I 
117TH CONGRESS 
2D SESSION 
H. R. 8730 
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 HOUSE OF REPRESENTATIVES 
AUGUST 19, 2022 
Mr. FEENSTRA (for himself and Mrs. BICE of Oklahoma) introduced the fol-
lowing bill; which was referred to the Committee on Agriculture, and in 
addition to the Committees on Financial Services, and the Judiciary, for 
a period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
A BILL 
To amend the Commodity Exchange Act to provide the Com-
modity Futures Trading Commission jurisdiction to over-
see the spot digital commodity market, and for other 
purposes. 
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 ‘‘Digital Commodities 
Consumer Protection Act of 2022’’. 
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SEC. 2. DEFINITIONS. 
(a) IN GENERAL.—Section 1a of the Commodity Ex-
change Act (7 U.S.C. 1a) is amended— 
(1) by redesignating paragraphs (3) through 
(15) and paragraphs (16) through (51) as para-
graphs (5) through (17) and paragraphs (25) 
through (60), respectively; 
(2) by inserting after paragraph (2) the fol-
lowing: 
‘‘(3) ASSOCIATED PERSON OF A DIGITAL COM-
MODITY BROKER.— 
‘‘(A) IN GENERAL.—The term ‘associated 
person of a digital commodity broker’ means a 
person who is associated with a digital com-
modity broker as a partner, officer, employee, 
or agent (or any person occupying a similar sta-
tus or performing similar functions) in any ca-
pacity that involves— 
‘‘(i) the solicitation or acceptance of a 
digital commodity trade; or 
‘‘(ii) the supervision of any person en-
gaged in the solicitation or acceptance of a 
digital commodity trade. 
‘‘(B) EXCLUSION.—The term ‘associated 
person of a digital commodity broker’ does not 
include any person associated with a digital 
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commodity broker the functions of which are 
solely clerical or ministerial. 
‘‘(4) ASSOCIATED PERSON OF A DIGITAL COM-
MODITY DEALER.— 
‘‘(A) IN GENERAL.—The term ‘associated 
person of a digital commodity dealer’ means a 
person who is associated with a digital com-
modity dealer as a partner, officer, employee, or 
agent (or any person occupying a similar status 
or performing similar functions) in any capacity 
that involves— 
‘‘(i) the solicitation or acceptance of a 
digital commodity trade; or 
‘‘(ii) the supervision of any person en-
gaged in the solicitation or acceptance of a 
digital commodity trade. 
‘‘(B) EXCLUSION.—The term ‘associated 
person of a digital commodity dealer’ does not 
include any person associated with a digital 
commodity dealer the functions of which are 
solely clerical or ministerial.’’; 
(3) in paragraph (11) (as so redesignated), by 
striking ‘‘and frozen concentrated orange juice’’ and 
inserting ‘‘frozen concentrated orange juice, and dig-
ital commodities,’’; 
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(4) in paragraph (12)(A) (as so redesignated)— 
(A) by redesignating clauses (iii) and (iv) 
as clauses (iv) and (v), respectively; and 
(B) by inserting after clause (ii) the fol-
lowing: 
‘‘(iii) digital commodity;’’; 
(5) in paragraph (13)(A)(i) (as so redesig-
nated)— 
(A) by redesignating subclauses (III) and 
(IV) as subclauses (IV) and (V), respectively; 
and 
(B) by inserting after subclause (II) the 
following: 
‘‘(III) digital commodity;’’; 
(6) in paragraph (14)(A)(i) (as so redesig-
nated)— 
(A) in subclause (II), by adding a semi-
colon at the end; 
(B) by redesignating subclauses (III) and 
(IV) as subclauses (IV) and (V), respectively; 
and 
(C) by inserting after subclause (II) the 
following: 
‘‘(III) a digital commodity;’’; 
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(7) by inserting after paragraph (17) (as so re-
designated) the following: 
‘‘(18) DIGITAL COMMODITY.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity’ means a fungible digital form of per-
sonal property that can be possessed and trans-
ferred person-to-person without necessary reli-
ance on an intermediary. 
‘‘(B) INCLUSIONS.—The term ‘digital com-
modity’ includes property commonly known as 
cryptocurrency or virtual currency, such as 
Bitcoin and Ether. 
‘‘(C) 
EXCLUSIONS.—The 
term 
‘digital 
commodity’ does not include— 
‘‘(i) an interest in a physical com-
modity; 
‘‘(ii) a security; 
‘‘(iii) a digital form of currency 
backed by the full faith and credit of the 
United States; 
‘‘(iv) except as provided in subpara-
graph (D), an instrument regulated by the 
Commission pursuant to any provision of 
this Act other than section 2(c)(2)(F); or 
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‘‘(v) any other instrument that the 
Commission determines not to be a digital 
commodity. 
‘‘(D) 
EXCEPTION.—The 
exclusion 
de-
scribed in subparagraph (C)(iv) shall not apply 
to a commodity transaction that is subject only 
to Commission antimanipulation, antifraud, or 
false reporting authority. 
‘‘(19) DIGITAL COMMODITY BROKER.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity broker’ means a person that is engaged, 
as an identifiable business, in— 
‘‘(i) soliciting or accepting orders on 
behalf of another person for a digital com-
modity trade; 
‘‘(ii) accepting digital commodities 
from another person for the purpose of en-
tering into digital commodity trades; 
‘‘(iii) arranging digital commodity 
trades on behalf of another person; or 
‘‘(iv) a similar activity, as determined 
by the Commission. 
‘‘(B) EXCLUSION.—The term ‘digital com-
modity broker’ does not include a person solely 
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because that person validates digital commodity 
transactions. 
‘‘(20) DIGITAL COMMODITY CUSTODIAN.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity custodian’ means a person that, as an 
identifiable business, maintains possession, cus-
tody, or control over digital commodities on be-
half of another person. 
