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tent as they apply to securities transactions. Judicial 
precedents decided under section 17(a) of the Secu-
rities Act of 1933 and sections 9, 15, 16, 20, and 
21A of this title, and judicial precedents decided 
under applicable rules promulgated under such sec-
tions, shall apply to permitted payment stablecoins 
and digital commodities with respect to those cir-
cumstances 
in 
which 
the 
permitted 
payment 
stablecoins and digital commodities are, as applica-
ble, brokered, traded, or custodied by or through a 
broker or dealer or through an alternative trading 
system or a national securities exchange to the same 
extent as they apply to securities.’’. 
(b) 
TREATMENT
OF
PERMITTED
PAYMENT 
STABLECOINS.—Title I of the Securities Exchange Act of 
1934 (15 U.S.C. 78a et seq.) is amended by inserting after 
section 6 the following: 
‘‘SEC. 6A. TREATMENT OF TRANSACTIONS IN PERMITTED 
PAYMENT STABLECOINS. 
‘‘(a) AUTHORITY TO BROKER, TRADE, AND CUSTODY 
PERMITTED PAYMENT STABLECOINS.—Permitted pay-
ment stablecoins may be brokered, traded, or custodied by 
a broker or dealer or through an alternative trading sys-
tem or national securities exchange. 
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‘‘(b) COMMISSION JURISDICTION.—The Commission 
shall only have jurisdiction over a transaction in a per-
mitted payment stablecoin with respect to those cir-
cumstances in which a permitted payment stablecoin is 
brokered, traded, or custodied— 
‘‘(1) by a broker or dealer; 
‘‘(2) through a national securities exchange; or 
‘‘(3) through an alternative trading system. 
‘‘(c) LIMITATION.—Subsection (b) shall only apply to 
a transaction described in subsection (b) for the purposes 
of regulating the offer, execution, solicitation, or accept-
ance of a permitted payment stablecoin in those cir-
cumstances in which the permitted payment stablecoin is 
brokered, traded, or custodied— 
‘‘(1) by a broker or dealer; 
‘‘(2) through a national securities exchange; or 
‘‘(3) through an alternative trading system.’’. 
SEC. 303. ELIGIBILITY OF ALTERNATIVE TRADING SYS-
TEMS. 
(a) IN GENERAL.—Section 5 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78e) is amended— 
(1) by striking ‘‘It’’ and inserting the following: 
‘‘(a) IN GENERAL.—It’’; and 
(2) by adding at the end the following: 
‘‘(b) DIGITAL COMMODITY PROTECTIONS.— 
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‘‘(1) IN GENERAL.—The Commission may not 
preclude a trading platform from operating pursuant 
to a covered exemption to exchange registration 
under section 6 of this title on the basis that the as-
sets traded or to be traded on such platform in-
clude— 
‘‘(A) digital commodities or permitted pay-
ment stablecoins; and 
‘‘(B) securities. 
‘‘(2) COVERED
EXEMPTION.—In this sub-
section, the term ‘covered exemption’ means an ex-
emption— 
‘‘(A) described in subsection (a)(2); or 
‘‘(B) with respect to any other rule of the 
Commission relating to the definition of ‘ex-
change’.’’. 
(b) SECURITIES EXCHANGE ACT OF 1934.—Section 
3(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a)(2)) is amended by adding at the end the following: 
‘‘Neither an alternative trading system predominantly fa-
cilitating the trading of digital commodities, permitted 
payment stablecoins, or both, relative to its securities trad-
ed, nor a digital commodity exchange, is a ‘facility’ of an 
exchange.’’. 
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(c) RULE OF CONSTRUCTION.—Nothing in this sec-
tion, the amendments made by this section, or section 304 
may be construed to— 
(1) prohibit a national securities exchange from 
owning or operating any other type of alternative 
trading system; or 
(2) create a presumption that any other type of 
alternative trading system owned or operated by a 
national securities exchange is a facility of that ex-
change. 
