;a77#a77 is am5d$ by /rik+ &    
#e;b7c77#b71 & ins]t+ 1 #e;b7c77#b71 &  
#e;i7b74  7f7 ,public disclosure        
,section #h7;a77#a7 ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4 #ab7;a77#a77
 is am5d$1 9 ! fir/ s5t5ce ( ! matt]    
prec$+ subp>agraph 7,a71 by ins]t+ 1    
digital commodity plat=ms1 aft] bo>ds ( 
trade4  7g7 ,anti-,money laund]+  7#a7  

,am5dm5t ,section #ecab7;a77#b7 ( title 
#ca1 ,unit$ ,/ates ,code1 is am5d$--    
7,a7 by r$esignat+ subp>agraphs 7,y7 &  
7,z7 z subp>agraphs 7,z7 & 7,,aa71      
respectively2 &  7,b7 by ins]t+ aft]    
subp>agraph 7,x7 ! foll[+3  7,y7 a      
digital commodity plat=m 7z def9$ 9     
section #a;a ( ! ,commodity ,ex*ange    
,act 7#g ,u4,s4,c4 #a;a772  4  7#b7     
,regulations  7,a7 ,propos$ regulations 
,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ?is ,act1 ! ,secret>y ( !    
,treasury1 aft] consultation ) !        
,commodity ,futures ,trad+ ,commission1 
%all publi% propos$ regulations 9 !     
,f$]al ,regi/] requir+ a digital        
commodity plat=m 7z def9$ 9 section #a;a
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #a;a77 regi/]$ ) ! ,commodity 
,futures ,trad+ ,commission to submit a 
report ( any suspici\s transaction "u   
section #ecah7;g7 ( title #ca1 ,unit$   
,/ates ,code4  7,b7 ,f9al regulations ,n
 lat] ?an #ahj days aft] ! date (       
publication ( ! propos$ regulations "u  

subp>agraph 7,a71 ! ,secret>y ( !       
,treasury %all publi% ^? regulations 9  
f9al =m4  7h7 ,regi/ration ( commodity  
deal]s & associat$ p]sons ,section #h;a 
( ! ,commodity ,ex*ange ,act 7#g        
,u4,s4,c4 #ab;a7 is am5d$-- 7#a7 9      
p>agraph 7#a71 by ins]t+ digital        
commodity brok]s1 associat$ p]sons (    
digital commodity brok]s1 digital       
commodity deal]s1 associat$ p]sons (    
digital commodity deal]s1 aft] to       
regi/]2  7#b7 9 p>agraph 7#b7-- 7,a7 9  
subp>agraph 7,c7-- 7i7 9 clause 7i71 by 
ins]t+ digital commodity brok]1 digital 
commodity deal]1 be=e futures commission
 m]*ant2 &  7ii7 9 clause 7ii71 by /rik+
 contracts ( & ins]t+ a digital         
commodity trade or a contract (2  7,b7 9
 subp>agraph 7,d7-- 7i7 9 clause 7i71 by
 ins]t+ digital commodity trade or be=e 
contract ( sale2 &  7ii7 9 clause 7ii71 
by ins]t+ digital commodity brok]1      
digital commodity deal]1 be=e futures   
commission m]*ant2 &  7,c7 9 subp>agraph
 7,e77i71 by /rik+ ,inve/ors & ins]t+   

,inve/or2  7#c7 9 p>agraph 7#c7-- 7,a7 9
 subp>agraph 7,b77i71 by /rik+ ,inve/ors
 & ins]t+ ,inve/or2  7,b7 9 subp>agraph 
7,e7-- 7i7 9 clause 7i71 by /rik+       
contract ( sale ( a commodity = future  
deliv]y or & ins]t+ contract ( sale ( a 
commodity = future deliv]y1 digital     
commodity trade1 or2 &  7ii7 9 clause   
7ii71 by ins]t+ digital commodity brok]1
 digital commodity deal]1 be=e futures  
commission m]*ant2 &  7,c7 9 subp>agraph
 7,j7-- 7i7 by ins]t+ a digital         
commodity trad+ facility1 be=e a regi/]$
 entity2 &  7ii7 by /rik+ regi/]$       
entity1 association & ins]t+ digital    
commodity trad+ facility1 regi/]$       
entity1 regi/]$ futures association2    
7#d7 9 p>agraph 7#d7-- 7,a7 by /rik+    
futures commission m]*ant & ins]t+      
digital commodity brok]1 digital        
commodity deal]1 futures commission     
m]*ant12  7,b7 by ins]t+ digital        
commodity subject to ! rules ( a digital
 commodity trad+ facility or be=e       
commodity2 &  7,c7 by ins]t+ digital    

