II 

117TH CONGRESS 

2D SESSION S. 4760 

To amend the Commodity Exchange Act to provide the Commodity Futures 

Trading Commission jurisdiction to oversee the spot digital commodity 

market, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 3, 2022 

Ms. STABENOW (for herself, Mr. BOOZMAN, Mr. BOOKER, and Mr. THUNE) 

introduced the following bill; which was read twice and referred to the 

Committee on Agriculture, Nutrition, and Forestry 

A BILL 

To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Digital Commodities 

5 Consumer Protection Act of 2022’’. 

6 SEC. 2. DEFINITIONS. 

7 (a) IN GENERAL.—Section 1a of the Commodity Ex8 change Act (7 U.S.C. 1a) is amended— 


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1 (1) by redesignating paragraphs (3) through 

2 (15) and paragraphs (16) through (51) as para3 graphs (5) through (17) and paragraphs (25) 

4 through (60), respectively; 

5 (2) by inserting after paragraph (2) the fol6 lowing: 

7 ‘‘(3) ASSOCIATED PERSON OF A DIGITAL COM8 MODITY BROKER.— 

9 ‘‘(A) IN GENERAL.—The term ‘associated 

10 person of a digital commodity broker’ means a 

11 person who is associated with a digital com12 modity broker as a partner, officer, employee, 

13 or agent (or any person occupying a similar sta14 tus or performing similar functions) in any ca15 pacity that involves— 

16 ‘‘(i) the solicitation or acceptance of a 

17 digital commodity trade; or 

18 ‘‘(ii) the supervision of any person en19 gaged in the solicitation or acceptance of a 

20 digital commodity trade. 

21 ‘‘(B) EXCLUSION.—The term ‘associated 

22 person of a digital commodity broker’ does not 

23 include any person associated with a digital 

24 commodity broker the functions of which are 

25 solely clerical or ministerial. 


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1 ‘‘(4) ASSOCIATED PERSON OF A DIGITAL COM2 MODITY DEALER.— 

3 ‘‘(A) IN GENERAL.—The term ‘associated 

4 person of a digital commodity dealer’ means a 

5 person who is associated with a digital com6 modity dealer as a partner, officer, employee, or 

7 agent (or any person occupying a similar status 

8 or performing similar functions) in any capacity 

9 that involves— 

10 ‘‘(i) the solicitation or acceptance of a 

11 digital commodity trade; or 

12 ‘‘(ii) the supervision of any person en13 gaged in the solicitation or acceptance of a 

14 digital commodity trade. 

15 ‘‘(B) EXCLUSION.—The term ‘associated 

16 person of a digital commodity dealer’ does not 

17 include any person associated with a digital 

18 commodity dealer the functions of which are 

19 solely clerical or ministerial.’’; 

20 (3) in paragraph (11) (as so redesignated), by 

21 striking ‘‘and frozen concentrated orange juice’’ and 

22 inserting ‘‘frozen concentrated orange juice, and dig23 ital commodities,’’; 

24 (4) in paragraph (12)(A) (as so redesignated)— 


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1 (A) by redesignating clauses (iii) and (iv) 

2 as clauses (iv) and (v), respectively; and 

3 (B) by inserting after clause (ii) the fol4 lowing: 

5 ‘‘(iii) digital commodity;’’; 

6 (5) in paragraph (13)(A)(i) (as so redesig7 nated)— 

8 (A) by redesignating subclauses (III) and 

9 (IV) as subclauses (IV) and (V), respectively; 

10 and 

11 (B) by inserting after subclause (II) the 

12 following: 

13 ‘‘(III) digital commodity;’’; 

14 (6) in paragraph (14)(A)(i) (as so redesig15 nated)— 

16 (A) in subclause (II), by adding a semi17 colon at the end; 

18 (B) by redesignating subclauses (III) and 

19 (IV) as subclauses (IV) and (V), respectively; 

20 and 

21 (C) by inserting after subclause (II) the 

22 following: 

23 ‘‘(III) a digital commodity;’’; 

24 (7) by inserting after paragraph (17) (as so re25 designated) the following: 


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1 ‘‘(18) DIGITAL COMMODITY.— 

2 ‘‘(A) IN GENERAL.—The term ‘digital com3 modity’ means a fungible digital form of per4 sonal property that can be possessed and trans5 ferred person-to-person without necessary reli6 ance on an intermediary. 

7 ‘‘(B) INCLUSIONS.—The term ‘digital com8 modity’ includes property commonly known as 

9 cryptocurrency or virtual currency, such as 

10 Bitcoin and Ether. 

11 ‘‘(C) EXCLUSIONS.—The term ‘digital 

12 commodity’ does not include— 

13 ‘‘(i) an interest in a physical com14 modity; 

15 ‘‘(ii) a security; 

16 ‘‘(iii) a digital form of currency 

17 backed by the full faith and credit of the 

18 United States; 

19 ‘‘(iv) except as provided in subpara20 graph (D), an instrument regulated by the 

21 Commission pursuant to any provision of 

22 this Act other than section 2(c)(2)(F); or 

23 ‘‘(v) any other instrument that the 

24 Commission determines not to be a digital 

25 commodity. 


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1 ‘‘(D) EXCEPTION.—The exclusion de2 scribed in subparagraph (C)(iv) shall not apply 

3 to a commodity transaction that is subject only 

4 to Commission antimanipulation, antifraud, or 

5 false reporting authority. 

6 ‘‘(19) DIGITAL COMMODITY BROKER.— 

7 ‘‘(A) IN GENERAL.—The term ‘digital com8 modity broker’ means a person that is engaged, 

9 as an identifiable business, in— 

10 ‘‘(i) soliciting or accepting orders on 

11 behalf of another person for a digital com12 modity trade; 

13 ‘‘(ii) accepting digital commodities 

14 from another person for the purpose of en15 tering into digital commodity trades; 

16 ‘‘(iii) arranging digital commodity 

17 trades on behalf of another person; or 

18 ‘‘(iv) a similar activity, as determined 

19 by the Commission. 

20 ‘‘(B) EXCLUSION.—The term ‘digital com21 modity broker’ does not include a person solely 

22 because that person validates digital commodity 

23 transactions. 

24 ‘‘(20) DIGITAL COMMODITY CUSTODIAN.— 


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1 ‘‘(A) IN GENERAL.—The term ‘digital com2 modity custodian’ means a person that, as an 

3 identifiable business, maintains possession, cus4 tody, or control over digital commodities on be5 half of another person. 

6 ‘‘(B) EXCLUSIONS.—The term ‘digital 

7 commodity custodian’ does not include— 

8 ‘‘(i) an insured depository institution 

9 (as defined in section 3 of the Federal De10 posit Insurance Act (12 U.S.C. 1813)); or 

11 ‘‘(ii) an insured credit union (as de12 fined in section 101 of the Federal Credit 

13 Union Act (12 U.S.C. 1752)). 

14 ‘‘(21) DIGITAL COMMODITY DEALER.— 

15 ‘‘(A) IN GENERAL.—The term ‘digital com16 modity dealer’ means a person that— 

17 ‘‘(i) has an identifiable business of 

18 dealing in a digital commodity as principal 

19 for its own account; 

20 ‘‘(ii) makes a market in a digital com21 modity; 

22 ‘‘(iii) holds itself out as a dealer in a 

23 digital commodity; 

24 ‘‘(iv) has as an identifiable business of 

25 buying or selling digital commodities for 


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1 conversion into other digital commodities, 

2 currency, or other consideration; 

3 ‘‘(v) has as an identifiable business of 

4 accepting digital commodities from another 

5 person (referred to in this clause as a ‘de6 positor’) with an obligation to return the 

7 digital commodities, consideration linked to 

8 the digital commodities, or both to the de9 positor; or 

10 ‘‘(vi) engages in a similar activity, as 

11 determined by the Commission. 

12 ‘‘(B) EXCLUSION.—The term ‘digital com13 modity dealer’ does not include a person solely 

14 because that person validates digital commodity 

15 transactions. 

16 ‘‘(22) DIGITAL COMMODITY PLATFORM.— 

17 ‘‘(A) IN GENERAL.—The term ‘digital com18 modity platform’ means a person that is 1 or 

19 more of the following: 

20 ‘‘(i) A digital commodity broker. 

21 ‘‘(ii) A digital commodity custodian. 

22 ‘‘(iii) A digital commodity dealer. 

23 ‘‘(iv) A digital commodity trading fa24 cility. 


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1 ‘‘(B) CATEGORY.—The term ‘category’, 

2 with respect to a digital commodity platform, 

3 means 1 or more categories described in clauses 

4 (i) through (iv) of subparagraph (A) of that 

5 digital commodity platform. 

6 ‘‘(23) DIGITAL COMMODITY TRADE.— 

7 ‘‘(A) IN GENERAL.—The term ‘digital com8 modity trade’ means a purchase or sale of a 

9 digital commodity in exchange for— 

10 ‘‘(i) another digital commodity; or 

11 ‘‘(ii) any other consideration. 

12 ‘‘(B) INCLUSIONS.—The term ‘digital com13 modity trade’ includes— 

14 ‘‘(i) an offer to enter into a purchase 

15 or sale described in subparagraph (A); and 

16 ‘‘(ii) a loan of a digital commodity, an 

17 offer to enter into a loan of a digital com18 modity, or a similar activity, as determined 

19 by the Commission. 

