,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #eiff  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #ag1 #bjbc,mr4
 ,bey] introduc$ ! foll[+ bill  ,octob] 
#be1 #bjbc,ref]r$ to ! ,committee on    
,agriculture  ,a ,,bill  ,to am5d !     
,commodity ,ex*ange ,act ) respect to   
report+ digital commodity transactions4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,(f-,*a9 ,digital ,commodity          
,transaction ,report+ ,act ( #bjbc4  #b4
 ,report+ ( swaps & digital commodity   
transactions ,section #b7;a77#ac7 ( !   
,commodity ,ex*ange ,act is am5d$-- 7#a7
 by am5d+ ! p>agraph head+ to read z    
foll[s3 ,report+ & public availability (
 swap & digital commodity transaction   
data2  7#b7 9 subp>agraph 7,a71 by      
ins]t+ or digital commodity aft] swap   
bo? places x appe>s2  7#c7 9 subp>agraph
 7,b7-- 7,a7 by ins]t+ or digital       
commodity aft] swap2 &  7,b7 by ins]t+ &
 inve/or protection be=e ! p]iod at !   
end2  7#d7 by am5d+ subp>agraph 7,g7 to 
read z foll[s3  7,g7 ,report+ ( swaps & 

digital commodity transactions to       
regi/]$ repositories  7i7 ,swaps ,ea*   
swap 7:e!r cle>$ or uncle>$7 %all be    
report$ to a regi/]$ swap data          
repository4  7ii7 ,digital commodities  
,ea* contract ( sale ( a digital        
commodity 9 int]/ate comm]ce 7:e!r      
on-*a9 or (f-*a97 %all be report$ to a  
regi/]$ digital asset repository =      
transactions4  2  7#e7 by add+ at ! end 
! foll[+3  7,h7 ,report+ ( digital      
commodity transactions  7i7 ,9 g5]al ,) 
respect to contracts ( sale ( digital   
commodities 9 int]/ate comm]ce t are n  
execut$ on or ?r\gh a trad+ plat=m1 su* 
transactions %all be report$ by !       
pur*as] 9 real-"t to a regi/]$ digital  
asset repository = transactions z soon z
 te*nologically practicable aft]        
execution ( ! transaction4  7ii7 ,rule =
 trad+ plat=ms ,trad+ plat=ms :i*       
facilitate contracts ( sale ( digital   
commodities 9 int]/ate comm]ce          
transactions %all be responsible =      
report+ all su* transactions to a       

regi/]$ digital asset repository (      
transactions z soon z te*nically        
practicable aft] ! execution ( ea* su*  
transaction4  7,i7 ,actual deliv]y (    
digital commodity transactions  7i7 ,9  
g5]al ,9 ! case ( a contract ( sale ( a 
digital commodity 9 int]/ate comm]ce1 ! 
sell] ( su* digital commodity %all      
actually deliv] ! digital commodity into
 ! exclusive control ( ! pur*as] n less 
?an #bd h\rs aft] ! transaction is      
execut$4  7ii7 ,actual deliv]y ,=       
purposes ( clause 7i71 actual deliv]y   
%all h occurr$ only if-- 7,i7 ! transf] 
( ! digital commodity f ! sell] to !    
pur*as]'s address is record$ on ! public
 di/ribut$ l$g] = ! digital commodity2  
or  7,,ii7 ) respect to (f-*a9 digital  
commodity transactions on a trad+       
plat=m1 ! trad+ plat=m reports ! (f-*a9 
digital commodity transaction1 :i* mu/  
be held 9 a cu/om] segregat$ acc\nt1 to 
a regi/]$ digital asset repository (    
transactions4  4  #c4 ,swap data        
repositories & digital asset            

