I 
119TH CONGRESS 
1ST SESSION H. R. 6655 
To exempt charitable organizations from commodity trading regulations and 
registration requirements. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 11, 2025 
Mrs. MCCLAIN DELANEY (for herself and Mr. MESSMER) introduced the 
following bill; which was referred to the Committee on Agriculture 
A BILL 
To exempt charitable organizations from commodity trading 
regulations and registration requirements. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘CFTC Charitable Or-
ganization Exemption Act of 2025’’. 
SEC. 2. EXEMPTION OF QUALIFIED CHARITABLE ORGANI-
ZATIONS FROM REGULATION AS COMMODITY 
POOL OPERATORS. 
Section 4m of the Commodity Exchange Act (7 
U.S.C. 6m) is amended to read as follows: 
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‘‘SEC. 4m. USE OF MAILS OR OTHER MEANS OR INSTRU-
MENTALITIES OF INTERSTATE COMMERCE 
BY COMMODITY TRADING ADVISORS AND 
COMMODITY POOL OPERATORS. 
‘‘(a) PROHIBITION.—It shall be unlawful for any 
commodity trading advisor or commodity pool operator, 
unless registered under this Act, to make use of the mails 
or any means or instrumentality of interstate commerce 
in connection with business as the commodity trading ad-
visor or commodity pool operator. 
‘‘(b) EXCEPTIONS.— 
‘‘(1) IN
GENERAL.—Subsection (a) shall not 
apply to a commodity trading advisor whose com-
modity trading advice is solely incidental to the con-
duct of that person’s business, and who is a— 
‘‘(A) dealer, processor, broker, or seller in 
cash market transactions of any commodity 
specifically set forth in section 2(a) of this Act 
before the enactment of the Commodity Fu-
tures Trading Commission Act of 1974 (or 
products thereof); or 
‘‘(B) nonprofit, voluntary membership, 
general farm organization, that provides advice 
on the sale or purchase of any commodity spe-
cifically set forth in section 2(a) of this Act be-
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fore the enactment of the Commodity Futures 
Trading Commission Act of 1974. 
‘‘(2) CHARITABLE ORGANIZATION.—Subsection 
(a) shall not apply to any commodity trading advisor 
or commodity pool operator that is— 
‘‘(A) a charitable organization, as defined 
in section 3(c)(10)(D) of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(D)), 
or a trustee, director, officer, employee, or vol-
unteer of such a charitable organization acting 
within the scope of the employment or duties of 
the person with the organization, whose advi-
sory or pool activities are conducted only on be-
half of, or with respect to, 1 or more of— 
‘‘(i) any such charitable organization; 
or 
‘‘(ii) an investment trust, syndicate, 
or similar form of enterprise excluded from 
the definition of ‘investment company’ pur-
suant to section 3(c)(10) of the Investment 
Company Act of 1940 (15 U.S.C. 80a– 
3(c)(10)), or the trustees, administrators, 
settlors (or potential settlors), or bene-
ficiaries of the foregoing; or 
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‘‘(B) any plan, company, or account de-
scribed in section 3(c)(14) of the Investment 
Company Act of 1940 (15 U.S.C. 80a– 
3(c)(14)), any person or entity who establishes 
or maintains such a plan, company, or account, 
or any trustee, director, officer, employee, or 
volunteer for any of the foregoing plans, per-
sons, or entities acting within the scope of the 
employment or duties of the person with the or-
ganization, whose advisory or pool activities are 
conducted only on behalf of, or with respect to, 
any investment trust, syndicate, or similar form 
of enterprise excluded from the definition of ‘in-
vestment company’ pursuant to section 3(c)(14) 
of the Investment Company Act of 1940 (15 
U.S.C. 80a–3(c)(14)). 
‘‘(3) SMALL COMMODITY TRADING ADVISORS.— 
Subsection (a) shall not apply to any commodity 
trading advisor who, during the course of the pre-
ceding 12 months, has not furnished commodity 
trading advice to more than 15 persons and who 
does not hold themselves out generally to the public 
as a commodity trading advisor. 
‘‘(4) SEC-REGISTERED.— 
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‘‘(A) IN
GENERAL.—Subsection (a) shall 
not apply to any commodity trading advisor 
that is registered with the Securities and Ex-
change Commission as an investment adviser 
whose business does not consist primarily of 
acting as a commodity trading advisor and that 
does not act as a commodity trading advisor to 
any commodity pool that is primarily engaged 
in trading commodity interests. 
‘‘(B) ENGAGED PRIMARILY.—For purposes 
of this paragraph, a commodity trading advisor 
or a commodity pool shall be considered to be 
‘engaged primarily’ in the business of being a 
commodity trading advisor or commodity pool if 
it is or holds itself out to the public as being 
engaged primarily, or proposes to engage pri-
marily, in the business of advising on com-
modity interests or investing, reinvesting, own-
ing, holding, or trading in commodity interests, 
respectively. 
‘‘(C) COMMODITY
INTERESTS.—For pur-
poses of this paragraph, commodity interests 
shall include contracts of sale of a commodity 
for future delivery, options on such contracts, 
security futures, swaps, leverage contracts, for-
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eign exchange, spot and forward contracts on 
physical commodities, and any monies held in 
an account used for trading commodity inter-
ests. 
‘‘(5) SUBJECT TO PROCEEDINGS.—A person de-
scribed in paragraphs (1) and (2) shall be subject to 
proceedings under section 14. 
‘‘(c) RELATIONSHIP TO OTHER LAW.—Nothing in 
this Act shall relieve any person of any obligation or duty, 
or affect the availability of any right or remedy available 
to the Securities and Exchange Commission or any private 
party arising under the Securities Act of 1933 (15 U.S.C. 
77a et seq.) or the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.) governing the issuance, offer, pur-
chase, or sale of securities of a commodity pool, or of per-
sons engaged in transactions with respect to the securities, 
or reporting by a commodity pool. 
‘‘(d) DISCLOSURE CONCERNING EXEMPTED CHARI-
TABLE ORGANIZATIONS.—A commodity trading advisor or 
commodity pool operator that is an organization or person 
described in subsection (b)(2)(A) of this section to or of 
any investment trust, syndicate, or similar form of enter-
prise excluded from the definition of ‘investment company’ 
pursuant to section 3(c)(10)(B) of the Investment Com-
pany Act of 1940 (15 U.S.C. 80a–3(c)(10)(B)) shall pro-
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vide disclosure in accordance with section 7(e) of that Act 
(15 U.S.C. 80a–7(e)).’’. 
Æ 
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