SEC. 304. RULEMAKING FOR DUAL-REGISTERED ENTITIES. 
(a) CONFLICT OF INTEREST POLICIES AND PROCE-
DURES.—Each person or entity dual-registered with the 
Commodity Futures Trading Commission as permitted 
under section 15(p) of the Securities Exchange Act of 
1934 shall establish, maintain, and, as applicable, enforce 
and comply with written policies and procedures reason-
ably designed to mitigate any conflicts of interest, includ-
ing with respect to transactions or arrangements with af-
filiates registered with the Securities and Exchange Com-
mission, taking into consideration the nature of the busi-
ness of such person or entity. 
(b) EXEMPTION FROM DUPLICATIVE, CONFLICTING, 
OR UNDULY BURDENSOME PROVISIONS.—The Securities 
and Exchange Commission shall prescribe rules for a per-
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son or entity with multiple registrations, where at least 
one such registration includes any dual registration per-
mitted under section 15(p) of the Securities Exchange Act 
of 1934, to exempt the person or entity from duplicative, 
conflicting, or unduly burdensome provisions of the Secu-
rities Exchange Act of 1934 and rules thereunder, to the 
extent such an exemption would protect investors, main-
tain fair, orderly, and efficient markets, and facilitate cap-
ital formation. 
(c) IMPLEMENTING ORGANIZATIONS.—The Securities 
and Exchange Commission shall require any registered na-
tional securities association that has as a member a reg-
istered broker or registered dealer that is registered with 
the Commodity Futures Trading Commission as a digital 
commodity broker or digital commodity dealer as per-
mitted under section 15(p)(1) of the Securities Exchange 
Act of 1934 or otherwise transacts in permitted payment 
stablecoins to revise such rules as may be necessary to 
further the purposes of and compliance with this section. 
(d) MEMORANDUM OF UNDERSTANDING.—The Secu-
rities and Exchange Commission shall enter into a memo-
randum of understanding with the Commodity Futures 
Trading Commission to ensure— 
(1) non-duplicative supervision and enforcement 
with respect to registrants of the Securities and Ex-
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change Commission dual-registered with the Com-
modity Futures Trading Commission as permitted 
under section 15(p) of the Securities Exchange Act 
of 1934; and 
(2) appropriate information sharing between 
the Commissions to further the purposes of and 
compliance with this section, the Securities Ex-
change Act of 1934, and the Commodity Exchange 
Act. 
(e) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to limit the anti-fraud, anti-manip-
ulation, or false reporting enforcement authorities of the 
Commodity Futures Trading Commission with respect to 
a contract of sale of a commodity and persons effecting 
such contracts. 
SEC. 305. MODERNIZATION OF RECORDKEEPING REQUIRE-
MENTS. 
(a) IN
GENERAL.—For purposes of books and 
records requirements for brokers, dealers, transfer agents, 
national securities exchanges under the Securities and Ex-
change Act of 1934 (15 U.S.C. 78a et seq.), investment 
advisers under the Investment Advisers Act of 1940 (15 
U.S.C. 80b–1 et seq.), and investment companies under 
the Investment Company Act of 1940 (15 U.S.C. 80a– 
1 et seq.), a person may, consistent with any rules promul-
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gated under subsection (b), utilize records from a 
blockchain system. 
(b) REVISION OF RULES.—Not later than 180 days 
after the date of enactment of this Act, the Securities and 
Exchange Commission shall issue and revise such rules as 
may be necessary to implement this section. 
SEC. 306. EXEMPTIVE AUTHORITY. 
Section 28 of the Securities Act of 1933 (15 U.S.C. 
77z–3) is amended by striking ‘‘by rule or regulation’’ and 
inserting ‘‘by rule, regulation, or order’’. 
SEC. 307. ADDITIONAL REGISTRATIONS WITH THE COM-
MODITY FUTURES TRADING COMMISSION. 
