(i) in clause (i), by inserting ‘‘digital 
commodity broker, digital commodity deal-
er,’’ before ‘‘futures commission mer-
chant’’; and 
(ii) in clause (ii), by striking ‘‘con-
tracts of’’ and inserting ‘‘a digital com-
modity trade or a contract of’’; 
(B) in subparagraph (D)— 
(i) in clause (i), by inserting ‘‘digital 
commodity trade or’’ before ‘‘contract of 
sale’’; and 
(ii) in clause (ii), by inserting ‘‘digital 
commodity broker, digital commodity deal-
er,’’ before ‘‘futures commission mer-
chant’’; and 
(C) in subparagraph (E)(i), by striking 
‘‘Investors’’ and inserting ‘‘Investor’’; 
(3) in paragraph (3)— 
(A) in subparagraph (B)(i), by striking 
‘‘Investors’’ and inserting ‘‘Investor’’; 
(B) in subparagraph (E)— 
(i) in clause (i), by striking ‘‘contract 
of sale of a commodity for future delivery 
or’’ and inserting ‘‘contract of sale of a 
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commodity for future delivery, digital com-
modity trade, or’’; and 
(ii) in clause (ii), by inserting ‘‘digital 
commodity broker, digital commodity deal-
er,’’ before ‘‘futures commission mer-
chant’’; and 
(C) in subparagraph (J)— 
(i) by inserting ‘‘a digital commodity 
trading facility,’’ before ‘‘a registered enti-
ty’’; and 
(ii) by striking ‘‘registered entity, as-
sociation’’ and inserting ‘‘digital com-
modity trading facility, registered entity, 
registered futures association’’; 
(4) in paragraph (4)— 
(A) by striking ‘‘futures commission mer-
chant’’ 
and 
inserting 
‘‘digital 
commodity 
broker, digital commodity dealer, futures com-
mission merchant,’’; 
(B) by inserting ‘‘digital commodity sub-
ject to the rules of a digital commodity trading 
facility or’’ before ‘‘commodity’’; and 
(C) by inserting ‘‘digital commodity trad-
ing facility or’’ before ‘‘registered entity’’ each 
place it appears; 
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(5) in paragraph (6), by inserting ‘‘digital com-
modity trading facility, digital commodity custo-
dian,’’ before ‘‘registered entity’’ each place it ap-
pears; and 
(6) in paragraph (9)— 
(A) by inserting ‘‘digital commodity trad-
ing facility or’’ before ‘‘registered entity’’ each 
place it appears; 
(B) by inserting ‘‘digital commodity or’’ 
before ‘‘futures contract’’ each place it appears; 
and 
(C) by inserting ‘‘digital commodity or’’ 
before ‘‘commodity’’ each place it appears. 
(i) AMENDMENTS TO TITLE 11.—Title 11, United 
States Code, is amended— 
(1) in section 101(6), by inserting ‘‘digital com-
modity platform, as defined in section 1a of the 
Commodity Exchange Act (7 U.S.C. 1a),’’ after ‘‘le-
verage transaction merchant,’’; and 
(2) in section 761— 
(A) in paragraph (4)(F)— 
(i) in clause (i), by striking ‘‘and’’ at 
the end; 
(ii) in clause (ii), by inserting ‘‘and’’ 
after the semicolon; and 
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(iii) by adding at the end the fol-
lowing: 
‘‘(iii) with respect to a digital commodity 
platform, a contract for a digital commodity 
trade— 
‘‘(I) held at a digital commodity plat-
form; or 
‘‘(II) executed by or through a digital 
commodity platform;’’; 
(B) in paragraph (9)— 
(i) in subparagraph (D), by striking 
‘‘or’’ at the end; 
(ii) in subparagraph (E)(ii)(II), by 
adding ‘‘or’’ after the semicolon at the end; 
and 
(iii) by adding at the end the fol-
lowing: 
‘‘(F) with respect to a digital commodity 
platform— 
‘‘(i) entity for or with whom the dig-
ital commodity platform deals and that 
holds a claim against the digital com-
modity platform on account of a com-
modity contract made, received, acquired, 
or held by or through the digital com-
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modity platform in the ordinary course of 
the business of the digital commodity plat-
form as a digital commodity platform from 
or for a commodity contract account of the 
entity; or 
‘‘(ii) entity that holds a claim against 
the digital commodity platform arising out 
of— 
‘‘(I) the making, liquidation, or 
change in the value of a commodity 
contract of a kind specified in clause 
(i) of this subparagraph; 
‘‘(II) a deposit or payment of 
cash, a security, digital commodity, or 
other property with the digital com-
modity platform for the purpose of— 
‘‘(aa) making or margining 
the commodity contract; or 
‘‘(bb) holding in custody, or 
accepting a deposit, of property 
related to the making or mar-
gining of the commodity contract; 
or 
‘‘(III) the making or taking of 
delivery on the commodity contract.’’; 
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(C) by redesignating paragraphs (11) 
through (17) as paragraphs (12) through (18), 
respectively; and 
(D) by inserting after paragraph (10) the 
following: 
‘‘(11) the terms ‘digital commodity’, ‘digital 
commodity platform’, and ‘digital commodity trade’ 
have the meanings given those terms in section 1a 
of the Commodity Exchange Act (7 U.S.C. 1a);’’. 
SEC. 6. APPLICABILITY. 
The amendments made by this Act shall not apply 
to any person regulated under the Commodity Exchange 
Act (7 U.S.C. 1 et seq.), as amended by this Act, until 
the date of effectiveness of the final rule of the Commodity 
Futures Trading Commission requiring registration of 
digital commodity platforms under section 5i of that Act. 
SEC. 7. REPORT ON HISTORICALLY UNDERSERVED CUS-
TOMERS PARTICIPATING IN DIGITAL COM-
MODITY MARKETS. 
Not later than 180 days after the date of enactment 
of this Act, the Commodity Futures Trading Commission 
(referred to in this section as the ‘‘Commission’’) shall— 
(1) examine the racial, ethnic, and gender de-
mographics of customers participating in digital 
commodity markets; and 
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(2) submit to the Committee on Agriculture, 
Nutrition, and Forestry of the Senate and the Com-
mittee on Agriculture of the House of Representa-
tives a report— 
(A) describing how those demographics will 
inform the rules and regulations of the Com-
mission relating to customer protection; 
(B) proposing ways in which the Commis-
sion can provide outreach to historically under-
served customers participating in digital com-
modity markets; and 
(C) containing recommendations relating 
to any other activities the Commission deter-
mines to be necessary to provide appropriate 
protection, outreach, or other similar activities 
relating to historically underserved customers 
participating in digital commodity markets. 
Æ 
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