(B) by inserting after clause (ii) the fol-
lowing: 
‘‘(iii) digital commodity;’’; 
(2) in paragraph (11)— 
(A) in subparagraph (A)(i)— 
(i) by redesignating subclauses (III) 
and (IV) as subclauses (IV) and (V), respec-
tively; and 
(ii) by inserting after subclause (II) 
the following: 
‘‘(III) digital commodity;’’; and 
(B) by redesignating subparagraph (B) as 
subparagraph (C) and inserting after subpara-
graph (A) the following: 
‘‘(B) EXCLUSION.—The term ‘commodity 
pool operator’ does not include— 
‘‘(i) a decentralized governance system; 
or 
‘‘(ii) ancillary activities, as defined in 
section 4v.’’; 
(3) in paragraph (12)(A)(i)— 
(A) in subclause (II), by adding at the end 
a semicolon; 
(B) by redesignating subclauses (III) and 
(IV) as subclauses (IV) and (V), respectively; and 
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(C) by inserting after subclause (II) the fol-
lowing: 
‘‘(III) a digital commodity;’’; 
(4) in paragraph (40)— 
(A) by striking ‘‘and’’ at the end of sub-
paragraph (E); 
(B) by striking the period at the end of sub-
paragraph (F) and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(G) a digital commodity exchange reg-
istered under section 5i.’’; and 
(5) by adding at the end the following: 
‘‘(52) ASSOCIATED PERSON OF A DIGITAL COM-
MODITY BROKER.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), the term ‘associated person of 
a digital commodity broker’ means a person who 
is associated with a digital commodity broker as 
a partner, officer, employee, or agent (or any 
person occupying a similar status or performing 
similar functions) in any capacity that in-
volves— 
‘‘(i) the solicitation or acceptance of a 
contract of sale of a digital commodity; or 
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‘‘(ii) the supervision of any person en-
gaged in the solicitation or acceptance of a 
contract of sale of a digital commodity. 
‘‘(B) EXCLUSION.—The term ‘associated 
person of a digital commodity broker’ does not 
include any person associated with a digital 
commodity broker the functions of which are 
solely clerical or ministerial. 
‘‘(53) ASSOCIATED PERSON OF A DIGITAL COM-
MODITY DEALER.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), the term ‘associated person of 
a digital commodity dealer’ means a person who 
is associated with a digital commodity dealer as 
a partner, officer, employee, or agent (or any 
person occupying a similar status or performing 
similar functions) in any capacity that in-
volves— 
‘‘(i) the solicitation or acceptance of a 
contract of sale of a digital commodity; or 
‘‘(ii) the supervision of any person en-
gaged in the solicitation or acceptance of a 
contract of sale of a digital commodity. 
‘‘(B) EXCLUSION.—The term ‘associated 
person of a digital commodity dealer’ does not 
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include any person associated with a digital 
commodity dealer the functions of which are sole-
ly clerical or ministerial. 
‘‘(54) BANK SECRECY ACT.—The term ‘Bank Se-
crecy Act’ means— 
‘‘(A) section 21 of the Federal Deposit In-
surance Act (12 U.S.C. 1829b); 
‘‘(B) chapter 2 of title I of Public Law 91– 
508 (12 U.S.C. 1951 et seq.); and 
‘‘(C) subchapter II of chapter 53 of title 31, 
United States Code. 
‘‘(55) DIGITAL COMMODITY.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity’ means— 
‘‘(i) any unit of a digital asset held by 
a person, other than the digital asset issuer, 
a related person, or an affiliated person, be-
fore the first date on which each blockchain 
system to which the digital asset relates is 
a functional network and certified to be a 
decentralized network under section 44 of 
the Securities Exchange Act of 1934, that 
was— 
‘‘(I) issued to the person through 
an end user distribution described 
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under section 42(d)(1) of the Securities 
Exchange Act of 1934; or 
‘‘(II) acquired by such person in 
a transaction that was executed on a 
digital commodity exchange; or 
‘‘(ii) any unit of a digital asset held by 
a person, other than the digital asset issuer, 
a related person, or an affiliated person, 
after the first date on which each blockchain 
system to which the digital asset relates is 
a functional network and certified to be a 
decentralized network under section 44 of 
the Securities Exchange Act of 1934; and 
‘‘(iii) any unit of a digital asset held 
by a related person or an affiliated person 
during any period when any blockchain 
system to which the digital asset relates is 
a functional network and certified to be a 
decentralized network under section 44 of 
the Securities Exchange Act of 1934. 