Section 15 of the Securities Exchange Act of 1934 
(15 U.S.C. 78o) is amended by adding at the end the fol-
lowing: 
‘‘(p) ADDITIONAL REGISTRATIONS WITH THE COM-
MODITY FUTURES TRADING COMMISSION.— 
‘‘(1) REGISTERED BROKERS AND DEALERS.—A 
registered broker or registered dealer shall be per-
mitted to maintain a registration with the Com-
modity Futures Trading Commission as a digital 
commodity broker or digital commodity dealer. 
‘‘(2) NATIONAL
SECURITIES
EXCHANGES.—A 
national securities exchange or affiliate thereof shall 
be permitted to maintain a registration with the 
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Commodity Futures Trading Commission as a dig-
ital commodity exchange. 
‘‘(3) ALTERNATIVE TRADING SYSTEMS.—An al-
ternative trading system, and the operator thereof, 
shall be permitted to maintain a registration with 
the Commodity Futures Trading Commission as a 
digital commodity exchange. 
‘‘(4) NOTICE OF APPLICATION.—Any person or 
entity described in paragraph (1) through (3) shall 
provide to the Securities and Exchange Commission, 
at such time and in such form and manner as the 
Securities and Exchange Commission shall prescribe, 
notice of any application to register with the Com-
modity Futures Trading Commission as a digital 
commodity broker, digital commodity dealer, or dig-
ital commodity exchange.’’. 
SEC. 308. EXEMPTING DIGITAL COMMODITIES FROM STATE 
SECURITIES LAWS. 
(a) COVERED SECURITY.—Section 18(b) of the Secu-
rities Act of 1933 (15 U.S.C. 77r(b)) is amended by add-
ing at the end the following: 
‘‘(5) EXEMPTION IN CONNECTION WITH DIG-
ITAL COMMODITIES.—A digital commodity shall be 
treated as a covered security.’’. 
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(b) RULE OF CONSTRUCTION.—Nothing in this sec-
tion, section 202, or the amendments made by such sec-
tions may be construed to limit the existing authority de-
scribed in section 18(c)(1) of the Securities Act of 1933 
(15 U.S.C. 77r(c)(1)) of a securities commission (or any 
agency or office performing like functions) of any State 
with respect to a covered security or any security. 
SEC. 309. EXCLUSION FOR DECENTRALIZED FINANCE AC-
TIVITIES. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended by inserting after section 15G the fol-
lowing: 
‘‘SEC. 15H. DECENTRALIZED FINANCE ACTIVITIES NOT SUB-
JECT TO THIS ACT. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of this Act, a person shall not be subject to this 
Act and the regulations promulgated under this Act based 
on the person directly or indirectly engaging in any of the 
following activities, whether singly or in combination, in 
relation to the operation of a blockchain system or in rela-
tion to a decentralized finance trading protocol: 
‘‘(1) Compiling network transactions or relay-
ing, searching, sequencing, validating, or acting in a 
similar capacity. 
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‘‘(2) Providing computational work, operating a 
node or oracle service, or procuring, offering, or uti-
lizing network bandwidth, or providing other similar 
incidental services. 
‘‘(3) Providing a user-interface that enables a 
user to read and access data about a blockchain sys-
tem. 
‘‘(4) Developing, publishing, constituting, ad-
ministering, maintaining, or otherwise distributing a 
blockchain system or a decentralized finance trading 
protocol. 
‘‘(5) Developing, publishing, constituting, ad-
ministering, maintaining, or otherwise distributing a 
decentralized finance messaging system, or operating 
or participating in a liquidity pool, for the purpose 
of executing a spot contract for the purchase or sale 
of a digital commodity in relation to a decentralized 
finance trading protocol. 
‘‘(6) Developing, publishing, constituting, ad-
ministering, maintaining, or otherwise distributing 
software or systems that create or deploy hardware 
or software, including wallets or other systems, fa-
cilitating an individual user’s own personal ability to 
keep, safeguard, or custody the user’s digital assets 
or related private keys. 