repositories ( transactions  7a7        
,commodity ,ex*ange ,act ,section #ba ( 
! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4
 #bd;a7 is am5d$ to read z foll[s3  #ba4
 ,swap data repositories & digital asset
 repositories ( transactions  7a7       
,regi/ration requirem5t  7#a7           
,requirem5t2 au?ority ( d]ivatives cle>+
 organization  7,a7 ,9 g5]al ,x %all be 
unlawful = any p]son1 unless regi/]$ ) !
 ,commission1 directly or indirectly to 
make use ( ! mails or any means or      
in/rum5tality ( int]/ate comm]ce to p]=m
 ! functions ( a swap data repository or
 a digital asset repository (           
transactions4  7,b7 ,regi/ration (      
d]ivatives cle>+ organizations ,a       
d]ivatives cle>+ organization may regi/]
 z a swap data repository4  7#b7        
,inspection & exam9ation ,ea* regi/]$   
swap data repository & digital asset    
repository ( transactions %all be       
subject to inspection & exam9ation by   
any repres5tative ( ! ,commission4  7#c7
 ,compliance ) core pr9ciples  7,a7 ,9  

g5]al ,to be regi/]$1 & ma9ta9          
regi/ration1 z a swap data repository or
 a digital asset repository (           
transactions1 ! swap data repository or 
digital asset repository ( transactions 
%all comply )-- 7i7 ! requirem5ts & core
 pr9ciples describ$ 9 ?is section2 &    
7ii7 any requirem5t t ! ,commission may 
impose by rule or regulation pursuant to
 section #h;a7#e74  7,b7 ,reasonable    
discretion ( repository ,unless o!rwise 
det]m9$ by ! ,commission by rule or     
regulation1 a swap data repository or a 
digital asset repository ( transactions 
describ$ 9 subp>agraph 7,a7 %all h      
reasonable discretion 9 e/abli%+ ! mann]
 9 :i* ! swap data repository or !      
digital asset repository ( transactions 
complies ) ! core pr9ciples describ$ 9  
?is section4  7b7 ,/&>d sett+  7#a7     
,data id5tification  7,a7 ,9 g5]al ,9   
accordance ) subp>agraph 7,b71 !        
,commission %all prescribe /&>ds t      
specify ! data elem5ts = ea* swap or    
digital commodity1 digital asset1 or    

digital collectible 7z det]m9$ a        
collectible "u section #djh7m7 ( !      
,int]nal ,rev5ue ,code7 t %all be       
collect$ & ma9ta9$ by ea* regi/]$ swap  
data repository or digital asset        
repository ( transactions1 respectively4
  7,b7 ,requirem5t ,9 c>ry+ out         
subp>agraph 7,a71 ! ,commission %all    
prescribe consi/5t data elem5t /&>ds    
applicable to regi/]$ entities & report+
 c\nt]p>ties4  7#b7 ,data collection &  
ma9t5ance ,! ,commission %all prescribe 
data collection & data ma9t5ance /&>ds =
 swap data repositories & digital asset 
repositories ( transactions4  7#c7      
,comp>ability ,! /&>ds prescrib$ by !   
,commission "u ?is subsection %all be   
comp>able to ! data /&>ds impos$ by !   
,commission on d]ivatives cle>+         
organizations 9 connection ) ! cle>+ (  
swaps or digital commodities1 digital   
assets1 or digital collectibles1 z      
appropriate4  7#d7 ,consi/5t /&>ds ,if a
 digital asset repository ( transactions
 is jo9tly regi/]$ ) ! ,commission &    

,securities & ,ex*ange ,commission &    
receives digital commodity1 digital     
asset1 & digital collectible transaction
 data1 ! ,commission %all coord9ate ) ! 
,securities & ,ex*ange ,commission & !  
,commission] ( ! ,int]nal ,rev5ue       
,s]vice to ensure t ! data /&>ds &      
elem5ts are appropriate & consi/5t = use
 by bo? ,commissions & ! ,int]nal       
,rev5ue ,s]vice4  7c7 ,duties ,a swap   
data repository or a digital asset      
repository ( transactions %all-- 7#a7   
accept data prescrib$ by ! ,commission =
 ea* swap or digital commodity1 digital 
asset1 or digital collectible           
transaction "u subsection 7b71          
respectively2  7#b7 confirm ) bo?       
c\nt]p>ties to ! swap or digital        
commodity1 digital asset1 or digital    
collectible transaction ! accuracy ( !  
data t 0 submitt$2  7#c7 ma9ta9 ! data  
describ$ 9 p>agraph 7#a7 9 su* =m1 9 su*
 mann]1 & = su* p]iod z may be requir$  
by ! ,commission2  7#d7 7,a7 provide    
direct electronic access to !           