‘‘(B) EXCLUSION.—The term ‘digital com-
modity’ does not include a permitted payment 
stablecoin. 
‘‘(56) DIGITAL COMMODITY BROKER.— 
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‘‘(A) IN GENERAL.—The term ‘digital com-
modity broker’ means any person who, in a dig-
ital commodity cash or spot market, is— 
‘‘(i) engaged in soliciting or accepting 
orders for the purchase or sale of a unit of 
a digital commodity from a person that is 
not an eligible contract participant; 
‘‘(ii) engaged in soliciting or accepting 
orders for the purchase or sale of a unit of 
a digital commodity from a person on or 
subject to the rules of a registered entity; or 
‘‘(iii) registered with the Commission 
as a digital commodity broker. 
‘‘(B) EXCEPTIONS.—The term ‘digital com-
modity broker’ does not include a person solely 
because the person— 
‘‘(i) enters into a digital commodity 
transaction the primary purpose of which is 
to make, send, receive, or facilitate pay-
ments, whether involving a payment service 
provider or on a peer-to-peer basis; or 
‘‘(ii) validates a digital commodity 
transaction, operates a node, or engages in 
similar activity to participate in facili-
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tating, operating, or securing a blockchain 
system. 
‘‘(57) DIGITAL
COMMODITY
CUSTODIAN.—The 
term ‘digital commodity custodian’ means an entity 
in the business of holding, maintaining, or safe-
guarding digital commodities. 
‘‘(58) DIGITAL COMMODITY DEALER.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity dealer’ means any person who— 
‘‘(i) in digital commodity cash or spot 
markets— 
‘‘(I) holds itself out as a dealer in 
a digital commodity; 
‘‘(II) makes a market in a digital 
commodity; 
‘‘(III) regularly enters into digital 
commodity transactions with counter-
parties as an ordinary course of busi-
ness for its own account; or 
‘‘(IV) engages in any activity 
causing the person to be commonly 
known in the trade as a dealer or mar-
ket maker in a digital commodity; 
‘‘(ii) regularly enters into any agree-
ment, contract, or transaction described in 
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tating, operating, or securing a blockchain 
system. 
‘‘(59) DIGITAL
COMMODITY
EXCHANGE.—The 
term ‘digital commodity exchange’ means a trading 
facility that offers or seeks to offer a cash or spot 
market in at least 1 digital commodity. 
‘‘(60) DIGITAL ASSET-RELATED DEFINITIONS.— 
‘‘(A) SECURITIES ACT OF 1933.—The terms 
‘affiliated person’, ‘blockchain system’, ‘decen-
tralized governance system’ ‘decentralized net-
work’, ‘digital asset’, ‘digital asset issuer’, ‘end 
user distribution’, ‘functional network’, ‘per-
mitted payment stablecoin’, ‘related person’, and 
‘restricted digital asset’ have the meaning given 
the terms, respectively, under section 2(a) of the 
Securities Act of 1933 (15 U.S.C. 77b(a)). 
‘‘(B) SECURITIES EXCHANGE ACT OF 1934.— 
The terms ‘digital asset broker’ and ‘digital asset 
dealer’ have the meaning given those terms, re-
spectively, under section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)). 
‘‘(61) MIXED
DIGITAL
ASSET
TRANSACTION.— 
The term ‘mixed digital asset transaction’ has the 
meaning given that term under section 3(a) of the Se-
curities Exchange Act of 1934 (15 U.S.C. 78c(a)).’’. 