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‘‘(b) EXCEPTIONS.—Subsection (a) shall not apply to 
the anti-fraud and anti-manipulation authorities of the 
Commission.’’. 
SEC. 310. TREATMENT OF CUSTODY ACTIVITIES BY BANK-
ING INSTITUTIONS. 
(a) TREATMENT OF CUSTODY ACTIVITIES.—The ap-
propriate Federal banking agency, the National Credit 
Union Administration (in the case of a credit union), and 
the Securities and Exchange Commission may not require 
a depository institution, national bank, Federal credit 
union, State credit union, trust company, broker, or deal-
er, or any affiliate thereof (the ‘‘entity’’)— 
(1) to include assets held in custody that are 
not accounted for as assets of the entity as a liabil-
ity on the financial statement or balance sheet of the 
entity, including digital commodity or permitted pay-
ment stablecoin custody or safekeeping services; and 
(2) to hold regulatory capital against assets, in-
cluding reserves backing such assets, in custody or 
safekeeping, except as necessary to mitigate against 
operational risks inherent with the custody or safe-
keeping services, as determined by— 
(A) the appropriate Federal banking agen-
cy; 
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(B) the National Credit Union Administra-
tion (in the case of a credit union); 
(C) a State bank supervisor; 
(D) a State credit union supervisor (as de-
fined in section 6003 of the Anti-Money Laun-
dering Act of 2020 (31 U.S.C. 5311 note)); or 
(E) the Securities and Exchange Commis-
sion (in the case of a broker or dealer). 
(b) DEFINITIONS.—In this section: 
(1) BANKING TERMS.—The terms ‘‘appropriate 
Federal banking agency’’, ‘‘depository institution’’, 
‘‘national bank’’, and ‘‘State bank supervisor’’ have 
the meaning given those terms, respectively, under 
section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813). 
(2) CREDIT UNION TERMS.—The terms ‘‘Fed-
eral credit union’’ and ‘‘State credit union’’ have the 
meaning given those terms, respectively, under sec-
tion 101 of the Federal Credit Union Act (12 U.S.C. 
1752). 
SEC. 311. BROKER AND DEALER DISCLOSURES REGARDING 
THE TREATMENT OF ASSETS. 
(a) IN GENERAL.—Not later than 270 days after the 
date of the enactment of this Act, the Securities and Ex-
change Commission shall issue rules requiring written dis-
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closures regarding the treatment of customer assets in the 
event of an insolvency, resolution, or liquidation pro-
ceeding to be provided by a registered broker or dealer 
to an investor before a digital commodity, a permitted pay-
ment stablecoin, or an investment contract involving a unit 
of a digital commodity is received, acquired, or held by 
the broker or dealer for the account of the investor, which 
shall include, as necessary or appropriate for the protec-
tion of investors— 
(1) a description of the manner in which any 
digital commodity, permitted payment stablecoin, or 
investment contact involving a unit of a digital com-
modity received, acquired, or held by the broker or 
dealer for the account of such investor would be 
treated in an insolvency, resolution, or liquidation 
proceeding with respect to the broker or dealer 
under— 
(A) title II of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 
U.S.C. 5381 et seq.); 
(B) the Securities Investor Protection Act 
of 1970 (15 U.S.C. 78aaa et seq.); or 
(C) as applicable, chapter 7 or chapter 11 
of title 11, United States Code; and 
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(2) how the treatment described in paragraph 
(1) differs from the treatment of securities and cash 
received, acquired, or held by the broker or dealer 
for the account of such investor in the event of an 
insolvency, resolution, or liquidation proceeding with 
respect to the broker or dealer under each law de-
scribed under subparagraph (A) through (C) of 
paragraph (1). 
SEC. 312. DIGITAL COMMODITY ACTIVITIES THAT ARE FI-
NANCIAL IN NATURE. 