commodity trad+ facility or be=e regi/]$
 entity ea* place x appe>s2  7#e7 9     
p>agraph 7#f71 by ins]t+ digital        
commodity trad+ facility1 digital       
commodity cu/odian1 be=e regi/]$ entity 
ea* place x appe>s2 &  7#f7 9 p>agraph  
7#i7-- 7,a7 by ins]t+ digital commodity 
trad+ facility or be=e regi/]$ entity   
ea* place x appe>s2  7,b7 by ins]t+     
digital commodity or be=e futures       
contract ea* place x appe>s2 &  7,c7 by 
ins]t+ digital commodity or be=e        
commodity ea* place x appe>s4  7i7      
,am5dm5ts to title #aa ,title #aa1      
,unit$ ,/ates ,code1 is am5d$-- 7#a7 9  
section #aja7f71 by ins]t+ digital      
commodity plat=m1 z def9$ 9 section #a;a
 ( ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #a;a71 aft] lev]age           
transaction m]*ant12 &  7#b7 9 section  
#gfa-- 7,a7 9 p>agraph 7#d77;,f7-- 7i7 9
 clause 7i71 by /rik+ & at ! end2  7ii7 
9 clause 7ii71 by ins]t+ & aft] !       
semicolon2 &  7iii7 by add+ at ! end !  
foll[+3  7iii7 ) respect to a digital   

commodity plat=m1 a contract = a digital
 commodity trade-- 7,i7 held at a       
digital commodity plat=m2 or  7,,ii7    
execut$ by or ?r\gh a digital commodity 
plat=m2  2  7,b7 9 p>agraph 7#i7-- 7i7 9
 subp>agraph 7,d71 by /rik+ or at ! end2
  7ii7 9 subp>agraph 7,e77ii77,,ii71 by 
add+ or aft] ! semicolon at ! end2 &    
7iii7 by add+ at ! end ! foll[+3  7,f7 )
 respect to a digital commodity plat=m--
 7i7 entity = or ) :om ! digital        
commodity plat=m deals & t holds a claim
 aga9/ ! digital commodity plat=m on    
acc\nt ( a commodity contract made1     
receiv$1 acquir$1 or held by or ?r\gh ! 
digital commodity plat=m 9 ! ord9>y     
c\rse ( ! bus9ess ( ! digital commodity 
plat=m z a digital commodity plat=m f or
 = a commodity contract acc\nt ( !      
entity2 or  7ii7 entity t holds a claim 
aga9/ ! digital commodity plat=m aris+  
out (-- 7,i7 ! mak+1 liquidation1 or    
*ange 9 ! value ( a commodity contract (
 a k9d specifi$ 9 clause 7i7 ( ?is      
subp>agraph2  7,,ii7 a deposit or paym5t

 ( ca%1 a security1 digital commodity1  
or o!r prop]ty ) ! digital commodity    
plat=m = ! purpose (-- 7aa7 mak+ or     
m>g9+ ! commodity contract2 or  7bb7    
hold+ 9 cu/ody1 or accept+ a deposit1 ( 
prop]ty relat$ to ! mak+ or m>g9+ ( !   
commodity contract2 or  7,,iii7 ! mak+  
or tak+ ( deliv]y on ! commodity        
contract4  2  7,c7 by r$esignat+        
p>agraphs 7#aa7 ?r\gh 7#ag7 z p>agraphs 
7#ab7 ?r\gh 7#ah71 respectively2 &  7,d7
 by ins]t+ aft] p>agraph 7#aj7 ! foll[+3
  7#aa7 ! t]ms digital commodity1       
digital commodity plat=m1 & digital     
commodity trade h ! mean+s giv5 ^? t]ms 
9 section #a;a ( ! ,commodity ,ex*ange  
,act 7#g ,u4,s4,c4 #a;a72  4  #f4       
,applicability ,! am5dm5ts made by ?is  
,act %all n apply to any p]son regulat$ 
"u ! ,commodity ,ex*ange ,act 7#g       
,u4,s4,c4 #a et seq471 z am5d$ by ?is   
,act1 until ! date ( effectiv5ess ( !   
f9al rule ( ! ,commodity ,futures ,trad+
 ,commission requir+ regi/ration (      
digital commodity plat=ms "u section    

#e;i ( t ,act4  #g4 ,report on          
hi/orically und]s]v$ cu/om]s p>ticipat+ 
9 digital commodity m>kets ,n lat] ?an  
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,commodity ,futures ,trad+      
,commission 7ref]r$ to 9 ?is section z !
 ,commission7 %all-- 7#a7 exam9e !      
racial1 e?nic1 & g5d] demographics (    
cu/om]s p>ticipat+ 9 digital commodity  
m>kets2 &  7#b7 submit to ! ,committee  
on ,agriculture1 ,nutrition1 & ,=e/ry ( 
! ,s5ate & ! ,committee on ,agriculture 
( ! ,h\se ( ,repres5tatives a report--  
7,a7 describ+ h[ ^? demographics w in=m 
! rules & regulations ( ! ,commission   
relat+ to cu/om] protection2  7,b7      
propos+ ways 9 :i* ! ,commission c      
provide outrea* to hi/orically und]s]v$ 
cu/om]s p>ticipat+ 9 digital commodity  
m>kets2 &  7,c7 conta9+ recomm5dations  
relat+ to any o!r activities !          
,commission det]m9es to be necess>y to  
provide appropriate protection1 outrea*1
 or o!r simil> activities relat+ to     
hi/orically und]s]v$ cu/om]s p>ticipat+ 

9 digital commodity m>kets4