20 ‘‘(C) EXCLUSION.—Except as provided in 

21 subparagraph (D), the term ‘digital commodity 

22 trade’ excludes a transaction regulated by the 

23 Commission pursuant to any provision of this 

24 Act except section 2(c)(2)(F). 


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1 ‘‘(D) EXCEPTION.—The exclusion de2 scribed in subparagraph (C) shall not apply to 

3 a commodity transaction that is subject only to 

4 Commission antimanipulation, antifraud, or 

5 false reporting authority. 

6 ‘‘(24) DIGITAL COMMODITY TRADING FACIL7 ITY.— 

8 ‘‘(A) IN GENERAL.—The term ‘digital com9 modity trading facility’ means a trading facility 

10 that facilitates the execution or trading of dig11 ital commodity trades between persons. 

12 ‘‘(B) EXCLUSION.—The term ‘digital com13 modity trading facility’ does not include a per14 son solely because that person validates digital 

15 commodity transactions.’’; 

16 (8) in paragraph (43) (as so redesignated)— 

17 (A) in the paragraph heading, by striking 

18 ‘‘; MEMBER OF A DERIVATIVES TRANSACTION

19 EXECUTION FACILITY’’; 

20 (B) in the matter preceding subparagraph 

21 (A), by striking ‘‘entity or derivatives trans22 action execution facility,’’ and inserting ‘‘enti23 ty,’’; 


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1 (C) in subparagraph (A), by striking ‘‘enti2 ty’’ and all that follows through the semicolon 

3 and inserting ‘‘entity;’’; and 

4 (D) in subparagraph (B), by striking ‘‘en5 tity’’ and all that follows through the period at 

6 the end and inserting ‘‘entity.’’; and 

7 (9) in paragraph (49) (as so redesignated)— 

8 (A) by redesignating subparagraphs (E) 

9 and (F) as subparagraphs (F) and (G), respec10 tively; and 

11 (B) by inserting after subparagraph (D) 

12 the following: 

13 ‘‘(E) a digital commodity trading facility 

14 registered under section 5i;’’. 

15 (b) CONFORMING AMENDMENTS.— 

16 (1) Section 1a of the Commodity Exchange Act 

17 (7 U.S.C. 1a) is amended— 

18 (A) in paragraph (26)(A) (as redesignated 

19 by subsection (a)(1)), in the matter preceding 

20 clause (i), by striking ‘‘(18)(A)’’ and inserting 

21 ‘‘(27)(A)’’; and 

22 (B) in paragraph (27)(A)(vii)(III)(aa) (as 

23 redesignated by subsection (a)(1)), by striking 

24 ‘‘(17)(A)’’ and inserting ‘‘(26)(A)’’. 


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1 (2) Section 4(c)(1)(A)(i)(I) of the Commodity 

2 Exchange Act (7 U.S.C. 6(c)(1)(A)(i)(I)) is amended 

3 by striking ‘‘paragraphs (2), (3), (4), (5), and (7), 

4 paragraph (18)(A)(vii)(III), paragraphs (23), (24), 

5 (31), (32), (38), (39), (41), (42), (46), (47), (48), 

6 and (49) of section 1a’’ and inserting ‘‘paragraphs 

7 (2), (5), (6), (7), (9), (27)(A)(vii)(III), (32), (33), 

8 (40), (41), (47), (48), (50), (51), (55), (56), (57), 

9 and (58) of section 1a’’. 

10 (3) Section 4q(a)(1) of the Commodity Ex11 change Act (7 U.S.C. 6q(a)(1)) is amended by strik12 ing ‘‘1a(9)’’ and inserting ‘‘1a(11)’’. 

13 (4) Section 4s of the Commodity Exchange Act 

14 (7 U.S.C. 6s) is amended— 

15 (A) in subsection (f)(1)(D), by striking 

16 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(56)(A)(v)’’; 

17 and 

18 (B) in subsection (h)(5)(A)(i), in the mat19 ter preceding subclause (I), by striking 

20 ‘‘1a(18)’’ and inserting ‘‘1a(27)(A)’’. 

21 (5) Section 4t(b)(1)(C) of the Commodity Ex22 change Act (7 U.S.C. 6t(b)(1)(C)) is amended by 

23 striking ‘‘1a(47)(A)(v)),’’ and inserting 

24 ‘‘1a(56)(A)(v)),’’. 


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1 (6) Section 5 of the Commodity Exchange Act 

2 (7 U.S.C. 7) is amended— 

3 (A) in subsection (d)(23), by striking 

4 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(56)(A)(v)’’; 

5 and 

6 (B) in subsection (e)(1), by striking 

7 ‘‘1a(9)’’ and inserting ‘‘1a(11)’’. 

8 (7) Section 5b(k)(3)(A) of the Commodity Ex9 change Act (7 U.S.C. 7a–1(k)(3)(A)) is amended by 

10 striking ‘‘1a(47)(A)(v))’’ and inserting 

11 ‘‘1a(56)(A)(v))’’. 

12 (8) Section 5c(c)(4)(B) of the Commodity Ex13 change Act (7 U.S.C. 7a–2(c)(4)(B)) is amended by 

14 striking ‘‘1a(10)’’ and inserting ‘‘1a(11)’’. 

15 (9) Section 5h(f)(10)(A)(iii) of the Commodity 

16 Exchange Act (7 U.S.C. 7b–3(f)(10)(A)(iii)) is 

17 amended by striking ‘‘1a(47)(A)(v)’’ and inserting 

18 ‘‘1a(56)(A)(v)’’. 

19 (10) Section 21(f)(4)(C) of the Commodity Ex20 change Act (7 U.S.C. 24a(f)(4)(C)) is amended by 

21 striking ‘‘1a(48)’’ and inserting ‘‘1a(57)’’. 

22 (11) Section 403 of the Legal Certainty for 

23 Bank Products Act of 2000 (7 U.S.C. 27a) is 

24 amended— 


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1 (A) in subsection (a)(2), by striking 

2 ‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(56)(A)(v)’’; 

3 and 

4 (B) in subsection (b)(1), by striking 

5 ‘‘1a(47)’’ and inserting ‘‘1a’’. 

6 (12) Section 5(e) of the Securities Act of 1933 

7 (15 U.S.C. 77e(e)) is amended by striking ‘‘section 

8 1a(18) of the Commodity Exchange Act (7 U.S.C. 

9 1a(18))’’ and inserting ‘‘section 1a of the Com10 modity Exchange Act (7 U.S.C. 1a)’’. 

11 (13) Section 3C(g)(3)(A)(v) of the Securities 

12 Exchange Act of 1934 (15 U.S.C. 78c– 

13 3(g)(3)(A)(v)) is amended by striking ‘‘section 

14 1a(10) of the Commodity Exchange Act;’’ and in15 serting ‘‘section 1a of the Commodity Exchange Act 

16 (7 U.S.C. 1a);’’. 

17 (14) Section 6(g)(5)(B)(i) of the Securities Ex18 change Act of 1934 (15 U.S.C. 78f(g)(5)(B)(i)) is 

19 amended— 

20 (A) in subclause (I), by striking ‘‘section 

21 1a(18)(B)(ii) of the Commodity Exchange Act’’ 

22 and inserting ‘‘subparagraph (B)(ii) of section 

23 1a(27) of the Commodity Exchange Act (7 

24 U.S.C. 1a(27))’’; and 


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1 (B) in subclause (II), by striking ‘‘such 

2 section 1a(18))’’ and inserting ‘‘that section)’’. 

3 (15) Section 712(a)(8) of the Dodd-Frank Wall 

4 Street Reform and Consumer Protection Act (15 

5 U.S.C. 8302(a)(8)) is amended by striking ‘‘section 

6 1a(47)(D) of the Commodity Exchange Act (7 

7 U.S.C. 1a(47)(D))’’ and inserting ‘‘section 

8 1a(56)(D) of the Commodity Exchange Act (7 

9 U.S.C. 1a(56)(D))’’. 

10 (16) Section 752(a) of the Dodd-Frank Wall 

11 Street Reform and Consumer Protection Act (15 

12 U.S.C. 8325(a)) is amended by striking ‘‘section 

13 1a(39) of the Commodity Exchange Act),’’ and in14 serting ‘‘section 1a of the Commodity Exchange Act 

15 (7 U.S.C. 1a)),’’. 

16 SEC. 3. COMMISSION JURISDICTION OVER DIGITAL COM17 MODITY TRADES. 

18 Section 2 of the Commodity Exchange Act (7 U.S.C. 

19 2) is amended— 

20 (1) in subsection (a)(1)(A), in the first sen21 tence, by striking ‘‘section 19 of this Act’’ and in22 serting ‘‘subsection (c)(2)(F) or section 19’’; and 

23 (2) in subsection (c)(2), by adding at the end 

24 the following: 


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1 ‘‘(F) COMMISSION JURISDICTION OVER

2 DIGITAL COMMODITY TRADES.— 

3 ‘‘(i) IN GENERAL.—Except as pro4 vided in clause (ii), this Act applies to, and 

5 the Commission shall have exclusive juris6 diction over, any account, agreement, con7 tract, or transaction involving a digital 

8 commodity trade. 

9 ‘‘(ii) EXCEPTION.—Nothing in this 

10 Act applies to, and the Commission shall 

11 not have jurisdiction over, any digital com12 modity transaction by a merchant or con13 sumer that uses a digital commodity solely 

14 for the purchase or sale of a good or serv15 ice. 