‘‘(B) EXCLUSIONS.—The term ‘digital 
commodity custodian’ does not include— 
‘‘(i) an insured depository institution 
(as defined in section 3 of the Federal De-
posit Insurance Act (12 U.S.C. 1813)); or 
‘‘(ii) an insured credit union (as de-
fined in section 101 of the Federal Credit 
Union Act (12 U.S.C. 1752)). 
‘‘(21) DIGITAL COMMODITY DEALER.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity dealer’ means a person that— 
‘‘(i) has an identifiable business of 
dealing in a digital commodity as principal 
for its own account; 
‘‘(ii) makes a market in a digital com-
modity; 
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‘‘(iii) holds itself out as a dealer in a 
digital commodity; 
‘‘(iv) has as an identifiable business of 
buying or selling digital commodities for 
conversion into other digital commodities, 
currency, or other consideration; 
‘‘(v) has as an identifiable business of 
accepting digital commodities from another 
person (referred to in this clause as a ‘de-
positor’) with an obligation to return the 
digital commodities, consideration linked to 
the digital commodities, or both to the de-
positor; or 
‘‘(vi) engages in a similar activity, as 
determined by the Commission. 
‘‘(B) EXCLUSION.—The term ‘digital com-
modity dealer’ does not include a person solely 
because that person validates digital commodity 
transactions. 
‘‘(22) DIGITAL COMMODITY PLATFORM.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity platform’ means a person that is 1 or 
more of the following: 
‘‘(i) A digital commodity broker. 
‘‘(ii) A digital commodity custodian. 
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‘‘(iii) A digital commodity dealer. 
‘‘(iv) A digital commodity trading fa-
cility. 
‘‘(B) CATEGORY.—The term ‘category’, 
with respect to a digital commodity platform, 
means 1 or more categories described in clauses 
(i) through (iv) of subparagraph (A) of that 
digital commodity platform. 
‘‘(23) DIGITAL COMMODITY TRADE.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity trade’ means a purchase or sale of a 
digital commodity in exchange for— 
‘‘(i) another digital commodity; or 
‘‘(ii) any other consideration. 
‘‘(B) INCLUSIONS.—The term ‘digital com-
modity trade’ includes— 
‘‘(i) an offer to enter into a purchase 
or sale described in subparagraph (A); and 
‘‘(ii) a loan of a digital commodity, an 
offer to enter into a loan of a digital com-
modity, or a similar activity, as determined 
by the Commission. 
‘‘(C) EXCLUSION.—Except as provided in 
subparagraph (D), the term ‘digital commodity 
trade’ excludes a transaction regulated by the 
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Commission pursuant to any provision of this 
Act except section 2(c)(2)(F). 
‘‘(D) 
EXCEPTION.—The 
exclusion 
de-
scribed in subparagraph (C) shall not apply to 
a commodity transaction that is subject only to 
Commission antimanipulation, antifraud, or 
false reporting authority. 
‘‘(24) DIGITAL
COMMODITY
TRADING
FACIL-
ITY.— 
‘‘(A) IN GENERAL.—The term ‘digital com-
modity trading facility’ means a trading facility 
that facilitates the execution or trading of dig-
ital commodity trades between persons. 
‘‘(B) EXCLUSION.—The term ‘digital com-
modity trading facility’ does not include a per-
son solely because that person validates digital 
commodity transactions.’’; 
(8) in paragraph (43) (as so redesignated)— 
(A) in the paragraph heading, by striking 
‘‘; MEMBER OF A DERIVATIVES TRANSACTION 
EXECUTION FACILITY’’; 
(B) in the matter preceding subparagraph 
(A), by striking ‘‘entity or derivatives trans-
action execution facility,’’ and inserting ‘‘enti-
ty,’’; 
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(C) in subparagraph (A), by striking ‘‘enti-
ty’’ and all that follows through the semicolon 
and inserting ‘‘entity;’’; and 
(D) in subparagraph (B), by striking ‘‘en-
tity’’ and all that follows through the period at 
the end and inserting ‘‘entity.’’; and 
(9) in paragraph (49) (as so redesignated)— 
(A) by redesignating subparagraphs (E) 
and (F) as subparagraphs (F) and (G), respec-
tively; and 
(B) by inserting after subparagraph (D) 
the following: 
‘‘(E) a digital commodity trading facility 
registered under section 5i;’’. 
(b) CONFORMING AMENDMENTS.— 
(1) Section 1a of the Commodity Exchange Act 
(7 U.S.C. 1a) is amended— 
(A) in paragraph (26)(A) (as redesignated 
by subsection (a)(1)), in the matter preceding 
clause (i), by striking ‘‘(18)(A)’’ and inserting 
‘‘(27)(A)’’; and 
(B) in paragraph (27)(A)(vii)(III)(aa) (as 
redesignated by subsection (a)(1)), by striking 
‘‘(17)(A)’’ and inserting ‘‘(26)(A)’’. 
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(6) Section 5 of the Commodity Exchange Act 
(7 U.S.C. 7) is amended— 
(A) in subsection (d)(23), by striking 
‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(56)(A)(v)’’; 
and 
(B) in subsection (e)(1), by striking 
‘‘1a(9)’’ and inserting ‘‘1a(11)’’. 
(7) Section 5b(k)(3)(A) of the Commodity Ex-
change Act (7 U.S.C. 7a–1(k)(3)(A)) is amended by 
striking 
‘‘1a(47)(A)(v))’’ 
and 
inserting 
‘‘1a(56)(A)(v))’’. 
(8) Section 5c(c)(4)(B) of the Commodity Ex-
change Act (7 U.S.C. 7a–2(c)(4)(B)) is amended by 
striking ‘‘1a(10)’’ and inserting ‘‘1a(11)’’. 
(9) Section 5h(f)(10)(A)(iii) of the Commodity 
Exchange Act (7 U.S.C. 7b–3(f)(10)(A)(iii)) is 
amended by striking ‘‘1a(47)(A)(v)’’ and inserting 
‘‘1a(56)(A)(v)’’. 