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SEC. 103. DEFINITIONS UNDER THIS ACT. 
In this Act: 
(1) DEFINITIONS UNDER THE COMMODITY EX-
CHANGE ACT.—The terms ‘‘digital commodity’’, ‘‘dig-
ital commodity broker’’, ‘‘digital commodity dealer’’, 
and ‘‘digital commodity exchange’’ have the meaning 
given those terms, respectively, under section 1a of the 
Commodity Exchange Act (7 U.S.C. 1a). 
(2) DEFINITIONS UNDER THE SECURITIES ACT 
OF 1933.—The terms ‘‘affiliated person’’, ‘‘blockchain’’, 
‘‘blockchain system’’, ‘‘blockchain protocol’’, ‘‘decen-
tralized network’’, ‘‘digital asset’’, ‘‘digital asset 
issuer’’, ‘‘digital asset maturity date’’, ‘‘digital asset 
trading system’’, ‘‘end user distribution’’, ‘‘functional 
network’’, ‘‘permitted payment stablecoin’’, ‘‘restricted 
digital asset’’, ‘‘securities laws’’, and ‘‘source code’’ 
have the meaning given those terms, respectively, 
under section 2(a) of the Securities Act of 1933 (15 
U.S.C. 77b(a)). 
(3) DEFINITIONS UNDER THE SECURITIES EX-
CHANGE
ACT
OF
1934.—The terms ‘‘Bank Secrecy 
Act’’, ‘‘digital asset broker’’, ‘‘digital asset dealer’’, 
‘‘digital asset trading system’’, ‘‘mixed digital asset 
transaction’’, and ‘‘self-regulatory organization’’ have 
the meaning given those terms, respectively, under 
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section 3(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78c(a)). 
SEC. 104. JOINT RULEMAKINGS. 
(a) DEFINITIONS.—The Commodity Futures Trading 
Commission and the Securities and Exchange Commission 
shall, jointly, issue rules to further define the following 
terms: 
(1) The terms ‘‘affiliated person’’, ‘‘blockchain’’, 
‘‘blockchain system’’, ‘‘blockchain protocol’’, ‘‘decen-
tralized network’’, ‘‘decentralized governance system’’, 
‘‘digital asset’’, ‘‘digital asset issuer’’, ‘‘digital asset 
maturity date’’, ‘‘end user distribution’’, ‘‘functional 
network’’, ‘‘related person’’, ‘‘restricted digital asset’’, 
and ‘‘source code’’, as defined under section 2(a) of 
the Securities Act of 1933. 
(2) The term ‘‘mixed digital asset transaction’’, 
as defined under section 3(a) of the Securities Ex-
change Act of 1934. 
(3) The term ‘‘digital commodity’’, as defined 
under section 1a of the Commodity Exchange Act. 
(b) JOINT RULEMAKING FOR EXCHANGES.—The Com-
modity Futures Trading Commission and the Securities 
and Exchange Commission shall, jointly, issue rules to ex-
empt persons dually registered with the Commodity Futures 
Trading Commission as a digital commodity exchange and 
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with the Securities and Exchange Commission as a digital 
asset trading system from duplicative, conflicting, or un-
duly burdensome provisions of this Act, the securities laws, 
and the Commodity Exchange Act and the rules thereunder, 
to the extent such exemption would foster the development 
of fair and orderly markets in digital assets, be necessary 
or appropriate in the public interest, and be consistent with 
the protection of investors. 
(c) JOINT RULEMAKING FOR MIXED DIGITAL ASSET 
TRANSACTIONS.—The Commodity Futures Trading Com-
mission and the Securities and Exchange Commission shall, 
jointly, issue rules applicable to mixed digital asset trans-
actions under this Act and the amendments made by this 
Act. 