16 ‘‘(iii) PROHIBITION ON CERTAIN

17 TRADING PRACTICES.—Sections 4b, 4c, 

18 and 6(c) shall apply to any digital com19 modity trade as if the digital commodity 

20 trade were a contract of sale of a com21 modity for future delivery.’’. 

22 SEC. 4. DIGITAL COMMODITY PLATFORMS. 

23 The Commodity Exchange Act is amended by insert24 ing after section 5h (7 U.S.C. 7b–3) the following: 


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1 ‘‘SEC. 5i. DIGITAL COMMODITY PLATFORMS. 

2 ‘‘(a) REGISTRATION.— 

3 ‘‘(1) REQUIREMENT.—It shall be unlawful for 

4 any person to act as any category of digital com5 modity platform unless the person is registered 

6 under this section as that category of digital com7 modity platform. 

8 ‘‘(2) APPLICATIONS.—A person desiring to reg9 ister as any category of digital commodity platform 

10 shall submit to the Commission an application in 

11 such form and containing such information as the 

12 Commission may require for the purpose of deter13 mining whether the applicant is in compliance with 

14 subsection (b) and the other requirements of this 

15 Act. 

16 ‘‘(3) MULTIPLE REGISTRATIONS.—As appro17 priate to further the purposes of this Act and avoid 

18 duplicative or unnecessary requirements, and taking 

19 into consideration potential conflicts of interest or 

20 other risks, the Commission may prescribe rules or 

21 regulations permitting, or may otherwise authorize— 

22 ‘‘(A) registration by a person in more than 

23 1 category of digital commodity platform; 

24 ‘‘(B) a registered entity, a swap dealer, or 

25 a futures commission merchant registered 

26 under this Act to register under this section in 


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1 1 or more categories of digital commodity plat2 form; and 

3 ‘‘(C) exemptions or additional require4 ments applicable to persons with multiple reg5 istrations under this Act. 

6 ‘‘(b) CORE PRINCIPLES FOR DIGITAL COMMODITY

7 PLATFORMS.— 

8 ‘‘(1) COMPLIANCE WITH CORE PRINCIPLES.— 

9 ‘‘(A) IN GENERAL.—To be registered, and 

10 maintain registration, as a digital commodity 

11 platform, the digital commodity platform shall 

12 comply with— 

13 ‘‘(i) the core principles described in 

14 this subsection; and 

15 ‘‘(ii) any requirement that the Com16 mission may impose by rule or regulation. 

17 ‘‘(B) REASONABLE DISCRETION OF DIG18 ITAL COMMODITY PLATFORM.—Unless other19 wise determined by the Commission by rule or 

20 regulation, a digital commodity platform de21 scribed in subparagraph (A) shall have reason22 able discretion in establishing the manner in 

23 which the digital commodity platform complies 

24 with the core principles described in this sub25 section. 


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1 ‘‘(2) CORE PRINCIPLES APPLICABLE TO DIG2 ITAL COMMODITY TRADING FACILITIES.— 

3 ‘‘(A) COMPLIANCE WITH RULES.—A digital 

4 commodity trading facility shall— 

5 ‘‘(i) establish and enforce compliance 

6 with any rule of the digital commodity 

7 trading facility, including— 

8 ‘‘(I) the terms and conditions of 

9 the transactions in digital commod10 ities traded or processed on or 

11 through the digital commodity trading 

12 facility; and 

13 ‘‘(II) any limitation on access to 

14 the digital commodity trading facility; 

15 ‘‘(ii) establish and enforce trading, 

16 trade processing, and participation rules 

17 that will deter abuses and have the capac18 ity to detect, investigate, and enforce those 

19 rules, including means— 

20 ‘‘(I) to provide market partici21 pants with impartial access to the 

22 market; and 

23 ‘‘(II) to capture information that 

24 may be used in establishing whether 

25 rule violations have occurred; and 


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1 ‘‘(iii) establish rules governing the op2 eration of the digital commodity trading 

3 facility. 

4 ‘‘(B) DIGITAL COMMODITY TRANSACTIONS

5 NOT READILY SUSCEPTIBLE TO MANIPULA6 TION.—A digital commodity trading facility 

7 shall permit trading only in transactions in dig8 ital commodities that are not readily susceptible 

9 to manipulation. 

10 ‘‘(C) MONITORING OF TRADING AND

11 TRADE PROCESSING.— 

12 ‘‘(i) MARKETS AND MECHANISMS.— 

13 ‘‘(I) IN GENERAL.—A digital 

14 commodity trading facility shall pro15 vide a competitive, open, and efficient 

16 market and mechanism for executing 

17 transactions that protects the price 

18 discovery process of trading on the 

19 digital commodity trading facility. 

20 ‘‘(II) CENTRALIZED MARKET.—A 

21 digital commodity trading facility 

22 shall provide a centralized market for 

23 executing transactions. 

24 ‘‘(ii) PROTECTION OF MARKETS AND

25 MARKET PARTICIPANTS.—A digital comVerDate Sep 11 2014 03:08 Aug 13, 2022 Jkt 029200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\S4760.IS S4760

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1 modity trading facility shall establish and 

2 enforce rules— 

3 ‘‘(I) to protect markets and mar4 ket participants from abusive prac5 tices committed by any party, includ6 ing abusive practices committed by a 

7 party acting as an agent for a partici8 pant; and 

9 ‘‘(II) to promote fair and equi10 table trading on the digital commodity 

11 trading facility. 

12 ‘‘(iii) PROCEDURES AND MONI13 TORING.—A digital commodity trading fa14 cility shall— 

15 ‘‘(I) establish and enforce rules 

16 or terms and conditions defining, or 

17 specifications detailing— 

18 ‘‘(aa) trading procedures to 

19 be used in entering and executing 

20 orders traded on or through the 

21 facilities of the digital commodity 

22 trading facility; and 

23 ‘‘(bb) procedures for trade 

24 processing of digital commodities 

25 on or through the facilities of the 


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1 digital commodity trading facil2 ity; and 

3 ‘‘(II) monitor trading in digital 

4 commodities to prevent manipulation, 

5 price distortion, and disruptions of the 

6 delivery or settlement process through 

7 surveillance, compliance, and discipli8 nary practices and procedures, includ9 ing investigations, sanctions, and 

10 methods for conducting real-time 

11 monitoring of trading and comprehen12 sive and accurate trade reconstruc13 tions. 

14 ‘‘(D) ABILITY TO OBTAIN INFORMATION.— 

15 A digital commodity trading facility shall— 

16 ‘‘(i) establish and enforce rules that 

17 will allow the digital commodity trading fa18 cility to obtain any necessary information 

19 to perform any of the functions described 

20 in this section; 

21 ‘‘(ii) provide the information to the 

22 Commission on request; and 

23 ‘‘(iii) have the capacity to carry out 

24 such international information-sharing 


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1 agreements as the Commission may re2 quire. 

3 ‘‘(E) FINANCIAL INTEGRITY OF TRANS4 ACTIONS.—A digital commodity trading facility 

5 shall establish and enforce rules and procedures 

6 for ensuring the financial integrity of digital 

7 commodity trades entered on or through the fa8 cilities of the digital commodity trading facility. 

9 ‘‘(F) EMERGENCY AUTHORITY.—A digital 

10 commodity trading facility shall adopt rules to 

11 provide for the exercise of emergency authority, 

12 in consultation or cooperation with the Commis13 sion, as is necessary and appropriate, including 

14 the authority to liquidate or transfer open posi15 tions in any digital commodity or to suspend or 

16 curtail trading in a digital commodity. 

17 ‘‘(G) TIMELY PUBLICATION OF TRADING

18 INFORMATION.— 

19 ‘‘(i) IN GENERAL.—A digital com20 modity trading facility shall make public 

21 timely information on price, trading vol22 ume, and other trading data on digital 

23 commodities to the extent prescribed by 

24 the Commission. 


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1 ‘‘(ii) CAPACITY OF DIGITAL COM2 MODITY TRADING FACILITY.—A digital 

3 commodity trading facility shall be re4 quired to have the capacity to electronically 

5 capture and transmit trade information 

6 with respect to transactions executed on 

7 the digital commodity trading facility. 

8 ‘‘(H) AVAILABILITY OF GENERAL INFOR9 MATION.—A digital commodity trading facility 

10 shall make available to market authorities, mar11 ket participants, and the public accurate infor12 mation concerning— 

13 ‘‘(i) the terms and conditions of the 

14 contracts for transactions in digital com15 modities; 

16 ‘‘(ii) the rules and mechanisms for 

17 executing digital commodity trades on or 

18 through the facilities of the digital com19 modity trading facility; and 

20 ‘‘(iii) the rules and specifications de21 scribing the operation of the electronic 

22 matching platform or trade execution facil23 ity of the digital commodity trading facil24 ity. 


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1 ‘‘(I) DISCIPLINARY PROCEDURES.—A dig2 ital commodity trading facility shall establish 

3 and enforce— 

4 ‘‘(i) disciplinary procedures that au5 thorize the digital commodity trading facil6 ity to discipline, suspend, or expel market 

7 participants that violate the rules of the 

8 digital commodity trading facility; or 

9 ‘‘(ii) similar methods for performing 

10 the functions described in clause (i), in11 cluding delegation to third parties. 

12 ‘‘(J) DISPUTE RESOLUTION.—A digital 

13 commodity trading facility shall establish and 

14 enforce rules regarding, and provide facilities 

15 for alternative dispute resolution, as appro16 priate, for, market participants and market 

17 intermediaries. 