(10) Section 21(f)(4)(C) of the Commodity Ex-
change Act (7 U.S.C. 24a(f)(4)(C)) is amended by 
striking ‘‘1a(48)’’ and inserting ‘‘1a(57)’’. 
(11) Section 403 of the Legal Certainty for 
Bank Products Act of 2000 (7 U.S.C. 27a) is 
amended— 
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(A) in subsection (a)(2), by striking 
‘‘1a(47)(A)(v)’’ and inserting ‘‘1a(56)(A)(v)’’; 
and 
(B) in subsection (b)(1), by striking 
‘‘1a(47)’’ and inserting ‘‘1a’’. 
(12) Section 5(e) of the Securities Act of 1933 
(15 U.S.C. 77e(e)) is amended by striking ‘‘section 
1a(18) of the Commodity Exchange Act (7 U.S.C. 
1a(18))’’ and inserting ‘‘section 1a of the Com-
modity Exchange Act (7 U.S.C. 1a)’’. 
(13) Section 3C(g)(3)(A)(v) of the Securities 
Exchange 
Act 
of 
1934 
(15 
U.S.C. 
78c– 
3(g)(3)(A)(v)) is amended by striking ‘‘section 
1a(10) of the Commodity Exchange Act;’’ and in-
serting ‘‘section 1a of the Commodity Exchange Act 
(7 U.S.C. 1a);’’. 
(14) Section 6(g)(5)(B)(i) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78f(g)(5)(B)(i)) is 
amended— 
(A) in subclause (I), by striking ‘‘section 
1a(18)(B)(ii) of the Commodity Exchange Act’’ 
and inserting ‘‘subparagraph (B)(ii) of section 
1a(27) of the Commodity Exchange Act (7 
U.S.C. 1a(27))’’; and 
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(B) in subclause (II), by striking ‘‘such 
section 1a(18))’’ and inserting ‘‘that section)’’. 
(15) Section 712(a)(8) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (15 
U.S.C. 8302(a)(8)) is amended by striking ‘‘section 
1a(47)(D) of the Commodity Exchange Act (7 
U.S.C. 
1a(47)(D))’’ 
and 
inserting 
‘‘section 
1a(56)(D) of the Commodity Exchange Act (7 
U.S.C. 1a(56)(D))’’. 
(16) Section 752(a) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (15 
U.S.C. 8325(a)) is amended by striking ‘‘section 
1a(39) of the Commodity Exchange Act),’’ and in-
serting ‘‘section 1a of the Commodity Exchange Act 
(7 U.S.C. 1a)),’’. 
SEC. 3. COMMISSION JURISDICTION OVER DIGITAL COM-
MODITY TRADES. 
Section 2 of the Commodity Exchange Act (7 U.S.C. 
2) is amended— 
(1) in subsection (a)(1)(A), in the first sen-
tence, by striking ‘‘section 19 of this Act’’ and in-
serting ‘‘subsection (c)(2)(F) or section 19’’; and 
(2) in subsection (c)(2), by adding at the end 
the following: 
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‘‘(F) COMMISSION
JURISDICTION
OVER 
DIGITAL COMMODITY TRADES.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), this Act applies to, and 
the Commission shall have exclusive juris-
diction over, any account, agreement, con-
tract, or transaction involving a digital 
commodity trade. 
‘‘(ii) EXCEPTION.—Nothing in this 
Act applies to, and the Commission shall 
not have jurisdiction over, any digital com-
modity transaction by a merchant or con-
sumer that uses a digital commodity solely 
for the purchase or sale of a good or serv-
ice. 
‘‘(iii) 
PROHIBITION
ON
CERTAIN 
TRADING
PRACTICES.—Sections 4b, 4c, 
and 6(c) shall apply to any digital com-
modity trade as if the digital commodity 
trade were a contract of sale of a com-
modity for future delivery.’’. 
SEC. 4. DIGITAL COMMODITY PLATFORMS. 
The Commodity Exchange Act is amended by insert-
ing after section 5h (7 U.S.C. 7b–3) the following: 
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‘‘SEC. 5i. DIGITAL COMMODITY PLATFORMS. 
‘‘(a) REGISTRATION.— 
‘‘(1) REQUIREMENT.—It shall be unlawful for 
any person to act as any category of digital com-
modity platform unless the person is registered 
under this section as that category of digital com-
modity platform. 
‘‘(2) APPLICATIONS.—A person desiring to reg-
ister as any category of digital commodity platform 
shall submit to the Commission an application in 
such form and containing such information as the 
Commission may require for the purpose of deter-
mining whether the applicant is in compliance with 
subsection (b) and the other requirements of this 
Act. 
‘‘(3) MULTIPLE
REGISTRATIONS.—As appro-
priate to further the purposes of this Act and avoid 
duplicative or unnecessary requirements, and taking 
into consideration potential conflicts of interest or 
other risks, the Commission may prescribe rules or 
regulations permitting, or may otherwise authorize— 
‘‘(A) registration by a person in more than 
1 category of digital commodity platform; 
‘‘(B) a registered entity, a swap dealer, or 
a futures commission merchant registered 
under this Act to register under this section in 
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1 or more categories of digital commodity plat-
form; and 
‘‘(C) exemptions or additional require-
ments applicable to persons with multiple reg-
istrations under this Act. 
‘‘(b) CORE PRINCIPLES FOR DIGITAL COMMODITY 
PLATFORMS.— 
‘‘(1) COMPLIANCE WITH CORE PRINCIPLES.— 
‘‘(A) IN GENERAL.—To be registered, and 
maintain registration, as a digital commodity 
platform, the digital commodity platform shall 
comply with— 
‘‘(i) the core principles described in 
this subsection; and 
‘‘(ii) any requirement that the Com-
mission may impose by rule or regulation. 