,commission 7or any designee ( !        
,commission1 includ+ ano!r regi/]$      
entity72 &  7,b7 provide ! in=mation    
describ$ 9 p>agraph 7#a7 9 su* =m & at  
su* frequ5cy z ! ,commission may require
 to comply ) ! public report+           
requirem5ts conta9$ 9 section           
#b7;a77#ac72  7#e7 at ! direction ( !   
,commission1 e/abli% automat$ sy/ems =  
monitor+1 scre5+1 & analyz+ swap or     
digital commodity1 digital asset1 or    
digital collectible data1 includ+       
compliance & frequ5cy ( end us] cle>+   
exemption claims by individual &        
affiliat$ entities2  7#f7 ma9ta9 !      
privacy ( any & all swap or digital     
commodity1 digital asset1 or digital    
collectible transaction in=mation t !   
swap data repository or digital asset   
repository ( transactions1 respectively1
 receives f a swap deal]1 c\nt]p>ty1 or 
any o!r regi/]$ entity2  7#g7 on a      
confid5tial basis pursuant to section   
#h1 ^u reque/1 & aft] notify+ !         
,commission ( ! reque/1 make available  

ea* swap or digital commodity1 digital  
asset1 or digital collectible data      
obta9$ by ! swap data repository or     
digital asset repository ( transactions1
 respectively1 includ+ individual       
c\nt]p>ty trade & position data1 to--   
7,a7 ea* appropriate prud5tial          
regulator2  7,b7 ! ,f9ancial ,/ability  
,ov]sight ,c\ncil2  7,c7 ! ,securities &
 ,ex*ange ,commission2  7,d7 ! ,dep>tm5t
 ( ,ju/ice2 &  7,e7 any o!r p]son t !   
,commission det]m9es to be appropriate1 
includ+-- 7i7 =eign f9ancial sup]visors 
7includ+ =eign futures au?orities72     
7ii7 =eign c5tral banks2  7iii7 =eign   
m9i/ries2 &  7iv7 o!r =eign au?orities2 
&  7#h7 e/abli% & ma9ta9 em]g5cy        
proc$ures1 backup facilities1 & a plan =
 disa/] recov]y t all[s timely recov]y &
 resumption ( op]ations & ! fulfillm5t (
 ! responsibilities & obligations ( !   
organization4  7d7 ,confid5tiality      
agreem5t ,be=e ! swap data repository or
 digital asset repository ( transactions
 may %>e in=mation ) any entity describ$

 9 subsection 7c77#g71 ! swap data      
repository or digital asset repository (
 transactions %all receive a writt5     
agreem5t f ea* entity /at+ t ! entity   
%all abide by ! confid5tiality          
requirem5ts describ$ 9 section #ab ( ?is
 title relat+ to in=mation on swap or   
digital commodity1 digital asset1 or    
digital collectible 7z det]m9$ a        
collectible "u section #djh7m7 ( !      
,int]nal ,rev5ue ,code71 respectively1 t
 is provid$4  7e7 ,designation ( *ief   
compliance (fic]  7#a7 ,9 g5]al ,ea*    
swap data repository or digital asset   
repository ( transactions %all designate
 an individual to s]ve z a *ief         
compliance (fic]4  7#b7 ,duties ,! *ief 
compliance (fic] %all-- 7,a7 report     
directly to ! bo>d or to ! s5ior (fic] (
 ! swap data repository or digital asset
 repository ( transactions2  7,b7 review
 ! compliance ( ! swap data repository  
or digital asset repository (           
transactions ) respect to requirem5ts & 
core pr9ciples describ$ 9 ?is section2  