18 ‘‘(3) CORE PRINCIPLES APPLICABLE TO DIG19 ITAL COMMODITY DEALERS AND DIGITAL COM20 MODITY BROKERS.— 

21 ‘‘(A) EXECUTION.—A digital commodity 

22 dealer or digital commodity broker— 

23 ‘‘(i) shall establish prices fairly and 

24 objectively; 


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1 ‘‘(ii) shall disclose the basis for those 

2 prices; and 

3 ‘‘(iii) shall not disrupt market func4 tioning or hinder the price discovery proc5 ess. 

6 ‘‘(B) DAILY TRADING RECORDS.— 

7 ‘‘(i) IN GENERAL.—A digital com8 modity dealer or digital commodity broker 

9 shall keep full, complete, and systematic 

10 records (including all pertinent data and 

11 memoranda) of all transactions relating to 

12 its business of dealing or brokerage in dig13 ital commodity transactions. 

14 ‘‘(ii) INCLUDED COMMUNICATIONS.— 

15 A digital commodity dealer or digital com16 modity broker shall keep all oral and writ17 ten communications provided or received 

18 concerning quotes, solicitations, bids, of19 fers, instructions, trading, and prices that 

20 lead to the execution of a transaction in a 

21 digital commodity. 

22 ‘‘(C) BUSINESS CONDUCT STANDARDS.—A 

23 digital commodity dealer or digital commodity 

24 broker shall conform with such business con25 duct standards as may be prescribed by the 


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1 Commission by rule or regulation that relate 

2 to— 

3 ‘‘(i) fraud, manipulation, and other 

4 abusive practices involving digital com5 modity trades (including digital commodity 

6 trades that are offered but not entered 

7 into); 

8 ‘‘(ii) diligent supervision of the busi9 ness of the digital commodity dealer or 

10 digital commodity broker; and 

11 ‘‘(iii) such other matters as the Com12 mission determines to be appropriate. 

13 ‘‘(D) DUTIES.—A digital commodity dealer 

14 or digital commodity broker shall comply with 

15 the following requirements: 

16 ‘‘(i) RISK MANAGEMENT PROCE17 DURES.—The digital commodity dealer or 

18 digital commodity broker shall establish ro19 bust and professional risk management 

20 systems adequate for managing the day-to21 day business of the digital commodity deal22 er or digital commodity broker. 

23 ‘‘(ii) DISCLOSURE OF GENERAL IN24 FORMATION.—The digital commodity deal25 er or digital commodity broker shall disVerDate Sep 11 2014 03:08 Aug 13, 2022 Jkt 029200 PO 00000 Frm 00027 Fmt 6652 Sfmt 6201 E:\BILLS\S4760.IS S4760

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1 close to the Commission, as applicable, in2 formation concerning— 

3 ‘‘(I) terms and conditions of its 

4 digital commodity trades; 

5 ‘‘(II) trading operations, mecha6 nisms, and practices; 

7 ‘‘(III) financial integrity protec8 tions relating to transactions in digital 

9 commodity trades; and 

10 ‘‘(IV) other information relevant 

11 to its digital commodity trades. 

12 ‘‘(E) ABILITY TO OBTAIN INFORMATION.— 

13 A digital commodity dealer or digital com14 modity broker shall— 

15 ‘‘(i) establish and enforce internal sys16 tems and procedures to obtain any nec17 essary information to perform any of the 

18 functions described in this section; and 

19 ‘‘(ii) provide the information described 

20 in clause (i) to the Commission on request. 

21 ‘‘(4) CORE PRINCIPLES APPLICABLE TO ALL

22 DIGITAL COMMODITY PLATFORMS.— 

23 ‘‘(A) RECORDKEEPING AND REPORTING.— 

24 A digital commodity platform shall— 


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1 ‘‘(i)(I) maintain records of all activi2 ties relating to the business of the digital 

3 commodity platform, including a complete 

4 audit trail, in a form and manner accept5 able to the Commission for a period of 5 

6 years; and 

7 ‘‘(II) keep the records described in 

8 subclause (I) open to inspection by the 

9 Commission; 

10 ‘‘(ii) provide to the Commission, in a 

11 form and manner acceptable to the Com12 mission, such information as the Commis13 sion determines to be necessary or appro14 priate for the Commission to perform the 

15 duties of the Commission under this Act; 

16 and 

17 ‘‘(iii) make such reports as are re18 quired by the Commission relating to the 

19 transactions and positions of the customers 

20 of the digital commodity platform. 

21 ‘‘(B) ANTITRUST CONSIDERATIONS.—Un22 less necessary or appropriate to achieve the 

23 purposes of this Act, a digital commodity plat24 form shall not— 


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1 ‘‘(i) adopt any rules or take any ac2 tions that result in any unreasonable re3 straint of trade; or 

4 ‘‘(ii) impose any material anticompeti5 tive burden on trading or custody. 

6 ‘‘(C) CONFLICTS OF INTEREST.—The 

7 Commission shall require conflict of interest 

8 systems and procedures that— 

9 ‘‘(i) establish structural and institu10 tional safeguards— 

11 ‘‘(I) to minimize conflicts of in12 terest that might potentially bias the 

13 judgment or supervision of a digital 

14 commodity platform and contravene 

15 the core principles of fair and equi16 table trading and the business con17 duct standards described in this Act, 

18 including conflicts arising out of 

19 transactions or arrangements with af20 filiates (including affiliates acting as 

21 issuers, market-makers, or 

22 custodians); and 

23 ‘‘(II) which may include, as the 

24 Commission determines to be appro25 priate, information partitions and the 


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1 legal separation of different categories 

2 of digital commodity platforms; 

3 ‘‘(ii) establish a process for resolving 

4 conflicts of interest described in clause (i); 

5 ‘‘(iii) require disclosure by a digital 

6 commodity platform of any material incen7 tives or conflicts of interest that the digital 

8 commodity platform is unable to resolve; 

9 and 

10 ‘‘(iv) address such other issues as the 

11 Commission determines to be appropriate. 

12 ‘‘(D) FINANCIAL RESOURCES.— 

13 ‘‘(i) IN GENERAL.—A digital com14 modity platform shall have adequate finan15 cial, operational, and managerial resources 

16 to discharge each responsibility of the dig17 ital commodity platform. 

18 ‘‘(ii) FINANCIAL RESOURCES FOR

19 MARGIN TRADING.—The Commission shall 

20 require such additional financial resources 

21 as are necessary to enable a digital com22 modity platform to fulfill obligations of the 

23 digital commodity platform arising from 

24 margined, leveraged, or financed trans25 actions. 


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1 ‘‘(E) SYSTEM SAFEGUARDS.—A digital 

2 commodity platform shall— 

3 ‘‘(i) establish and maintain a program 

4 of risk analysis and oversight to identify 

5 and minimize sources of operational risk 

6 (including cybersecurity risk), through the 

7 development of appropriate controls and 

8 procedures, and automated systems, that— 

9 ‘‘(I) are reliable and secure; and 

10 ‘‘(II) have adequate scalable ca11 pacity; 

12 ‘‘(ii) establish and maintain emer13 gency procedures, backup facilities, and a 

14 plan for disaster recovery that allow for— 

15 ‘‘(I) the timely recovery and re16 sumption of operations; and 

17 ‘‘(II) the fulfillment of the re18 sponsibilities and obligations of the 

19 digital commodity platform; and 

20 ‘‘(iii) periodically conduct tests to 

21 verify that the backup resources of the dig22 ital commodity platform are sufficient to 

23 ensure continued— 

24 ‘‘(I) order processing and trade 

25 matching; 


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1 ‘‘(II) price reporting; 

2 ‘‘(III) market surveillance; and 

3 ‘‘(IV) maintenance of a com4 prehensive and accurate audit trail. 

5 ‘‘(F) DESIGNATION OF CHIEF COMPLIANCE

6 OFFICER.— 

7 ‘‘(i) IN GENERAL.—A digital com8 modity platform shall designate an indi9 vidual to serve as a chief compliance officer 

10 (referred to in this paragraph as a ‘chief 

11 compliance officer’). 

12 ‘‘(ii) DUTIES.—A chief compliance of13 ficer shall— 

14 ‘‘(I) report directly to the board 

15 or to the senior officer of the digital 

16 commodity platform; 

17 ‘‘(II) review compliance with the 

18 core principles described in this sub19 section; 

20 ‘‘(III) in consultation with the 

21 board of the digital commodity plat22 form, a body performing a function 

23 similar to that of a board, or the sen24 ior officer of the digital commodity 


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•S 4760 IS

1 platform, resolve any conflicts of in2 terest that may arise; 

3 ‘‘(IV) be responsible for estab4 lishing and administering the policies 

5 and procedures required to be estab6 lished pursuant to this section; 

7 ‘‘(V) ensure compliance with this 

8 Act and the rules and regulations 

9 issued under this Act, including rules 

10 prescribed by the Commission pursu11 ant to this section; and 

12 ‘‘(VI) establish procedures for 

13 the remediation of noncompliance 

14 issues found during compliance office 

15 reviews, look backs, internal or exter16 nal audit findings, self-reported er17 rors, or through validated complaints. 

18 ‘‘(iii) REQUIREMENTS FOR PROCE19 DURES.—In establishing procedures under 

20 clause (ii)(VI), a chief compliance officer 

21 shall design the procedures to establish the 

22 handling, management response, remedi23 ation, retesting, and closing of noncompli24 ance issues. 