‘‘(B) REASONABLE
DISCRETION
OF
DIG-
ITAL
COMMODITY
PLATFORM.—Unless other-
wise determined by the Commission by rule or 
regulation, a digital commodity platform de-
scribed in subparagraph (A) shall have reason-
able discretion in establishing the manner in 
which the digital commodity platform complies 
with the core principles described in this sub-
section. 
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‘‘(2) CORE
PRINCIPLES
APPLICABLE
TO
DIG-
ITAL COMMODITY TRADING FACILITIES.— 
‘‘(A) COMPLIANCE WITH RULES.—A digital 
commodity trading facility shall— 
‘‘(i) establish and enforce compliance 
with any rule of the digital commodity 
trading facility, including— 
‘‘(I) the terms and conditions of 
the transactions in digital commod-
ities traded or processed on or 
through the digital commodity trading 
facility; and 
‘‘(II) any limitation on access to 
the digital commodity trading facility; 
‘‘(ii) establish and enforce trading, 
trade processing, and participation rules 
that will deter abuses and have the capac-
ity to detect, investigate, and enforce those 
rules, including means— 
‘‘(I) to provide market partici-
pants with impartial access to the 
market; and 
‘‘(II) to capture information that 
may be used in establishing whether 
rule violations have occurred; and 
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‘‘(iii) establish rules governing the op-
eration of the digital commodity trading 
facility. 
‘‘(B) DIGITAL COMMODITY TRANSACTIONS 
NOT
READILY
SUSCEPTIBLE
TO
MANIPULA-
TION.—A digital commodity trading facility 
shall permit trading only in transactions in dig-
ital commodities that are not readily susceptible 
to manipulation. 
‘‘(C) 
MONITORING
OF
TRADING
AND 
TRADE PROCESSING.— 
‘‘(i) MARKETS AND MECHANISMS.— 
‘‘(I) IN
GENERAL.—A digital 
commodity trading facility shall pro-
vide a competitive, open, and efficient 
market and mechanism for executing 
transactions that protects the price 
discovery process of trading on the 
digital commodity trading facility. 
‘‘(II) CENTRALIZED MARKET.—A 
digital 
commodity 
trading 
facility 
shall provide a centralized market for 
executing transactions. 
‘‘(ii) PROTECTION OF MARKETS AND 
MARKET
PARTICIPANTS.—A digital com-
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modity trading facility shall establish and 
enforce rules— 
‘‘(I) to protect markets and mar-
ket participants from abusive prac-
tices committed by any party, includ-
ing abusive practices committed by a 
party acting as an agent for a partici-
pant; and 
‘‘(II) to promote fair and equi-
table trading on the digital commodity 
trading facility. 
‘‘(iii) 
PROCEDURES
AND
MONI-
TORING.—A digital commodity trading fa-
cility shall— 
‘‘(I) establish and enforce rules 
or terms and conditions defining, or 
specifications detailing— 
‘‘(aa) trading procedures to 
be used in entering and executing 
orders traded on or through the 
facilities of the digital commodity 
trading facility; and 
‘‘(bb) procedures for trade 
processing of digital commodities 
on or through the facilities of the 
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digital commodity trading facil-
ity; and 
‘‘(II) monitor trading in digital 
commodities to prevent manipulation, 
price distortion, and disruptions of the 
delivery or settlement process through 
surveillance, compliance, and discipli-
nary practices and procedures, includ-
ing 
investigations, 
sanctions, 
and 
methods 
for 
conducting 
real-time 
monitoring of trading and comprehen-
sive and accurate trade reconstruc-
tions. 
‘‘(D) ABILITY TO OBTAIN INFORMATION.— 
A digital commodity trading facility shall— 
‘‘(i) establish and enforce rules that 
will allow the digital commodity trading fa-
cility to obtain any necessary information 
to perform any of the functions described 
in this section; 
‘‘(ii) provide the information to the 
Commission on request; and 
‘‘(iii) have the capacity to carry out 
such 
international 
information-sharing 
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agreements as the Commission may re-
quire. 
‘‘(E) FINANCIAL
INTEGRITY
OF
TRANS-
ACTIONS.—A digital commodity trading facility 
shall establish and enforce rules and procedures 
for ensuring the financial integrity of digital 
commodity trades entered on or through the fa-
cilities of the digital commodity trading facility. 
‘‘(F) EMERGENCY AUTHORITY.—A digital 
commodity trading facility shall adopt rules to 
provide for the exercise of emergency authority, 
in consultation or cooperation with the Commis-
sion, as is necessary and appropriate, including 
the authority to liquidate or transfer open posi-
tions in any digital commodity or to suspend or 
curtail trading in a digital commodity. 
‘‘(G) TIMELY
PUBLICATION
OF
TRADING 
INFORMATION.— 
‘‘(i) IN
GENERAL.—A digital com-
modity trading facility shall make public 
timely information on price, trading vol-
ume, and other trading data on digital 
commodities to the extent prescribed by 
the Commission. 
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‘‘(ii) CAPACITY
OF
DIGITAL
COM-
MODITY
TRADING
FACILITY.—A digital 
commodity trading facility shall be re-
quired to have the capacity to electronically 
capture and transmit trade information 
with respect to transactions executed on 
the digital commodity trading facility. 
‘‘(H) AVAILABILITY OF GENERAL INFOR-
MATION.—A digital commodity trading facility 
shall make available to market authorities, mar-
ket participants, and the public accurate infor-
mation concerning— 
‘‘(i) the terms and conditions of the 
contracts for transactions in digital com-
modities; 
‘‘(ii) the rules and mechanisms for 
executing digital commodity trades on or 
through the facilities of the digital com-
modity trading facility; and 
‘‘(iii) the rules and specifications de-
scribing the operation of the electronic 
matching platform or trade execution facil-
ity of the digital commodity trading facil-
ity. 
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‘‘(I) DISCIPLINARY PROCEDURES.—A dig-
ital commodity trading facility shall establish 
and enforce— 
‘‘(i) disciplinary procedures that au-
thorize the digital commodity trading facil-
ity to discipline, suspend, or expel market 
participants that violate the rules of the 
digital commodity trading facility; or 
‘‘(ii) similar methods for performing 
the functions described in clause (i), in-
cluding delegation to third parties. 