7,c7 9 consultation ) ! bo>d ( ! swap   
data repository or digital asset        
repository ( transactions1 a body p]=m+ 
a function simil> to ! bo>d ( ! swap    
data repository or digital asset        
repository ( transactions1 or s5ior     
(fic] ( ! swap data repository or       
digital asset repository ( transactions 
resolve any conflicts ( int]e/ t may    
arise2  7,d7 be responsible = adm9i/]+  
ea* policy & proc$ure t is requir$ to be
 e/abli%$ pursuant to ?is section2  7,e7
 ensure compliance ) ?is ,act 7includ+  
regulations7 relat+ to agreem5ts1       
contracts1 or transactions1 includ+ ea* 
rule prescrib$ by ! ,commission "u ?is  
section2  7,f7 e/abli% proc$ures = !    
rem$iation ( noncompliance issues       
id5tifi$ by ! *ief compliance (fic]     
?r\gh any-- 7i7 compliance (fice review2
  7ii7 look-back2  7iii7 int]nal or     
ext]nal audit f9d+2  7iv7 self-report$  
error2 or  7v7 validat$ compla9t2 &     
7,g7 e/abli% & foll[ appropriate        
proc$ures = h&l+1 managem5t response1   

rem$iation1 rete/+1 & clos+ (           
noncompliance issues4  7#c7 ,annual     
,reports  7,a7 ,9 g5]al ,9 accordance ) 
rules prescrib$ by ! ,commission1 ! *ief
 compliance (fic] %all annually prep>e &
 sign a report t conta9s a description  
(-- 7i7 ! compliance ( ! swap data      
repository or ! digital asset repository
 ( transactions1 z appropriate1 ( ! *ief
 compliance (fice ) respect to ?is ,act 
7includ+ regulations72 &  7ii7 ea*      
policy & proc$ure ( ! swap data         
repository or ! digital asset repository
 ( transactions1 z appropriate1 ( ! *ief
 compliance (fic] 7includ+ ! code (     
e?ics & conflict ( int]e/ policies ( !  
swap data repository or ! digital asset 
repository ( transactions1 z            
appropriate74  7,b7 ,requirem5ts ,a     
compliance report "u subp>agraph 7,a7   
%all-- 7i7 accompany ea* appropriate    
f9ancial report ( ! swap data repository
 or digital asset repository (          
transactions t is requir$ to be furni%$ 
to ! ,commission pursuant to ?is        

section2 &  7ii7 include a c]tification 
t1 "u p5alty ( law1 ! compliance report 
is accurate & complete4  7f7 ,core      
pr9ciples applicable to swap data       
repositories & digital asset            
repositories ( transactions  7#a7       
,antitru/ consid]ations ,unless necess>y
 or appropriate to a*ieve ! purposes (  
?is ,act1 a swap data repository or     
digital asset repository ( transactions 
%all n-- 7,a7 adopt any rule or take any
 actions t result 9 any unreasonable    
re/ra9t ( trade2 or  7,b7 impose any    
mat]ial anticompetitive burd5 on !      
trad+1 cle>+1 or report+ ( transactions4
  7#b7 ,gov]nance arrangem5ts ,ea* swap 
data repository or digital asset        
repository ( transactions %all e/abli%  
gov]nance arrangem5ts t are transp>5t-- 
7,a7 to fulfill public int]e/           
requirem5ts2 &  7,b7 to support !       
objectives ( ! ,f$]al ,gov]nm5t1 own]s1 
& p>ticipants4  7#c7 ,conflicts ( int]e/
 ,ea* swap data repository or digital   
asset repository ( transactions %all--  