(d) PROTECTION OF SELF-CUSTODY.— 
(1) IN
GENERAL.—The Financial Crimes En-
forcement Network may not issue any rule or order 
that would prohibit a U.S. individual from— 
(A) maintaining a hardware wallet, soft-
ware wallet, or other means to facilitate such in-
dividual’s own custody of digital assets; or 
(B) conducting transactions and self-cus-
tody of digital assets for any lawful purpose. 
(2) RULE
OF
CONSTRUCTION.—Paragraph (1) 
may not be construed to limit the ability of Financial 
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Crimes Enforcement Network to carry out any en-
forcement authority. 
SEC. 105. NOTICE OF INTENT TO REGISTER FOR DIGITAL 
COMMODITY 
EXCHANGES, 
BROKERS, 
AND 
DEALERS. 
(a) IN GENERAL.— 
(1) NOTICE OF INTENT TO REGISTER.—Any per-
son may file a notice of intent to register with the 
Commodity Futures Trading Commission (in this 
subsection referred to as the ‘‘Commission’’) as a— 
(A) digital commodity exchange, for a per-
son intending to register as a digital commodity 
exchange under section 5i of the Commodity Ex-
change Act; 
(B) digital commodity broker, for a person 
intending to register as a digital commodity 
broker under section 4u of such Act; 
(C) digital commodity dealer, for a person 
intending to register as a digital commodity 
dealer under section 4u of such Act; or 
(D) associated person, for a person intend-
ing to register under section 4k(4) of such Act. 
(2) FILING.—A person, other than a person de-
scribed in paragraph (1)(D), desiring to file a notice 
of intent to register under paragraph (1) shall be in 
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compliance with this section if the person submits to 
the Commission— 
(A) a statement of the nature of the reg-
istrations the filer intends to pursue; 
(B) the information required by subsections 
(b) and (c). 
(b) DISCLOSURE OF GENERAL INFORMATION.—A per-
son filing a notice of intent to register under subsection (a) 
shall disclose to the Commission the following: 
(1) Information concerning the management of 
the person, including information describing— 
(A) the ownership and management of the 
person; 
(B) the financial condition of the person; 
(C) affiliated entities; 
(D) potential conflicts of interest; and 
(E) the physical address of the person. 
(2) Information concerning the operations of the 
person, including— 
(A) any rulebook or other customer order 
fulfilment rules; 
(B) risk management procedures; and 
(C) a description of the product listing 
process. 
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(c) ASSET AND LISTING INFORMATION.—A person fil-
ing a notice of intent to register under subsection(a) shall 
provide to the Commission and the Securities and Exchange 
Commission a detailed description of—. 
(1) the specific characteristics of each asset listed 
or offered for trading by the person, including infor-
mation regarding the assets market activity, token 
distribution, and functional use; 
(2) the product listing determination made by 
the person for each asset listed or offered for trading 
by the person. 
(d) REQUIREMENTS.—A person filing a notice of in-
tent to register under subsection (a) shall comply with the 
following requirements: 
(1) REGISTERED
FUTURES
ASSOCIATION.—The 
person shall be a member of a futures association reg-
istered under section 17 of the Commodity Exchange 
Act, and shall comply with the rules of the associa-
tion, including the rules of the association pertaining 
to customer disclosures and protection of customer as-
sets. 
(2) BOOKS
AND
RECORDS.—The person shall 
keep their books and records open to inspection and 
examination by the Commission. 
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(3) CUSTOMER DISCLOSURES.—The person shall 
disclose to customers— 
(A) information about the material risks 
and characteristics of the assets listed for trading 
on the person; 
(B) information about the material risks 
and characteristics of the transactions facilitated 
by the person; 
(C) information about the location and 
manner in which the digital assets of the cus-
tomer will be and are custodied; and 
(D) in their disclosure documents, offering 
documents, and promotional material— 
(i) in a prominent manner, that they 
are not registered with or regulated by the 
Commission; and 
(ii) the contact information for the 
whistleblower, complaint, and reparation 
programs of the Commission. 