‘‘(J) DISPUTE
RESOLUTION.—A digital 
commodity trading facility shall establish and 
enforce rules regarding, and provide facilities 
for alternative dispute resolution, as appro-
priate, for, market participants and market 
intermediaries. 
‘‘(3) CORE
PRINCIPLES
APPLICABLE
TO
DIG-
ITAL
COMMODITY
DEALERS
AND
DIGITAL
COM-
MODITY BROKERS.— 
‘‘(A) EXECUTION.—A digital commodity 
dealer or digital commodity broker— 
‘‘(i) shall establish prices fairly and 
objectively; 
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‘‘(ii) shall disclose the basis for those 
prices; and 
‘‘(iii) shall not disrupt market func-
tioning or hinder the price discovery proc-
ess. 
‘‘(B) DAILY TRADING RECORDS.— 
‘‘(i) IN
GENERAL.—A digital com-
modity dealer or digital commodity broker 
shall keep full, complete, and systematic 
records (including all pertinent data and 
memoranda) of all transactions relating to 
its business of dealing or brokerage in dig-
ital commodity transactions. 
‘‘(ii) INCLUDED COMMUNICATIONS.— 
A digital commodity dealer or digital com-
modity broker shall keep all oral and writ-
ten communications provided or received 
concerning quotes, solicitations, bids, of-
fers, instructions, trading, and prices that 
lead to the execution of a transaction in a 
digital commodity. 
‘‘(C) BUSINESS CONDUCT STANDARDS.—A 
digital commodity dealer or digital commodity 
broker shall conform with such business con-
duct standards as may be prescribed by the 
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Commission by rule or regulation that relate 
to— 
‘‘(i) fraud, manipulation, and other 
abusive practices involving digital com-
modity trades (including digital commodity 
trades that are offered but not entered 
into); 
‘‘(ii) diligent supervision of the busi-
ness of the digital commodity dealer or 
digital commodity broker; and 
‘‘(iii) such other matters as the Com-
mission determines to be appropriate. 
‘‘(D) DUTIES.—A digital commodity dealer 
or digital commodity broker shall comply with 
the following requirements: 
‘‘(i) 
RISK
MANAGEMENT
PROCE-
DURES.—The digital commodity dealer or 
digital commodity broker shall establish ro-
bust and professional risk management 
systems adequate for managing the day-to- 
day business of the digital commodity deal-
er or digital commodity broker. 
‘‘(ii) DISCLOSURE
OF
GENERAL
IN-
FORMATION.—The digital commodity deal-
er or digital commodity broker shall dis-
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close to the Commission, as applicable, in-
formation concerning— 
‘‘(I) terms and conditions of its 
digital commodity trades; 
‘‘(II) trading operations, mecha-
nisms, and practices; 
‘‘(III) financial integrity protec-
tions relating to transactions in digital 
commodity trades; and 
‘‘(IV) other information relevant 
to its digital commodity trades. 
‘‘(E) ABILITY TO OBTAIN INFORMATION.— 
A digital commodity dealer or digital com-
modity broker shall— 
‘‘(i) establish and enforce internal sys-
tems and procedures to obtain any nec-
essary information to perform any of the 
functions described in this section; and 
‘‘(ii) provide the information described 
in clause (i) to the Commission on request. 
‘‘(4) CORE
PRINCIPLES
APPLICABLE
TO
ALL 
DIGITAL COMMODITY PLATFORMS.— 
‘‘(A) RECORDKEEPING AND REPORTING.— 
A digital commodity platform shall— 
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‘‘(i)(I) maintain records of all activi-
ties relating to the business of the digital 
commodity platform, including a complete 
audit trail, in a form and manner accept-
able to the Commission for a period of 5 
years; and 
‘‘(II) keep the records described in 
subclause (I) open to inspection by the 
Commission; 
‘‘(ii) provide to the Commission, in a 
form and manner acceptable to the Com-
mission, such information as the Commis-
sion determines to be necessary or appro-
priate for the Commission to perform the 
duties of the Commission under this Act; 
and 
‘‘(iii) make such reports as are re-
quired by the Commission relating to the 
transactions and positions of the customers 
of the digital commodity platform. 
‘‘(B) ANTITRUST
CONSIDERATIONS.—Un-
less necessary or appropriate to achieve the 
purposes of this Act, a digital commodity plat-
form shall not— 
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‘‘(i) adopt any rules or take any ac-
tions that result in any unreasonable re-
straint of trade; or 
‘‘(ii) impose any material anticompeti-
tive burden on trading or custody. 
‘‘(C) 
CONFLICTS
OF
INTEREST.—The 
Commission shall require conflict of interest 
systems and procedures that— 
‘‘(i) establish structural and institu-
tional safeguards— 
‘‘(I) to minimize conflicts of in-
terest that might potentially bias the 
judgment or supervision of a digital 
commodity platform and contravene 
the core principles of fair and equi-
table trading and the business con-
duct standards described in this Act, 
including conflicts arising out of 
transactions or arrangements with af-
filiates (including affiliates acting as 
issuers, 
market-makers, 
or 
custodians); and 
‘‘(II) which may include, as the 
Commission determines to be appro-
priate, information partitions and the 
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legal separation of different categories 
of digital commodity platforms; 
‘‘(ii) establish a process for resolving 
conflicts of interest described in clause (i); 
‘‘(iii) require disclosure by a digital 
commodity platform of any material incen-
tives or conflicts of interest that the digital 
commodity platform is unable to resolve; 
and 
‘‘(iv) address such other issues as the 
Commission determines to be appropriate. 
‘‘(D) FINANCIAL RESOURCES.— 
‘‘(i) IN
GENERAL.—A digital com-
modity platform shall have adequate finan-
cial, operational, and managerial resources 
to discharge each responsibility of the dig-
ital commodity platform. 