25 ‘‘(iv) ANNUAL REPORTS.— 


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1 ‘‘(I) IN GENERAL.—In accord2 ance with rules prescribed by the 

3 Commission, a chief compliance offi4 cer shall annually prepare and sign a 

5 report that contains a description of— 

6 ‘‘(aa) the compliance of the 

7 digital commodity platform with 

8 this Act; and 

9 ‘‘(bb) the policies and proce10 dures, including the code of eth11 ics and conflict of interest poli12 cies, of the digital commodity 

13 platform. 

14 ‘‘(II) REQUIREMENTS.—A chief 

15 compliance officer shall— 

16 ‘‘(aa) submit each report de17 scribed in subclause (I) with the 

18 appropriate financial report of 

19 the digital commodity platform 

20 that is required to be submitted 

21 to the Commission pursuant to 

22 this section; and 

23 ‘‘(bb) include in the report a 

24 certification that, under penalty 


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•S 4760 IS

1 of law, the report is accurate and 

2 complete. 

3 ‘‘(G) GOVERNANCE; FITNESS STAND4 ARDS.— 

5 ‘‘(i) GOVERNANCE ARRANGEMENTS.— 

6 A digital commodity platform shall estab7 lish governance arrangements that are 

8 transparent to fulfill public interest re9 quirements. 

10 ‘‘(ii) FITNESS STANDARDS.—A digital 

11 commodity platform shall establish and en12 force appropriate fitness standards for— 

13 ‘‘(I) directors; and 

14 ‘‘(II) any entity offering affiliated 

15 services for the digital commodity 

16 platform. 

17 ‘‘(H) TREATMENT OF CUSTOMER AS18 SETS.— 

19 ‘‘(i) IN GENERAL.—A digital com20 modity platform shall hold customer prop21 erty (including digital commodities) in a 

22 manner that minimizes the risk of loss of, 

23 or unreasonable delay in access to, the cus24 tomer property. 

25 ‘‘(ii) SEGREGATION OF FUNDS.— 


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1 ‘‘(I) IN GENERAL.—A digital 

2 commodity platform shall treat and 

3 deal with all customer property that is 

4 received by the digital commodity 

5 platform as belonging to the cus6 tomer. 

7 ‘‘(II) COMMINGLING PROHIB8 ITED.—Customer property described 

9 in subclause (I)— 

10 ‘‘(aa) shall be separately ac11 counted for; and 

12 ‘‘(bb) shall not be commin13 gled with the assets of the digital 

14 commodity platform. 

15 ‘‘(iii) EXCEPTIONS.— 

16 ‘‘(I) USE OF FUNDS.—Notwith17 standing clause (ii), customer prop18 erty described in that clause may, for 

19 convenience, be commingled in the 

20 same account or accounts with— 

21 ‘‘(aa) an insured depository 

22 institution (as defined in section 

23 3 of the Federal Deposit Insur24 ance Act (12 U.S.C. 1813)); 


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1 ‘‘(bb) an insured credit 

2 union (as defined in section 101 

3 of the Federal Credit Union Act 

4 (12 U.S.C. 1752)); or 

5 ‘‘(cc) a digital commodity 

6 platform. 

7 ‘‘(II) WITHDRAWAL.—Notwith8 standing clause (ii), such share of the 

9 customer property described in that 

10 clause as, in the normal course of 

11 business, is necessary to margin, 

12 guarantee, secure, transfer, adjust, or 

13 settle a digital commodity transaction 

14 with a digital commodity platform, or 

15 with any customer of a digital com16 modity platform, may be withdrawn 

17 and applied to such purposes lawfully 

18 accruing in connection with the digital 

19 commodity transaction, including the 

20 payment of commissions, taxes, and 

21 brokerage, interest, storage, and other 

22 charges. 

23 ‘‘(III) COMMISSION ACTION.— 

24 Notwithstanding clause (ii)— 


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•S 4760 IS

1 ‘‘(aa) the Commission may 

2 adopt rules or regulations permit3 ting the lending of digital com4 modities by a digital commodity 

5 platform holding those digital 

6 commodities for customers, sub7 ject to such conditions as the 

8 Commission may prescribe to 

9 protect customers and achieve 

10 the purposes of this Act; and 

11 ‘‘(bb) in accordance with 

12 such terms and conditions as the 

13 Commission may prescribe by 

14 rule, regulation, or order, any 

15 customer property described in 

16 that clause may be commingled 

17 and deposited in customer ac18 counts with any other money, se19 curities, or property received by 

20 the digital commodity platform 

21 and required by the Commission 

22 to be separately accounted for, 

23 treated, and dealt with as belong24 ing to customers. 

25 ‘‘(iv) PERMITTED INVESTMENTS.— 


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•S 4760 IS

1 ‘‘(I) IN GENERAL.—Customer 

2 property described in clause (ii) in the 

3 form of money may be invested in— 

4 ‘‘(aa) obligations of the 

5 United States; 

6 ‘‘(bb) obligations the prin7 cipal and interest of which are 

8 fully guaranteed by the United 

9 States; and 

10 ‘‘(cc) any other investment 

11 that the Commission may by rule 

12 or regulation prescribe. 

13 ‘‘(II) RULES AND CONDITIONS.— 

14 Investments under subclause (I) shall 

15 be made in accordance with such rules 

16 and regulations, and subject to such 

17 conditions, as the Commission may 

18 prescribe. 

19 ‘‘(v) PROHIBITION.—It shall be un20 lawful for any person, including a digital 

21 commodity platform or a depository insti22 tution, that has received any customer 

23 property for deposit in a separate account 

24 or accounts in accordance with clause (ii) 

25 to hold, dispose of, or use that customer 


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•S 4760 IS

1 property as belonging to the depositing 

2 digital commodity platform or any person 

3 other than the customers of the digital 

4 commodity platform. 

5 ‘‘(c) RULES GOVERNING MARGINED OR LEVERAGED

6 TRADING.—The Commission may make, promulgate, and 

7 enforce such rules governing margined, leveraged, or fi8 nanced digital commodity trades on digital commodity 

9 platforms as are reasonably necessary to protect the public 

10 interest and promote the orderly settlement of trans11 actions. 

12 ‘‘(d) CONTRACT LISTINGS, RULES, AND RULE

13 AMENDMENTS FOR DIGITAL COMMODITY TRADING FA14 CILITIES.— 

15 ‘‘(1) IN GENERAL.—Subject to the require16 ments under this subsection, a digital commodity 

17 trading facility may— 

18 ‘‘(A) list for trading a contract for a dig19 ital commodity; and 

20 ‘‘(B) approve and implement a new rule or 

21 rule amendment. 

22 ‘‘(2) CERTIFICATION FROM DIGITAL COM23 MODITY TRADING FACILITY.—A digital commodity 

24 trading facility that elects to carry out an activity 

25 described in subparagraph (A) or (B) of paragraph 


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•S 4760 IS

1 (1) shall, prior to carrying out that activity, provide 

2 to the Commission a written certification that the 

3 contract, new rule, or rule amendment, as applica4 ble, complies with this Act (including regulations 

5 under this Act). 

6 ‘‘(3) EFFECTIVE DATE OF LISTING, RULE, AND

7 RULE AMENDMENT.—Subject to paragraph (4), a 

8 listing, rule, or rule amendment described in para9 graph (1) shall become effective on the date that 

10 is— 

11 ‘‘(A) in the case of a listing of a contract 

12 that has not previously been listed on any dig13 ital commodity trading facility, 30 business 

14 days after the date on which the Commission 

15 receives the certification (or such shorter period 

16 as determined by the Commission by rule or 

17 regulation); or 

18 ‘‘(B) in any other case, 10 business days 

19 after the date on which the Commission receives 

20 the certification (or such shorter period as de21 termined by the Commission by rule or regula22 tion). 

23 ‘‘(4) STAY OF CERTIFICATION.— 

24 ‘‘(A) IN GENERAL.—The Commission may 

25 stay a certification for a listing, rule, or rule 


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•S 4760 IS

1 amendment described in paragraph (1) by noti2 fying the digital commodity trading facility that 

3 the Commission is staying the certification be4 cause there exists— 

5 ‘‘(i) a novel or complex issue that re6 quires additional time to analyze; 

7 ‘‘(ii) an inadequate explanation by the 

8 submitting digital commodity trading facil9 ity; or 

10 ‘‘(iii) a potential inconsistency with 

11 this Act (including regulations under this 

12 Act). 

13 ‘‘(B) DURATION OF STAY.—A stay of cer14 tification by the Commission under subpara15 graph (A) shall be for a period of not more 

16 than 90 days, beginning on the date of the noti17 fication by the Commission under that subpara18 graph. 

19 ‘‘(C) EFFECTIVE DATE AFTER STAY.—A 

20 listing, rule, or rule amendment subject to a 

21 stay under subparagraph (A) shall become ef22 fective on the expiration of the period described 

23 in subparagraph (B), unless the Commission— 

24 ‘‘(i) withdraws the stay prior to that 

25 time; or 


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1 ‘‘(ii) notifies the digital commodity 

2 trading facility during such period that the 

3 Commission objects to the proposed certifi4 cation and disapproves a listing, rule, or 

5 rule amendment pursuant to paragraph 

6 (5). 

7 ‘‘(D) PUBLIC COMMENT.—The Commission 

8 may provide a public comment period of not 

9 less than 30 days, within the period in which a 

10 stay is in effect under subparagraph (B), when11 ever the Commission reviews a listing, rule, or 

12 rule amendment pursuant to a notification by 

13 the Commission under subparagraph (A). 