(a) DIGITAL COMMODITY ACTIVITIES THAT ARE FI-
NANCIAL IN NATURE.—Section 4(k)(4) of the Bank Hold-
ing Company Act of 1956 (12 U.S.C. 1843(k)(4)) is 
amended— 
(1) in subparagraph (A), by striking ‘‘or securi-
ties’’ and inserting ‘‘, securities, or digital commod-
ities’’; and 
(2) in subparagraph (E), by inserting ‘‘or dig-
ital commodities’’ before the period at the end. 
(b) NATIONAL BANK ACTIVITY.— 
(1) IN GENERAL.—A national bank may use a 
digital asset or blockchain system to perform, pro-
vide, or deliver any activity, function, product, or 
service that the national bank is otherwise author-
ized by law to perform, provide, or deliver. 
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(2) RULE OF CONSTRUCTION.—Nothing in this 
subsection may be construed to exempt a national 
bank’s performance, provision, or delivery of an ac-
tivity, function, product, or service from a require-
ment that would apply if the activity were not per-
formed, provided, or delivered using a digital asset 
or blockchain system. 
(c) INSURED STATE BANKS AND SUBSIDIARIES OF 
INSURED STATE BANKS.—For purposes of sections 24(a) 
and 24(d) of the Federal Deposit Insurance Act (12 
U.S.C. 1831a(a) and (d)), all of the activities authorized 
for a national bank under subsection (b) that are principal 
activities shall be permissible for an insured State bank 
and subsidiary of an insured State bank. 
SEC. 313. EFFECTIVE DATE; ADMINISTRATION. 
Except as otherwise provided under this title, this 
title and the amendments made by this title shall take ef-
fect 360 days after the date of enactment of this Act, ex-
cept that, to the extent a provision of this title requires 
a rulemaking, the provision shall take effect on the later 
of— 
(1) 360 days after the date of enactment of this 
Act; or 
(2) 60 days after the publication in the Federal 
Register of the final rule implementing the provision. 
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SEC. 314. EDUCATIONAL MATERIAL REQUIREMENTS. 
The Securities and Exchange Commission, in con-
sultation with the Commodity Futures Trading Commis-
sion, shall require any registered entity that facilitates the 
trading of digital commodities or investment contracts in-
volving units of a digital commodity to provide clear and 
accessible educational materials to the public, including— 
(1) an overview of how blockchain technology 
functions; 
(2) a description of common risks associated 
with digital commodities; 
(3) a description of the differences between dig-
ital commodity markets and traditional financial 
markets; 
(4) information on reporting requirements re-
lated to digital commodity transactions or invest-
ment contracts involving units of a digital com-
modity; and 
(5) guidance on recognizing fraudulent schemes 
and instructions for reporting suspected fraud. 
SEC. 315. DISCRETIONARY SURPLUS FUND. 
(a) IN
GENERAL.—The dollar amount specified 
under section 7(a)(3)(A) of the Federal Reserve Act (12 
U.S.C. 289(a)(3)(A)) is reduced by $15,000,000. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect on September 30, 2035. 
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TITLE IV—REGISTRATION FOR 
DIGITAL COMMODITY INTER-
MEDIARIES 
AT 
THE 
COM-
MODITY FUTURES TRADING 
COMMISSION 
SEC. 401. COMMISSION JURISDICTION OVER DIGITAL COM-
MODITY TRANSACTIONS. 
(a) SAVINGS CLAUSE.—Section 2(a)(1) of the Com-
modity Exchange Act (7 U.S.C. 2(a)(1)) is amended by 
adding at the end the following: 
‘‘(J) Except as expressly provided in this 
Act, nothing in the CLARITY Act of 2025 shall 
affect or apply to, or be interpreted to affect or 
apply to— 
‘‘(i) any agreement, contract, or 
transaction that is subject to this Act as— 
‘‘(I) a contract of sale of a com-
modity for future delivery or an op-
tion on such a contract; 
‘‘(II) a swap; 
‘‘(III) a security futures product; 
‘‘(IV) an option authorized under 
section 4c of this Act; 
‘‘(V) an agreement, contract, or 
transaction described in subparagraph 
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(C)(i) or (D)(i) of subsection (c)(2) of 
this section; or 
‘‘(VI) a leverage transaction au-
thorized under section 19; or 
‘‘(ii) the activities of any person with 
respect to any such an agreement, con-
tract, or transaction.’’. 