‘‘(ii) 
FINANCIAL
RESOURCES
FOR 
MARGIN TRADING.—The Commission shall 
require such additional financial resources 
as are necessary to enable a digital com-
modity platform to fulfill obligations of the 
digital commodity platform arising from 
margined, leveraged, or financed trans-
actions. 
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‘‘(E) SYSTEM
SAFEGUARDS.—A digital 
commodity platform shall— 
‘‘(i) establish and maintain a program 
of risk analysis and oversight to identify 
and minimize sources of operational risk 
(including cybersecurity risk), through the 
development of appropriate controls and 
procedures, and automated systems, that— 
‘‘(I) are reliable and secure; and 
‘‘(II) have adequate scalable ca-
pacity; 
‘‘(ii) establish and maintain emer-
gency procedures, backup facilities, and a 
plan for disaster recovery that allow for— 
‘‘(I) the timely recovery and re-
sumption of operations; and 
‘‘(II) the fulfillment of the re-
sponsibilities and obligations of the 
digital commodity platform; and 
‘‘(iii) periodically conduct tests to 
verify that the backup resources of the dig-
ital commodity platform are sufficient to 
ensure continued— 
‘‘(I) order processing and trade 
matching; 
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‘‘(II) price reporting; 
‘‘(III) market surveillance; and 
‘‘(IV) maintenance of a com-
prehensive and accurate audit trail. 
‘‘(F) DESIGNATION OF CHIEF COMPLIANCE 
OFFICER.— 
‘‘(i) IN
GENERAL.—A digital com-
modity platform shall designate an indi-
vidual to serve as a chief compliance officer 
(referred to in this paragraph as a ‘chief 
compliance officer’). 
‘‘(ii) DUTIES.—A chief compliance of-
ficer shall— 
‘‘(I) report directly to the board 
or to the senior officer of the digital 
commodity platform; 
‘‘(II) review compliance with the 
core principles described in this sub-
section; 
‘‘(III) in consultation with the 
board of the digital commodity plat-
form, a body performing a function 
similar to that of a board, or the sen-
ior officer of the digital commodity 
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platform, resolve any conflicts of in-
terest that may arise; 
‘‘(IV) be responsible for estab-
lishing and administering the policies 
and procedures required to be estab-
lished pursuant to this section; 
‘‘(V) ensure compliance with this 
Act and the rules and regulations 
issued under this Act, including rules 
prescribed by the Commission pursu-
ant to this section; and 
‘‘(VI) establish procedures for 
the remediation of noncompliance 
issues found during compliance office 
reviews, look backs, internal or exter-
nal audit findings, self-reported er-
rors, or through validated complaints. 
‘‘(iii) REQUIREMENTS
FOR
PROCE-
DURES.—In establishing procedures under 
clause (ii)(VI), a chief compliance officer 
shall design the procedures to establish the 
handling, management response, remedi-
ation, retesting, and closing of noncompli-
ance issues. 
‘‘(iv) ANNUAL REPORTS.— 
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‘‘(I) IN
GENERAL.—In accord-
ance with rules prescribed by the 
Commission, a chief compliance offi-
cer shall annually prepare and sign a 
report that contains a description of— 
‘‘(aa) the compliance of the 
digital commodity platform with 
this Act; and 
‘‘(bb) the policies and proce-
dures, including the code of eth-
ics and conflict of interest poli-
cies, of the digital commodity 
platform. 
‘‘(II) REQUIREMENTS.—A chief 
compliance officer shall— 
‘‘(aa) submit each report de-
scribed in subclause (I) with the 
appropriate financial report of 
the digital commodity platform 
that is required to be submitted 
to the Commission pursuant to 
this section; and 
‘‘(bb) include in the report a 
certification that, under penalty 
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of law, the report is accurate and 
complete. 
‘‘(G) 
GOVERNANCE; 
FITNESS
STAND-
ARDS.— 
‘‘(i) GOVERNANCE ARRANGEMENTS.— 
A digital commodity platform shall estab-
lish governance arrangements that are 
transparent to fulfill public interest re-
quirements. 
‘‘(ii) FITNESS STANDARDS.—A digital 
commodity platform shall establish and en-
force appropriate fitness standards for— 
‘‘(I) directors; and 
‘‘(II) any entity offering affiliated 
services for the digital commodity 
platform. 
‘‘(H) TREATMENT
OF
CUSTOMER
AS-
SETS.— 
‘‘(i) IN
GENERAL.—A digital com-
modity platform shall hold customer prop-
erty (including digital commodities) in a 
manner that minimizes the risk of loss of, 
or unreasonable delay in access to, the cus-
tomer property. 
‘‘(ii) SEGREGATION OF FUNDS.— 
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‘‘(I) IN
GENERAL.—A digital 
commodity platform shall treat and 
deal with all customer property that is 
received by the digital commodity 
platform as belonging to the cus-
tomer. 
‘‘(II) 
COMMINGLING
PROHIB-
ITED.—Customer property described 
in subclause (I)— 
‘‘(aa) shall be separately ac-
counted for; and 
‘‘(bb) shall not be commin-
gled with the assets of the digital 
commodity platform. 
‘‘(iii) EXCEPTIONS.— 
‘‘(I) USE OF FUNDS.—Notwith-
standing clause (ii), customer prop-
erty described in that clause may, for 
convenience, be commingled in the 
same account or accounts with— 
‘‘(aa) an insured depository 
institution (as defined in section 
3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813)); 
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‘‘(bb) 
an 
insured 
credit 
union (as defined in section 101 
of the Federal Credit Union Act 
(12 U.S.C. 1752)); or 
‘‘(cc) a digital commodity 
platform. 