(4) CUSTOMER ASSETS.— 
(A) IN GENERAL.—The person shall— 
(i) hold customer money, assets, and 
property in a manner to minimize the risk 
of loss to the customer or unreasonable delay 
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in customer access to money, assets, and 
property of the customer; 
(ii) treat and deal with all money, as-
sets, and property, including any rights as-
sociated with any such money, assets, or 
property, of any customer received as be-
longing to the customer; 
(iii) calculate the total digital asset ob-
ligations of the person, and at all times 
hold money, assets, or property equal to or 
in excess of the total digital asset obliga-
tions; and 
(iv) not commingle such money, assets 
and property held to meet the total com-
modity obligation with the funds of the per-
son or use the money, assets, or property to 
margin, secure, or guarantee any trade or 
contract, or to secure or extend the credit, of 
any customer or person other than the one 
for whom the same are held, except that— 
(I) the money, assets, and prop-
erty of any customer may be commin-
gled with that of any other customer, if 
separately accounted for; and 
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(II) the share of the money, assets, 
and property, as in the normal course 
of business are necessary to margin, 
guarantee, secure, transfer, adjust, or 
settle a contract of sale of a commodity 
asset, may be withdrawn and applied 
to do so, including the payment of 
commissions, brokerage, interest, taxes, 
storage, and other charges lawfully ac-
cruing in connection with the contract 
of sale of a digital commodity. 
(B) ADDITIONAL RESOURCES.— 
(i) IN
GENERAL.—This section shall 
not prevent or be construed to prevent the 
person from adding to the customer money, 
assets, and property required to be seg-
regated under subparagraph (A), additional 
amounts of money, assets, or property from 
the account of the person as the person de-
termines necessary to hold money, assets, or 
property equal to or in excess of the total 
digital asset obligations of the person. 
(ii) 
TREATMENT
AS
CUSTOMER 
FUNDS.—Any money, assets, or property de-
posited pursuant to clause (i) shall be con-
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sidered customer property within the mean-
ing of this subsection. 
(e) COMPLIANCE.— 
(1) IN GENERAL.—A person who has filed a no-
tice of intent to register under this section and is in 
compliance with this section shall be exempt from Se-
curities and Exchange Commission rules and regula-
tions pertaining to registering as a national securities 
exchange, broker, dealer, or clearing agency, for ac-
tivities related to a digital asset deemed a security. 
(2) NONCOMPLIANCE.—Paragraph (1) shall not 
apply if, after notice from the Commission and a rea-
sonable opportunity to correct the deficiency, a person 
who has submitted a notice of intent to register is not 
in compliance with this section. 
(3) ANTI-FRAUD
AND
ANTI-MANIPULATION.— 
Paragraph (1) shall not be construed to limit any 
anti-fraud, anti-manipulation, or false reporting en-
forcement authority of the Commission or the Securi-
ties and Exchange Commission. 
(4) DELISTING.—Paragraph (1) shall not be con-
strued to limit the authority of the Commission and 
the Securities and Exchange Commission to jointly 
require a person to delist an asset for trading if the 
Commission and the Securities and Exchange Com-
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mission determines that the listing is inconsistent 
with the Commodity Exchange Act, the securities laws 
(including regulations under those laws), or this Act. 
(f) FINAL REGISTRATION.— 
(1) IN GENERAL.—A person may not file a no-
tice of intent to register with the Commission after 
the Commission has finalized its rules for the reg-
istration of digital commodity exchanges, digital com-
modity brokers, or digital commodity dealers, as ap-
propriate. 
(2) TRANSITION TO FINAL REGISTRATION.—Sub-
section (e)(1) shall not apply to a person who has 
submitted a notice of intent to register if— 
(A) the Commission— 
(i) determines that the person has 
failed to comply with the requirements of 
this section; or 
(ii) denies the application of the per-
son to register; or 
(B) the digital commodity exchange, digital 
commodity broker, or digital commodity dealer 
that filed a notice of intent to register failed to 
apply for registration as such with the Commis-
sion within 180 days after the effective date of 
the final rules of the Commission for the reg-
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istration of digital commodity exchanges, digital 
commodity brokers, or digital commodity dealers, 
as appropriate. 