(b) LIMITATION ON AUTHORITY OVER PERMITTED 
PAYMENT STABLECOINS.—Section 2(c)(1) of the Com-
modity Exchange Act (7 U.S.C. 2(c)(1)) is amended— 
(1) in subparagraph (F), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (G), by striking the period 
and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(H) permitted payment stablecoins.’’. 
(c) COMMISSION JURISDICTION OVER FINANCING 
AGREEMENTS.—Section 2(c)(2)(D) of the Commodity Ex-
change Act (7 U.S.C. 2(c)(2)(D)) is amended— 
(1) in clause (ii)(I), by inserting after ‘‘para-
graph (1)’’ the following: ‘‘(other than an agree-
ment, contract, or transaction in a permitted pay-
ment stablecoin)’’; and 
(2) by redesignating clause (iv) as clause (v) 
and inserting after clause (iii) the following: 
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‘‘(iv) AGREEMENTS FOR MARGIN FI-
NANCING.—Notwithstanding clause (iii), a 
digital commodity broker may, subject to 
the requirements of section 4u(c)(2), offer 
to or enter into an agreement for margin 
financing with a customer for the purchase 
or sale of a digital commodity, provided 
any purchase or sale made pursuant to the 
agreement shall result in the delivery of 
the digital commodity into or from an ac-
count carried for the customer by the dig-
ital commodity broker, as determined by 
the Commission by rule or regulation, 
based on commercial spot market prac-
tices.’’. 
(d) COMMISSION AUTHORITY OVER CERTAIN DIG-
ITAL
COMMODITY
AND
STABLECOIN
SPOT
TRANS-
ACTIONS.—Section 2(c)(2) of the Commodity Exchange 
Act (7 U.S.C. 2(c)(2)) is amended by adding at the end 
the following: 
‘‘(F) COMMISSION JURISDICTION WITH RE-
SPECT
TO
DIGITAL
COMMODITY
TRANS-
ACTIONS.— 
‘‘(i) IN
GENERAL.—Subject to sec-
tions 6d and 12(e), the Commission shall 
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have exclusive jurisdiction with respect to 
any account, agreement, contract, or trans-
action involving a contract of sale of a dig-
ital commodity or tradable asset (as de-
fined in section 4x) in interstate commerce, 
including in a digital commodity or 
tradable asset (as so defined) cash or spot 
market, that is offered, solicited, traded, 
facilitated, executed, cleared, reported, or 
otherwise dealt in— 
‘‘(I) on or subject to the rules of 
a registered entity or an entity that is 
required to be registered as a reg-
istered entity; or 
‘‘(II) by any other entity reg-
istered, or required to be registered, 
with the Commission. 
‘‘(ii) LIMITATIONS.—Clause (i) shall 
not apply with respect to— 
‘‘(I) custodial or depository ac-
tivities for a digital commodity of an 
entity regulated by an appropriate 
Federal banking agency or a State 
bank supervisor (within the meaning 
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of section 3 of the Federal Deposit In-
surance Act); or 
‘‘(II) an offer or sale of an in-
vestment contract involving a digital 
commodity or of a securities offer or 
sale involving a digital commodity. 
‘‘(iii) MIXED DIGITAL ASSET TRANS-
ACTIONS.— 
‘‘(I) IN
GENERAL.—Clause (i) 
shall not apply to a mixed digital 
asset transaction. 