‘‘(II) 
WITHDRAWAL.—Notwith-
standing clause (ii), such share of the 
customer property described in that 
clause as, in the normal course of 
business, is necessary to margin, 
guarantee, secure, transfer, adjust, or 
settle a digital commodity transaction 
with a digital commodity platform, or 
with any customer of a digital com-
modity platform, may be withdrawn 
and applied to such purposes lawfully 
accruing in connection with the digital 
commodity transaction, including the 
payment of commissions, taxes, and 
brokerage, interest, storage, and other 
charges. 
‘‘(III) COMMISSION
ACTION.— 
Notwithstanding clause (ii)— 
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‘‘(aa) the Commission may 
adopt rules or regulations permit-
ting the lending of digital com-
modities by a digital commodity 
platform holding those digital 
commodities for customers, sub-
ject to such conditions as the 
Commission may prescribe to 
protect customers and achieve 
the purposes of this Act; and 
‘‘(bb) in accordance with 
such terms and conditions as the 
Commission may prescribe by 
rule, regulation, or order, any 
customer property described in 
that clause may be commingled 
and deposited in customer ac-
counts with any other money, se-
curities, or property received by 
the digital commodity platform 
and required by the Commission 
to be separately accounted for, 
treated, and dealt with as belong-
ing to customers. 
‘‘(iv) PERMITTED INVESTMENTS.— 
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‘‘(I) 
IN
GENERAL.—Customer 
property described in clause (ii) in the 
form of money may be invested in— 
‘‘(aa) 
obligations 
of 
the 
United States; 
‘‘(bb) obligations the prin-
cipal and interest of which are 
fully guaranteed by the United 
States; and 
‘‘(cc) any other investment 
that the Commission may by rule 
or regulation prescribe. 
‘‘(II) RULES AND CONDITIONS.— 
Investments under subclause (I) shall 
be made in accordance with such rules 
and regulations, and subject to such 
conditions, as the Commission may 
prescribe. 
‘‘(v) PROHIBITION.—It shall be un-
lawful for any person, including a digital 
commodity platform or a depository insti-
tution, that has received any customer 
property for deposit in a separate account 
or accounts in accordance with clause (ii) 
to hold, dispose of, or use that customer 
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property as belonging to the depositing 
digital commodity platform or any person 
other than the customers of the digital 
commodity platform. 
‘‘(c) RULES GOVERNING MARGINED OR LEVERAGED 
TRADING.—The Commission may make, promulgate, and 
enforce such rules governing margined, leveraged, or fi-
nanced digital commodity trades on digital commodity 
platforms as are reasonably necessary to protect the public 
interest and promote the orderly settlement of trans-
actions. 
‘‘(d) CONTRACT
LISTINGS, RULES, 
AND
RULE 
AMENDMENTS FOR DIGITAL COMMODITY TRADING FA-
CILITIES.— 
‘‘(1) IN
GENERAL.—Subject to the require-
ments under this subsection, a digital commodity 
trading facility may— 
‘‘(A) list for trading a contract for a dig-
ital commodity; and 
‘‘(B) approve and implement a new rule or 
rule amendment. 
‘‘(2) CERTIFICATION
FROM
DIGITAL
COM-
MODITY TRADING FACILITY.—A digital commodity 
trading facility that elects to carry out an activity 
described in subparagraph (A) or (B) of paragraph 
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(1) shall, prior to carrying out that activity, provide 
to the Commission a written certification that the 
contract, new rule, or rule amendment, as applica-
ble, complies with this Act (including regulations 
under this Act). 
‘‘(3) EFFECTIVE DATE OF LISTING, RULE, AND 
RULE
AMENDMENT.—Subject to paragraph (4), a 
listing, rule, or rule amendment described in para-
graph (1) shall become effective on the date that 
is— 
‘‘(A) in the case of a listing of a contract 
that has not previously been listed on any dig-
ital commodity trading facility, 30 business 
days after the date on which the Commission 
receives the certification (or such shorter period 
as determined by the Commission by rule or 
regulation); or 
‘‘(B) in any other case, 10 business days 
after the date on which the Commission receives 
the certification (or such shorter period as de-
termined by the Commission by rule or regula-
tion). 
‘‘(4) STAY OF CERTIFICATION.— 
‘‘(A) IN GENERAL.—The Commission may 
stay a certification for a listing, rule, or rule 
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amendment described in paragraph (1) by noti-
fying the digital commodity trading facility that 
the Commission is staying the certification be-
cause there exists— 
‘‘(i) a novel or complex issue that re-
quires additional time to analyze; 
‘‘(ii) an inadequate explanation by the 
submitting digital commodity trading facil-
ity; or 
‘‘(iii) a potential inconsistency with 
this Act (including regulations under this 
Act). 
‘‘(B) DURATION OF STAY.—A stay of cer-
tification by the Commission under subpara-
graph (A) shall be for a period of not more 
than 90 days, beginning on the date of the noti-
fication by the Commission under that subpara-
graph. 
‘‘(C) EFFECTIVE
DATE
AFTER
STAY.—A 
listing, rule, or rule amendment subject to a 
stay under subparagraph (A) shall become ef-
fective on the expiration of the period described 
in subparagraph (B), unless the Commission— 
‘‘(i) withdraws the stay prior to that 
time; or 
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‘‘(ii) notifies the digital commodity 
trading facility during such period that the 
Commission objects to the proposed certifi-
cation and disapproves a listing, rule, or 
rule amendment pursuant to paragraph 
(5). 
‘‘(D) PUBLIC COMMENT.—The Commission 
may provide a public comment period of not 
less than 30 days, within the period in which a 
stay is in effect under subparagraph (B), when-
ever the Commission reviews a listing, rule, or 
rule amendment pursuant to a notification by 
the Commission under subparagraph (A). 
‘‘(5) DISAPPROVAL.— 
‘‘(A) IN GENERAL.—The Commission may 
disapprove a listing, rule, or rule amendment 
described in paragraph (1) if the Commission 
determines that the listing, rule, or rule amend-
ment is inconsistent with this Act (including the 
considerations in subparagraph (B) and regula-
tions under this Act). 