(g) LIABILITY OF THE FILER.—It shall be unlawful 
for any person to provide false information in support of 
a filing under this section if the person knew or reasonably 
should have known that the information was false. 
(h) REGISTERED FUTURES ASSOCIATION.—Within 
180 days after the date of the enactment of this Act, a reg-
istered futures association shall adopt rules for membership 
in the association for persons required to be members of the 
association under subsection (d)(1). 
SEC. 106. NOTICE OF INTENT TO REGISTER FOR DIGITAL 
ASSET BROKERS, DEALERS, AND TRADING 
SYSTEMS. 
(a) IN GENERAL.— 
(1) NOTICE OF INTENT TO REGISTER.—Any per-
son may file a notice of intent to register with the Se-
curities and Exchange Commission (in this subsection 
referred to as the ‘‘Commission’’) as a— 
(A) digital asset trading system, for a per-
son intending to register as a digital asset trad-
ing system under section 6(m) of the Securities 
Exchange Act of 1934; 
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(B) digital asset broker, for a person in-
tending to register as a digital asset broker 
under section 15H of the Securities Exchange 
Act of 1934; or 
(C) digital asset dealer, for a person intend-
ing to register as a digital asset dealer under sec-
tion 15H of the Securities Exchange Act of 1934. 
(2) FILING.—A person desiring to file a notice of 
intent to register under paragraph (1) shall be in 
compliance with this section if the person submits to 
the Commission— 
(A) a statement of the nature of the reg-
istrations the filer intends to pursue; 
(B) the information required by subsections 
(b) and (c). 
(b) DISCLOSURE OF GENERAL INFORMATION.—A per-
son filing a notice of intent to register under subsection (a) 
shall disclose to the Commission the following: 
(1) Information concerning the management of 
the person, including information describing— 
(A) the ownership and management of the 
person; 
(B) the financial condition of the person; 
(C) affiliated entities; and 
(D) potential conflicts of interest. 
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(2) Information concerning the operations of the 
person, including— 
(A) any rulebook or other customer order 
fulfilment rules; 
(B) risk management procedures; and 
(C) a description of the product listing 
process. 
(c) LISTING INFORMATION.—A person filing a notice 
of intent to register under subsection (a) shall provide to 
the Commission and the Commodity Futures Trading Com-
mission a detailed description of the product listing deter-
mination made by the person for each asset listed or offered 
for trading by the person. 
(d) REQUIREMENTS.—A person filing a notice of in-
tent to register under subsection (a) shall comply with the 
following requirements: 
(1) BOOKS
AND
RECORDS.—The person shall 
keep their books and records open to inspection and 
examination by the Commission. 
(2) CUSTOMER DISCLOSURES.—The person shall 
disclose to consumers— 
(A) information about the material risks 
and characteristics of the assets listed for trading 
on the person; and 
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(B) information about the material risks 
and characteristics of the transactions facilitated 
by the person. 
(3) CUSTOMER ASSETS.— 
(A) IN GENERAL.—The person shall— 
(i) hold customer money, assets, and 
property in a manner to minimize the risk 
of loss to the customer or unreasonable delay 
in customer access to money, assets, and 
property of the customer; 
(ii) treat and deal with all money, as-
sets, and property, including any rights as-
sociated with any such money, assets, or 
property, of any customer received as be-
longing to the customer; 
(iii) segregate all money, assets, and 
property received from any customer of the 
person from the funds of the person, except 
that— 
(I) the money, assets, and prop-
erty of any customer may be commin-
gled with that of any other customer, if 
separately accounted for; and 
(II) the share of the money, assets, 
and property, as in the normal course 
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of business are necessary to margin, 
guarantee, secure, transfer, adjust, or 
settle a contract of sale of a commodity 
asset, may be withdrawn and applied 
to do so, including the payment of 
commissions, brokerage, interest, taxes, 
storage, and other charges lawfully ac-
cruing in connection with the contract 
of sale of a digital commodity. 