‘‘(II) REPORTS
ON
MIXED
DIG-
ITAL
ASSET
TRANSACTIONS.—A dig-
ital commodity issuer, digital com-
modity related person, digital com-
modity affiliated person, or other per-
son registered with the Securities and 
Exchange Commission that engages in 
a mixed digital asset transaction, 
shall, on request of the Commission, 
open to inspection and examination by 
the Commission all books and records 
relating to the mixed digital asset 
transaction, subject to the confiden-
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tiality and disclosure requirements of 
section 8. 
‘‘(G) 
AGREEMENTS, 
CONTRACTS, 
AND 
TRANSACTIONS IN STABLECOINS.— 
‘‘(i) TREATMENT OF PERMITTED PAY-
MENT STABLECOINS ON COMMISSION-REG-
ISTERED ENTITIES.—Subject to clauses (ii) 
and (iii), the Commission shall have juris-
diction over a cash or spot agreement, con-
tract, or transaction in a permitted pay-
ment stablecoin that is offered, offered to 
enter into, entered into, executed, solicited, 
or accepted, or for which the execution of 
is confirmed— 
‘‘(I) on or subject to the rules of 
a registered entity; or 
‘‘(II) by any other entity reg-
istered with the Commission. 
‘‘(ii) 
PERMITTED
PAYMENT 
STABLECOIN
TRANSACTION
RULES.—This 
Act shall apply to a transaction described 
in clause (i) only for the purpose of regu-
lating the offer, execution, solicitation, or 
acceptance of a cash or spot permitted 
payment stablecoin transaction on a reg-
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istered entity or by any other entity reg-
istered with the Commission, as if the per-
mitted payment stablecoin were a digital 
commodity. 
‘‘(iii) NO
AUTHORITY
OVER
PER-
MITTED
PAYMENT
STABLECOINS.—Not-
withstanding clauses (i) and (ii), the Com-
mission shall not make a rule or regula-
tion, impose a requirement or obligation on 
a registered entity or other entity reg-
istered with the Commission, or impose a 
requirement or obligation on a permitted 
payment stablecoin issuer, regarding the 
operation 
of 
a 
permitted 
payment 
stablecoin issuer or a permitted payment 
stablecoin.’’. 
(e) CONFORMING AMENDMENTS.—The Commodity 
Exchange Act is amended— 
(1) in section 1a(9) (7 U.S.C. 1a(9)), as 
amended by the GENIUS Act, by striking the sec-
ond sentence; and 
(2) in section 2(a)(1)(A) (7 U.S.C. 2(a)(1)(A)), 
in the 1st sentence, by inserting ‘‘subparagraphs (F) 
and (G) of subsection (c)(2) of this section or’’ be-
fore ‘‘section 19’’. 
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SEC. 402. REQUIRING FUTURES COMMISSION MERCHANTS 
TO 
USE 
QUALIFIED 
DIGITAL 
ASSET 
CUSTODIANS. 
Section 4d of the Commodity Exchange Act (7 U.S.C. 
6d) is amended— 
(1) in subsection (a)(2)— 
(A) in the 1st proviso, by striking ‘‘any 
bank or trust company’’ and inserting ‘‘any 
bank, trust company, or qualified digital asset 
custodian, as applicable,’’; and 
(B) by inserting ‘‘: Provided further, That 
any such property that is a digital asset shall 
be held in a qualified digital asset custodian’’ 
before the period at the end; and 
(2) in subsection (f)(3)(A)(i), by striking ‘‘any 
bank or trust company’’ and inserting ‘‘any bank, 
trust company, or qualified digital asset custodian’’. 
SEC. 403. TRADING CERTIFICATION AND APPROVAL FOR 
DIGITAL COMMODITIES. 
Section 5c of the Commodity Exchange Act (7 U.S.C. 
7a–2) is amended— 
(1) in subsection (a), by striking ‘‘5(d) and 
5b(c)(2)’’ and inserting ‘‘5(d), 5b(c)(2), and 5i(c)’’; 
(2) in subsection (b)— 
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