14 ‘‘(5) DISAPPROVAL.— 

15 ‘‘(A) IN GENERAL.—The Commission may 

16 disapprove a listing, rule, or rule amendment 

17 described in paragraph (1) if the Commission 

18 determines that the listing, rule, or rule amend19 ment is inconsistent with this Act (including the 

20 considerations in subparagraph (B) and regula21 tions under this Act). 

22 ‘‘(B) CONSIDERATIONS.—In making a de23 termination described in subparagraph (A) with 

24 respect to a listing for a digital commodity, the 


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1 Commission may consider, among other 

2 things— 

3 ‘‘(i) whether the operating structure 

4 and system of the digital commodity is se5 cure from cybersecurity threats, including 

6 the possibility of material alterations by 

7 persons acting collectively; 

8 ‘‘(ii) whether the functionality of the 

9 digital commodity will protect holders from 

10 operational failures; 

11 ‘‘(iii) with respect to a digital com12 modity that purports to have a fixed 

13 value— 

14 ‘‘(I) an identification and de15 scription of the issuer of the digital 

16 commodity; 

17 ‘‘(II) the collateral or reserves 

18 backing the digital commodity; and 

19 ‘‘(III) the terms by which the 

20 issuer will redeem the digital com21 modity; and 

22 ‘‘(iv) whether the digital commodity 

23 and the market for the digital commodity 

24 are not readily susceptible to manipulation. 

25 ‘‘(6) PRIOR APPROVAL.— 


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1 ‘‘(A) IN GENERAL.—A digital commodity 

2 trading facility may request that the Commis3 sion grant prior approval to the listing of any 

4 new contract for a digital commodity. 

5 ‘‘(B) DEADLINE.—If prior approval is re6 quested under subparagraph (A), the Commis7 sion shall take final action on the request not 

8 later than 90 days after submission of the re9 quest, unless the person submitting the request 

10 agrees to an extension of the time limitation es11 tablished under this subparagraph. 

12 ‘‘(C) DISAPPROVAL.—Paragraphs (4) and 

13 (5) shall apply to Commission action on a re14 quest under this paragraph. 

15 ‘‘(7) DELISTING; REVOCATION.—After the list16 ing of a contract for a digital commodity has taken 

17 effect, the Commission may require the delisting of 

18 the contract or disapprove the listing in accordance 

19 with paragraph (5). 

20 ‘‘(8) DISCLOSURES.— 

21 ‘‘(A) IN GENERAL.—The Commission shall 

22 require a digital commodity trading facility to 

23 disclose to the public, on a timely basis, with re24 spect to a listing described in paragraph 

25 (1)(A)— 


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1 ‘‘(i) the operating structure and sys2 tem of the digital commodity; and 

3 ‘‘(ii) the trading volume and volatility 

4 of the digital commodity. 

5 ‘‘(B) FORMAT.—The Commission shall 

6 prescribe rules and regulations for the stand7 ardization and simplification of disclosures 

8 under subparagraph (A) and subsection 

9 (f)(1)(A), including requiring that disclosures— 

10 ‘‘(i) are conspicuous; 

11 ‘‘(ii) use plain language comprehen12 sible to customers; and 

13 ‘‘(iii) succinctly explain the informa14 tion that is required to be communicated 

15 to the customer. 

16 ‘‘(e) PRODUCT LISTING FOR DIGITAL COMMODITY

17 BROKERS AND DIGITAL COMMODITY DEALERS.— 

18 ‘‘(1) IN GENERAL.—A digital commodity broker 

19 and a digital commodity dealer may only trade, or 

20 arrange a trade, in a contract for a digital com21 modity that is not readily susceptible to manipula22 tion. 

23 ‘‘(2) DISCLOSURE, LISTING, AND CERTIFI24 CATION REQUIREMENTS.—A digital commodity 

25 broker and a digital commodity dealer may only 


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1 trade, or arrange for trading, in digital commodities 

2 that have met the requirements of subsection (d) 

3 (including the listing and disclosure requirements). 

4 ‘‘(f) CUSTOMER PROTECTION.—The Commission 

5 shall adopt customer protection requirements that— 

6 ‘‘(1) require disclosure by a digital commodity 

7 platform to a customer (other than another digital 

8 commodity platform registered under this section) 

9 of— 

10 ‘‘(A) information about the material risks 

11 and characteristics of any applicable digital 

12 commodity contracts; and 

13 ‘‘(B) any material incentives or conflicts of 

14 interest that the digital commodity platform 

15 may have in connection with any applicable dig16 ital commodity contracts; 

17 ‘‘(2) establish a duty for a digital commodity 

18 platform to communicate in a fair and balanced 

19 manner based on principles of fair dealing and good 

20 faith; 

21 ‘‘(3) establish standards governing digital com22 modity platform marketing and advertising, includ23 ing testimonials and endorsements; and 

24 ‘‘(4) establish such other standards and re25 quirements as the Commission may determine are— 


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1 ‘‘(A) in the public interest; 

2 ‘‘(B) appropriate for the protection of cus3 tomers; or 

4 ‘‘(C) otherwise in furtherance of the pur5 poses of this Act. 

6 ‘‘(g) EXAMINATION AND PUBLICATION OF ENERGY

7 CONSUMPTION IN DIGITAL COMMODITY MARKETS.— 

8 ‘‘(1) IN GENERAL.—The Commission shall ex9 amine, in collaboration with other Federal regulatory 

10 agencies as the Commission determines appropriate, 

11 the energy consumption and sources of energy used 

12 in connection with the creation and transfer of the 

13 most widely traded digital commodities. 

14 ‘‘(2) REPORT.—Not later than 180 days after 

15 the date of enactment of the Digital Commodities 

16 Consumer Protection Act of 2022, the Commission 

17 shall submit to the Committee on Agriculture, Nutri18 tion, and Forestry of the Senate and the Committee 

19 on Agriculture of the House of Representatives a re20 port describing— 

21 ‘‘(A) an estimate of the energy consump22 tion and sources of energy used in connection 

23 with the creation and transfer of the most wide24 ly traded digital commodities; and 


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1 ‘‘(B) the methodology used by the Com2 mission to generate the estimate described in 

3 subparagraph (A). 

4 ‘‘(3) PUBLICATION.—Using the methodology 

5 described in paragraph (2)(B), the Commission shall 

6 publish on the website of the Commission, and peri7 odically update on a timely basis, an estimate of the 

8 energy consumption and sources of energy used in 

9 connection with the creation and transfer of the 

10 most widely traded digital commodities. 

11 ‘‘(h) PROHIBITION ON FRAUD, DECEPTION, AND MA12 NIPULATION.—It shall be unlawful for any digital com13 modity platform to engage in any act, practice, or course 

14 of business in connection with its business as a digital 

15 commodity platform that is fraudulent, deceptive, or ma16 nipulative. 

17 ‘‘(i) SELF-REGULATION.— 

18 ‘‘(1) IN GENERAL.—A digital commodity 

19 broker, digital commodity dealer, or digital com20 modity custodian shall be a member of a registered 

21 futures association, regardless of whether such per22 son is separately registered as a digital commodity 

23 trading facility. 

24 ‘‘(2) DELEGATION OF REGISTRATION FUNC25 TIONS.—The Commission may authorize any regVerDate Sep 11 2014 03:08 Aug 13, 2022 Jkt 029200 PO 00000 Frm 00050 Fmt 6652 Sfmt 6201 E:\BILLS\S4760.IS S4760

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1 istered futures association to perform any portion of 

2 the registration functions with respect to digital 

3 commodity platforms, associated persons of digital 

4 commodity brokers, and associated persons of digital 

5 commodity dealers— 

6 ‘‘(A) in accordance with rules, notwith7 standing any other provision of law, adopted by 

8 that registered futures association and sub9 mitted to the Commission for approval; and 

10 ‘‘(B) subject to the provisions of this sec11 tion applicable to registrations granted by the 

12 Commission. 

13 ‘‘(j) DUAL REGISTRATION.—A digital commodity 

14 platform registered under this section may also be reg15 istered with the Securities and Exchange Commission as 

16 an exchange, broker, or dealer (as those terms are defined 

17 in section 3 of the Securities Exchange Act of 1934 (15 

18 U.S.C. 78c)) or another trading platform. 

19 ‘‘(k) FEES FOR REGISTRATION.— 

20 ‘‘(1) IN GENERAL.—The Commission shall, in 

21 accordance with this subsection, assess and collect 

22 fees, which shall be used to recover the annual costs 

23 of— 

24 ‘‘(A) registering digital commodity plat25 forms; 


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1 ‘‘(B) conducting oversight of digital com2 modity trades; and 

3 ‘‘(C) carrying out education and outreach 

4 under subsection (l). 

5 ‘‘(2) DETERMINATION OF FEE RATES.—In de6 termining fee rates under paragraph (1), the Com7 mission shall consider— 

8 ‘‘(A) the volume of business of the digital 

9 commodity platform; and 

10 ‘‘(B) the category of the digital commodity 

11 platform. 

12 ‘‘(3) PROHIBITIONS.— 

13 ‘‘(A) COMMISSION.—The Commission shall 

14 not require a digital commodity platform to col15 lect directly from customers a per-transaction 

16 fee for each digital commodity trade. 