(B) ADDITIONAL RESOURCES.— 
(i) IN
GENERAL.—This section shall 
not prevent or be construed to prevent the 
person from adding to the customer money, 
assets, and property required to be seg-
regated under subparagraph (A) additional 
amounts of money, assets, or property from 
the account of the person as the person de-
termines necessary to prevent the account of 
a customer from becoming under-segregated. 
(ii) 
TREATMENT
AS
CUSTOMER 
FUNDS.—Any money, assets, or property de-
posited pursuant to clause (i) shall be con-
sidered customer property within the mean-
ing of this subsection. 
(e) COMPLIANCE AND ENFORCEMENT.— 
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(1) IN GENERAL.—A person who has filed a no-
tice of intent to register under this section and is in 
compliance with this section shall not be subject to an 
enforcement action by the Commission for— 
(A) listing or offering a digital asset deemed 
a security; or 
(B) failing to register as a national securi-
ties exchange, alternative trading system, broker, 
dealer, or clearing agency, for activities related 
to digital assets deemed a security. 
(2) NONCOMPLIANCE.—Paragraph (1) shall not 
apply if, after notice from the Commission and a rea-
sonable opportunity to correct the deficiency, a person 
who has submitted a notice of intent to register is not 
in compliance with this section. 
(3) ANTIFRAUD AND ANTIMANIPULATION.—Para-
graph (1) shall not be construed to limit any 
antimanipulation, antifraud, or false reporting en-
forcement authority of the Commission or the Com-
modity Futures Trading Commission. 
(4) DELISTING.—Paragraph (1) shall not be con-
strued to limit the authority of the Commission or the 
Commodity Futures Trading Commission to require a 
person to delist an asset for trading if the Commis-
sion or the Commodity Futures Trading Commission 
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determines that the listing is inconsistent with the 
Commodity Exchange Act, the securities laws (includ-
ing regulations under those laws), or this Act. 
(f) FINAL REGISTRATION.— 
(1) IN GENERAL.—A person may not file a no-
tice of intent to register with the Commission after 
the Commission has finalized its rules for the reg-
istration of digital asset brokers, digital asset dealers, 
and digital asset trading systems, as appropriate. 
(2) TRANSITION TO FINAL REGISTRATION.— 
(A) ONGOING
DEFERRAL
FOR
ENTITIES 
REGISTERED
WITH
THE
COMMISSION.—Sub-
section (e)(1) shall continue to apply to a person 
who has submitted a notice of intent to register 
while the person is registered with the Commis-
sion as a digital asset broker, digital asset deal-
er, or digital asset trading system, as appro-
priate. 
(B) END OF DEFERRAL.—Subsection (e)(1) 
shall not apply to a person who has submitted 
a notice of intent to register if— 
(i) the Commission— 
(I) determines that the person has 
failed to comply with the requirements 
of this section; or 
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‘‘(1) IN GENERAL.—Subject to paragraph (2), a 
digital asset trading system, in its capacity as such, 
may not hold custody of customer money, assets, or 
property. 
‘‘(2) CUSTODY IN OTHER CAPACITY.—Nothing in 
this Act shall prohibit a person registered as a digital 
asset trading system from holding custody of customer 
money, assets, or property in any other permitted ca-
pacity, including as a digital asset broker or digital 
asset dealer, in compliance with the requirements of 
section 15H. 
‘‘(b) RULEMAKING.—The Commission shall prescribe 
rules for digital asset trading systems relating to the fol-
lowing: 
‘‘(1) NOTICE.—Notice to the Commission of the 
initial operation of a digital asset trading system or 
any material change to the operation of the digital 
asset trading system. 
‘‘(2) ORDER DISPLAY.—The thresholds at which 
a digital asset trading system is required to display 
the orders of the digital asset trading system, and the 
manner of such display. 
‘‘(3) FAIR ACCESS.—The thresholds at which a 
digital asset trading system is required to have poli-
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