7,a7 e/abli% & en=ce rules to m9imize   
conflicts ( int]e/ 9 ! decision-mak+    
process ( ! swap data repository or !   
digital asset repository ( transactions2
 &  7,b7 e/abli% a process = resolv+    
conflicts ( int]e/ describ$ 9           
subp>agraph 7,a74  7#d7 ,additional     
duties develop$ by ! ,commission  7,a7  
,9 g5]al ,! ,commission may develop #a  
or m additional duties applicable to    
swap data repositories or digital asset 
repositories ( transactions4  7,b7      
,consid]ation ( evolv+ /&>ds ,9 develop+
 additional duties "u subp>agraph 7,a71 
! ,commission may take into consid]ation
 any evolv+ /&>d ( ! ,unit$ ,/ates or ! 
int]national community4  7,c7           
,additional duties = ,commission        
designees ,! ,commission %all e/abli%   
additional duties = any regi/]$ swap    
data repository or digital asset        
repository ( transactions 9 ord] to     
m9imize conflicts ( int]e/1 protect     
data1 ensure compliance1 & gu>antee     
safety & security ( ! swap data         

repository or digital asset repository (
 transactions4  7g7 ,requir$ regi/ration
 ( swap data repositories & digital     
asset repositories ( transactions ,any  
p]son t is requir$ to be regi/]$ z a    
swap data repository or a digital asset 
repository ( transactions "u ?is section
 %all regi/] ) ! ,commission reg>dless (
 :e!r t p]son is also lic5s$ z a bank1  
tru/ company1 money s]vices bus9ess1 or 
regi/]$ ) ! ,securities & ,ex*ange      
,commission z a security-bas$ swap data 
repository1 brok]-deal]1 qualifi$       
cu/odian1 or transf] ag5t4  7h7 ,dual   
,,sec & ,,cftc ,regi/ration ( ,digital  
,asset ,repository ( ,transactions ,any 
p]son t seeks to act z a digital asset  
repository = transactions = digital     
commodities1 digital assets1 digital    
collectibles 7z det]m9$ a collectible "u
 section #djh7m7 ( ! ,int]nal ,rev5ue   
,code7 %all regi/] ) ! ,commission &    
,securities & ,ex*ange ,commission      
subject to jo9t regulation by su*       
,commissions1 b only ) respect to !     

digital commodities & digital assets    
subject to _! respective jurisdictions4 
7i7 ,rules ,! ,commission %all adopt    
rules gov]n+ p]sons t are regi/]$ "u ?is
 section4  4  #d4 ,def9itions  7a7 ,9   
g5]al ,section #a;a ( ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c #a;a7 is     
am5d$ by add+ at ! end ! foll[+3  7#eb7 
,digital asset repository ( transactions
 ,! t]m digital asset repository (      
transactions or ,,d>t means any p]son t 
collects & ma9ta9s in=mation or records 
) respect to transactions or positions  
91 or ! t]ms & conditions ( digital     
commodities1 digital assets1 or digital 
collectibles 7z det]m9$ a collectibles  
"u section #djh7m7 ( ! ,int]nal ,rev5ue 
,code7 ent]$ into by ?ird p>ties = !    
purpose ( provid+ a c5traliz$           
recordkeep+ facility = digital          
commodities1 digital assets1 or digital 
collectibles4  7#ec7 ,(f-*a9 digital    
commodity transaction ,! t]m (f-*a9     
digital commodity transaction means any 
contract ( sale ( a digital commodity 9 

int]/ate comm]ce :i* is n m9$ or        
validat$ & record$ on ! appropriate     
public di/ribut$ l$g] = su* digital     
commodity )9 #bd h\rs ( ! transaction   
be+ ent]$ into4  4  7b7 ,def9ition (    
regi/]$ entity ,section #a;a7#dj77;,e7 (
 ! ,commodity ,ex*ange ,act 7#g         
,u4,s4,c4 #a;a7#dj77;,e77 is am5d$ by   
ins]t+ or a digital asset repository (  
transactions aft] section #ba4