17 ‘‘(B) DIGITAL COMMODITY PLATFORMS.— 

18 A digital commodity platform shall not impose 

19 directly on customers a per-transaction fee for 

20 each digital commodity trade to pay the fees 

21 under paragraph (1). 

22 ‘‘(4) PUBLICATION.—Not later than 60 days 

23 after the date of enactment of an Act making a reg24 ular appropriation to the Commission for a fiscal 


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1 year, the Commission shall publish in the Federal 

2 Register a notice of— 

3 ‘‘(A) the fee rates determined pursuant to 

4 this subsection for that fiscal year; and 

5 ‘‘(B) any estimates or projections on which 

6 those fee rates are based. 

7 ‘‘(5) RECORDS AND DISCLOSURE.—In carrying 

8 out this subsection, the Commission shall not be re9 quired to comply with section 553 of title 5, United 

10 States Code. 

11 ‘‘(6) NO JUDICIAL REVIEW.—A fee rate pre12 scribed under this subsection shall not be subject to 

13 judicial review. 

14 ‘‘(7) DEPOSIT OF FEES.—Fees collected pursu15 ant to this subsection for any fiscal year shall be de16 posited and credited as offsetting collections to the 

17 account providing appropriations to the Commission. 

18 ‘‘(8) ANNUAL ADJUSTMENT.—For each fiscal 

19 year, the Commission shall, by order, determine fee 

20 rates pursuant to this subsection that are reasonably 

21 likely to produce aggregate fee collections that are 

22 equal to the annual appropriation to the Commission 

23 by Congress for activities relating to the registration 

24 of digital commodity platforms and the oversight of 

25 digital commodity trades. 


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1 ‘‘(9) LAPSE OF APPROPRIATION.—If, on the 

2 first day of a fiscal year, a regular appropriation to 

3 the Commission has not been enacted, the Commis4 sion shall continue to collect (as offsetting collec5 tions) fees pursuant to this subsection at each of the 

6 rates in effect during the preceding fiscal year. 

7 ‘‘(10) BUDGET REQUESTS.—The Commission 

8 shall itemize in each budget submitted to the Presi9 dent or the Office of Management and Budget the 

10 estimated annual costs of— 

11 ‘‘(A) registering digital commodity plat12 forms; 

13 ‘‘(B) conducting oversight of digital com14 modity trades; and 

15 ‘‘(C) carrying out education and outreach 

16 under subsection (l). 

17 ‘‘(11) LIMITATIONS.— 

18 ‘‘(A) IN GENERAL.—Fees may only be as19 sessed and imposed pursuant to this subsection 

20 on digital commodity platforms regulated by the 

21 Commission pursuant to this section. 

22 ‘‘(B) USE OF FEES.—Fees authorized 

23 under this subsection are prohibited from fund24 ing any Commission activity not directly related 

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1 forms, the oversight of digital commodity 

2 trades, and the education and outreach carried 

3 out under subsection (l). 

4 ‘‘(l) CUSTOMER EDUCATION AND OUTREACH.—The 

5 Commission shall provide education and outreach to cus6 tomers participating in digital commodity markets. 

7 ‘‘(m) INSPECTION.—The Commission may inspect 

8 and monitor digital commodity platforms, on an ongoing 

9 basis, for the purpose of ensuring compliance with this 

10 Act. 

11 ‘‘(n) PREEMPTION OF STATE LAWS.— 

12 ‘‘(1) IN GENERAL.—The registration of a dig13 ital commodity platform, an associated person of a 

14 digital commodity broker, or an associated person of 

15 a digital commodity dealer under this section— 

16 ‘‘(A) shall preempt any applicable registra17 tion requirements under State laws relating to 

18 money transmission, virtual currency, and com19 modity brokers; and 

20 ‘‘(B) shall not affect the applicability of 

21 State antifraud laws. 

22 ‘‘(2) COMPLIANCE.—Beginning on the effective 

23 date of a registration of a digital commodity plat24 form under this section, the digital commodity plat25 form shall not be required to comply with applicable 


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1 State law requirements relating to money trans2 mission, virtual currency, and commodity brokerage. 

3 ‘‘(o) REGULATIONS.—The Commission shall pre4 scribe such rules and regulations as are appropriate for 

5 the implementation of this section.’’. 

6 SEC. 5. ADDITIONAL AMENDMENTS. 

7 (a) RETAIL COMMODITY TRANSACTIONS.—Section 

8 2(c)(2)(D)(ii) of the Commodity Exchange Act (7 U.S.C. 

9 2(c)(2)(D)(ii)) is amended— 

10 (1) in subclause (III)(bb), by striking ‘‘or’’ at 

11 the end; 

12 (2) by redesignating subclauses (IV) and (V) as 

13 subclauses (V) and (VI), respectively; and 

14 (3) by inserting after subclause (III) the fol15 lowing: 

16 ‘‘(IV) a digital commodity 

17 trade;’’. 

18 (b) APPLICABILITY.—Section 2(i) of the Commodity 

19 Exchange Act (7 U.S.C. 2(i)) is amended— 

20 (1) by redesignating paragraphs (1) and (2) as 

21 subparagraphs (A) and (B), respectively, and indent22 ing appropriately; 

23 (2) in the matter preceding subparagraph (A) 

24 (as so redesignated), by striking ‘‘The provisions’’ 

25 and inserting the following: 


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1 ‘‘(1) SWAPS.—The provisions’’; and 

2 (3) by adding at the end the following: 

3 ‘‘(2) DIGITAL COMMODITIES.—The provisions 

4 of this Act (including any rule prescribed or regula5 tion promulgated under this Act) relating to digital 

6 commodities shall not apply to activities outside the 

7 United States unless those activities— 

8 ‘‘(A) have a reasonably foreseeable signifi9 cant effect within the United States; 

10 ‘‘(B) involve, for the purpose of soliciting 

11 or accepting any order for, or otherwise dealing 

12 in, digital commodities— 

13 ‘‘(i) the offering to enter into, enter14 ing into, execution, or confirming the exe15 cution of digital commodities with any 

16 United States person; or 

17 ‘‘(ii) the conducting of any office or 

18 business anywhere in the United States 

19 (including any territory or possession of 

20 the United States); or 

21 ‘‘(C) contravene such rules or regulations 

22 as the Commission may prescribe or promulgate 

23 as are necessary or appropriate to prevent the 

24 evasion of any provision of this Act.’’. 

25 (c) REGISTRATION OF ASSOCIATED PERSONS.— 


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1 (1) IN GENERAL.—Section 4k of the Com2 modity Exchange Act (7 U.S.C. 6k) is amended— 

3 (A) by redesignating paragraphs (4) 

4 through (6) as paragraphs (5) through (7); 

5 (B) by inserting after paragraph (3) the 

6 following: 

7 ‘‘(4) It shall be unlawful for any person to act 

8 as an associated person of a digital commodity 

9 broker or an associated person of a digital com10 modity dealer unless such person is registered with 

11 the Commission under this Act and such registration 

12 shall not have expired, been suspended (and the pe13 riod of suspension has not expired), or been revoked. 

14 It shall be unlawful for a digital commodity broker 

15 or a digital commodity dealer to permit such a per16 son to become or remain associated with the digital 

17 commodity broker or digital commodity dealer if 

18 such digital commodity broker or digital commodity 

19 dealer knew or should have known that such person 

20 was not so registered or that such registration had 

21 expired, been suspended (and the period of suspen22 sion has not expired), or been revoked.’’; and 

23 (C) in paragraph (5) (as so redesignated), 

24 by striking ‘‘or of a commodity trading advisor’’ 

25 and inserting ‘‘of a commodity trading advisor, 


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1 of a digital commodity broker, or of a digital 

2 commodity dealer’’. 

3 (2) CONFORMING AMENDMENT.—The Com4 modity Exchange Act (7 U.S.C. 1a et seq.) is 

5 amended by striking ‘‘section 4k(6)’’ each place it 

6 appears and inserting ‘‘section 4k(7)’’. 

7 (d) COMMODITY TRADING ADVISERS; COMMODITY

8 POOL OPERATORS.— 

9 (1) IN GENERAL.—Section 4l of the Commodity 

10 Exchange Act (7 U.S.C. 6l) is amended— 

11 (A) in paragraph (2), by striking ‘‘deriva12 tives transaction execution facilities’’ and in13 serting ‘‘digital commodity trades on or subject 

14 to the rules of digital commodity trading facili15 ties’’; and 

16 (B) in paragraph (3), by striking ‘‘deriva17 tives transaction execution facilities’’ and in18 serting ‘‘digital commodity trading facilities’’. 

19 (2) USE OF MAIL OR OTHER INTERSTATE COM20 MERCE.—Section 4m(3)(C) of the Commodity Ex21 change Act (7 U.S.C. 6m(3)(C)) is amended by in22 serting ‘‘digital commodity trades,’’ before ‘‘and any 

23 monies’’. 

24 (3) REGISTRATION.—Section 4n(3)(B) of the 

25 Commodity Exchange Act (7 U.S.C. 6n(3)(B)) is 


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1 amended by inserting ‘‘or digital commodity’’ after 

2 ‘‘futures market’’. 

3 (e) ACCEPTABLE BUSINESS PRACTICES UNDER

4 CORE PRINCIPLES.—Section 5c(a)(1) of the Commodity 

5 Exchange Act (7 U.S.C. 7a–2(a)(1)) is amended by strik6 ing ‘‘and 5b(c)(2),’’ and inserting ‘‘, 5b(c)(2), and 5i(b)’’. 

7 (f) PUBLIC DISCLOSURE.—Section 8(a)(1) of the 

8 Commodity Exchange Act (7 U.S.C. 12(a)(1)) is amended, 

9 in the first sentence of the matter preceding subparagraph 

10 (A), by inserting ‘‘, digital commodity platforms,’’ after 

11 ‘‘boards of trade’’. 

12 (g) ANTI-MONEY LAUNDERING.— 

13 (1) AMENDMENT.—Section 5312(a)(2) of title 

14 31, United States Code, is amended— 

15 (A) by redesignating subparagraphs (Y) 

16 and (Z) as subparagraphs (Z) and (AA), re17 spectively; and 

18 (B) by inserting after subparagraph (X) 

19 the following: 

20 ‘‘(Y) a digital commodity platform (as de21 fined in section 1a of the Commodity Exchange 

22 Act (7 U.S.C. 1a));’’. 

23 (2) REGULATIONS.— 

24 (A) PROPOSED REGULATIONS.—Not later 

25 than 180 days after the date of enactment of 


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1 this Act, the Secretary of the Treasury, after 

2 consultation with the Commodity Futures Trad3 ing Commission, shall publish proposed regula4 tions in the Federal Register requiring a digital 

5 commodity platform (as defined in section 1a of 

6 the Commodity Exchange Act (7 U.S.C. 1a)) 

7 registered with the Commodity Futures Trading 

8 Commission to submit a report of any sus9 picious transaction under section 5318(g) of 

10 title 31, United States Code. 

11 (B) FINAL REGULATIONS.—Not later than 

12 180 days after the date of publication of the 

13 proposed regulations under subparagraph (A), 

14 the Secretary of the Treasury shall publish 

15 those regulations in final form. 

16 (h) REGISTRATION OF COMMODITY DEALERS AND

17 ASSOCIATED PERSONS.—Section 8a of the Commodity 

18 Exchange Act (7 U.S.C. 12a) is amended— 

19 (1) in paragraph (1), by inserting ‘‘digital com20 modity brokers, associated persons of digital com21 modity brokers, digital commodity dealers, associ22 ated persons of digital commodity dealers,’’ after ‘‘to 

23 register’’; 

24 (2) in paragraph (2)— 

25 (A) in subparagraph (C)— 


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1 (i) in clause (i), by inserting ‘‘digital 

2 commodity broker, digital commodity deal3 er,’’ before ‘‘futures commission mer4 chant’’; and 

5 (ii) in clause (ii), by striking ‘‘con6 tracts of’’ and inserting ‘‘a digital com7 modity trade or a contract of’’; 

8 (B) in subparagraph (D)— 

9 (i) in clause (i), by inserting ‘‘digital 

10 commodity trade or’’ before ‘‘contract of 

11 sale’’; and 

12 (ii) in clause (ii), by inserting ‘‘digital 

13 commodity broker, digital commodity deal14 er,’’ before ‘‘futures commission mer15 chant’’; and 

16 (C) in subparagraph (E)(i), by striking 

17 ‘‘Investors’’ and inserting ‘‘Investor’’; 

18 (3) in paragraph (3)— 

19 (A) in subparagraph (B)(i), by striking 

20 ‘‘Investors’’ and inserting ‘‘Investor’’; 

21 (B) in subparagraph (E)— 

22 (i) in clause (i), by striking ‘‘contract 

23 of sale of a commodity for future delivery 

24 or’’ and inserting ‘‘contract of sale of a 


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1 commodity for future delivery, digital com2 modity trade, or’’; and 

3 (ii) in clause (ii), by inserting ‘‘digital 

4 commodity broker, digital commodity deal5 er,’’ before ‘‘futures commission mer6 chant’’; and 

7 (C) in subparagraph (J)— 

8 (i) by inserting ‘‘a digital commodity 

9 trading facility,’’ before ‘‘a registered enti10 ty’’; and 

11 (ii) by striking ‘‘registered entity, as12 sociation’’ and inserting ‘‘digital com13 modity trading facility, registered entity, 

14 registered futures association’’; 

15 (4) in paragraph (4)— 

16 (A) by striking ‘‘futures commission mer17 chant’’ and inserting ‘‘digital commodity 

18 broker, digital commodity dealer, futures com19 mission merchant,’’; 

20 (B) by inserting ‘‘digital commodity sub21 ject to the rules of a digital commodity trading 

22 facility or’’ before ‘‘commodity’’; and 

23 (C) by inserting ‘‘digital commodity trad24 ing facility or’’ before ‘‘registered entity’’ each 

25 place it appears; 


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1 (5) in paragraph (6), by inserting ‘‘digital com2 modity trading facility, digital commodity custo3 dian,’’ before ‘‘registered entity’’ each place it ap4 pears; and 

5 (6) in paragraph (9)— 

6 (A) by inserting ‘‘digital commodity trad7 ing facility or’’ before ‘‘registered entity’’ each 

8 place it appears; 

9 (B) by inserting ‘‘digital commodity or’’ 

10 before ‘‘futures contract’’ each place it appears; 

11 and 

12 (C) by inserting ‘‘digital commodity or’’ 

13 before ‘‘commodity’’ each place it appears. 

14 (i) AMENDMENTS TO TITLE 11.—Title 11, United 

15 States Code, is amended— 

16 (1) in section 101(6), by inserting ‘‘digital com17 modity platform, as defined in section 1a of the 

18 Commodity Exchange Act (7 U.S.C. 1a),’’ after ‘‘le19 verage transaction merchant,’’; and 

20 (2) in section 761— 

21 (A) in paragraph (4)(F)— 

22 (i) in clause (i), by striking ‘‘and’’ at 

23 the end; 

24 (ii) in clause (ii), by inserting ‘‘and’’ 

25 after the semicolon; and 


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1 (iii) by adding at the end the fol2 lowing: 

3 ‘‘(iii) with respect to a digital commodity 

4 platform, a contract for a digital commodity 

5 trade— 

6 ‘‘(I) held at a digital commodity plat7 form; or 

8 ‘‘(II) executed by or through a digital 

9 commodity platform;’’; 

10 (B) in paragraph (9)— 

11 (i) in subparagraph (D), by striking 

12 ‘‘or’’ at the end; 

13 (ii) in subparagraph (E)(ii)(II), by 

14 adding ‘‘or’’ after the semicolon at the end; 

15 and 

16 (iii) by adding at the end the fol17 lowing: 

18 ‘‘(F) with respect to a digital commodity 

19 platform— 

20 ‘‘(i) entity for or with whom the dig21 ital commodity platform deals and that 

22 holds a claim against the digital com23 modity platform on account of a com24 modity contract made, received, acquired, 

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1 modity platform in the ordinary course of 

2 the business of the digital commodity plat3 form as a digital commodity platform from 

4 or for a commodity contract account of the 

5 entity; or 

6 ‘‘(ii) entity that holds a claim against 

7 the digital commodity platform arising out 

8 of— 

9 ‘‘(I) the making, liquidation, or 

10 change in the value of a commodity 

11 contract of a kind specified in clause 

12 (i) of this subparagraph; 

13 ‘‘(II) a deposit or payment of 

14 cash, a security, digital commodity, or 

15 other property with the digital com16 modity platform for the purpose of— 

17 ‘‘(aa) making or margining 

18 the commodity contract; or 

19 ‘‘(bb) holding in custody, or 

20 accepting a deposit, of property 

21 related to the making or mar22 gining of the commodity contract; 

23 or 

24 ‘‘(III) the making or taking of 

25 delivery on the commodity contract.’’; 


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1 (C) by redesignating paragraphs (11) 

2 through (17) as paragraphs (12) through (18), 

3 respectively; and 

4 (D) by inserting after paragraph (10) the 

5 following: 

6 ‘‘(11) the terms ‘digital commodity’, ‘digital 

7 commodity platform’, and ‘digital commodity trade’ 

8 have the meanings given those terms in section 1a 

9 of the Commodity Exchange Act (7 U.S.C. 1a);’’. 

10 SEC. 6. APPLICABILITY. 

11 The amendments made by this Act shall not apply 

12 to any person regulated under the Commodity Exchange 

13 Act (7 U.S.C. 1 et seq.), as amended by this Act, until 

14 the date of effectiveness of the final rule of the Commodity 

15 Futures Trading Commission requiring registration of 

16 digital commodity platforms under section 5i of that Act. 

17 SEC. 7. REPORT ON HISTORICALLY UNDERSERVED CUS18 TOMERS PARTICIPATING IN DIGITAL COM19 MODITY MARKETS. 

20 Not later than 180 days after the date of enactment 

21 of this Act, the Commodity Futures Trading Commission 

22 (referred to in this section as the ‘‘Commission’’) shall— 

23 (1) examine the racial, ethnic, and gender de24 mographics of customers participating in digital 

25 commodity markets; and 


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1 (2) submit to the Committee on Agriculture, 

2 Nutrition, and Forestry of the Senate and the Com3 mittee on Agriculture of the House of Representa4 tives a report— 

5 (A) describing how those demographics will 

6 inform the rules and regulations of the Com7 mission relating to customer protection; 

8 (B) proposing ways in which the Commis9 sion can provide outreach to historically under10 served customers participating in digital com11 modity markets; and 

12 (C) containing recommendations relating 

13 to any other activities the Commission deter14 mines to be necessary to provide appropriate 

15 protection, outreach, or other similar activities 

16 relating to historically underserved customers 

17 participating in digital commodity markets. 

Æ 


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