‘‘(B) CONSIDERATIONS.—In making a de-
termination described in subparagraph (A) with 
respect to a listing for a digital commodity, the 
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Commission 
may 
consider, 
among 
other 
things— 
‘‘(i) whether the operating structure 
and system of the digital commodity is se-
cure from cybersecurity threats, including 
the possibility of material alterations by 
persons acting collectively; 
‘‘(ii) whether the functionality of the 
digital commodity will protect holders from 
operational failures; 
‘‘(iii) with respect to a digital com-
modity that purports to have a fixed 
value— 
‘‘(I) an identification and de-
scription of the issuer of the digital 
commodity; 
‘‘(II) the collateral or reserves 
backing the digital commodity; and 
‘‘(III) the terms by which the 
issuer will redeem the digital com-
modity; and 
‘‘(iv) whether the digital commodity 
and the market for the digital commodity 
are not readily susceptible to manipulation. 
‘‘(6) PRIOR APPROVAL.— 
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‘‘(A) IN GENERAL.—A digital commodity 
trading facility may request that the Commis-
sion grant prior approval to the listing of any 
new contract for a digital commodity. 
‘‘(B) DEADLINE.—If prior approval is re-
quested under subparagraph (A), the Commis-
sion shall take final action on the request not 
later than 90 days after submission of the re-
quest, unless the person submitting the request 
agrees to an extension of the time limitation es-
tablished under this subparagraph. 
‘‘(C) DISAPPROVAL.—Paragraphs (4) and 
(5) shall apply to Commission action on a re-
quest under this paragraph. 
‘‘(7) DELISTING; REVOCATION.—After the list-
ing of a contract for a digital commodity has taken 
effect, the Commission may require the delisting of 
the contract or disapprove the listing in accordance 
with paragraph (5). 
‘‘(8) DISCLOSURES.— 
‘‘(A) IN GENERAL.—The Commission shall 
require a digital commodity trading facility to 
disclose to the public, on a timely basis, with re-
spect to a listing described in paragraph 
(1)(A)— 
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‘‘(i) the operating structure and sys-
tem of the digital commodity; and 
‘‘(ii) the trading volume and volatility 
of the digital commodity. 
‘‘(B) FORMAT.—The Commission shall 
prescribe rules and regulations for the stand-
ardization and simplification of disclosures 
under 
subparagraph 
(A) 
and 
subsection 
(f)(1)(A), including requiring that disclosures— 
‘‘(i) are conspicuous; 
‘‘(ii) use plain language comprehen-
sible to customers; and 
‘‘(iii) succinctly explain the informa-
tion that is required to be communicated 
to the customer. 
‘‘(e) PRODUCT LISTING FOR DIGITAL COMMODITY 
BROKERS AND DIGITAL COMMODITY DEALERS.— 
‘‘(1) IN GENERAL.—A digital commodity broker 
and a digital commodity dealer may only trade, or 
arrange a trade, in a contract for a digital com-
modity that is not readily susceptible to manipula-
tion. 
‘‘(2) DISCLOSURE, 
LISTING, 
AND
CERTIFI-
CATION
REQUIREMENTS.—A 
digital 
commodity 
broker and a digital commodity dealer may only 
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trade, or arrange for trading, in digital commodities 
that have met the requirements of subsection (d) 
(including the listing and disclosure requirements). 
‘‘(f) CUSTOMER
PROTECTION.—The Commission 
shall adopt customer protection requirements that— 
‘‘(1) require disclosure by a digital commodity 
platform to a customer (other than another digital 
commodity platform registered under this section) 
of— 
‘‘(A) information about the material risks 
and characteristics of any applicable digital 
commodity contracts; and 
‘‘(B) any material incentives or conflicts of 
interest that the digital commodity platform 
may have in connection with any applicable dig-
ital commodity contracts; 
‘‘(2) establish a duty for a digital commodity 
platform to communicate in a fair and balanced 
manner based on principles of fair dealing and good 
faith; 
‘‘(3) establish standards governing digital com-
modity platform marketing and advertising, includ-
ing testimonials and endorsements; and 
‘‘(4) establish such other standards and re-
quirements as the Commission may determine are— 
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‘‘(A) in the public interest; 
‘‘(B) appropriate for the protection of cus-
tomers; or 
‘‘(C) otherwise in furtherance of the pur-
poses of this Act. 
‘‘(g) EXAMINATION AND PUBLICATION OF ENERGY 
CONSUMPTION IN DIGITAL COMMODITY MARKETS.— 
‘‘(1) IN GENERAL.—The Commission shall ex-
amine, in collaboration with other Federal regulatory 
agencies as the Commission determines appropriate, 
the energy consumption and sources of energy used 
in connection with the creation and transfer of the 
most widely traded digital commodities. 
‘‘(2) REPORT.—Not later than 180 days after 
the date of enactment of the Digital Commodities 
Consumer Protection Act of 2022, the Commission 
shall submit to the Committee on Agriculture, Nutri-
tion, and Forestry of the Senate and the Committee 
on Agriculture of the House of Representatives a re-
port describing— 
‘‘(A) an estimate of the energy consump-
tion and sources of energy used in connection 
with the creation and transfer of the most wide-
ly traded digital commodities; and 
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‘‘(B) the methodology used by the Com-
mission to generate the estimate described in 
subparagraph (A). 
‘‘(3) PUBLICATION.—Using the methodology 
described in paragraph (2)(B), the Commission shall 
publish on the website of the Commission, and peri-
odically update on a timely basis, an estimate of the 
energy consumption and sources of energy used in 
connection with the creation and transfer of the 
most widely traded digital commodities. 
‘‘(h) PROHIBITION ON FRAUD, DECEPTION, AND MA-
NIPULATION.—It shall be unlawful for any digital com-
modity platform to engage in any act, practice, or course 
of business in connection with its business as a digital 
commodity platform that is fraudulent, deceptive, or ma-
nipulative. 
‘‘(i) SELF-REGULATION.— 
‘‘(1) 
IN
GENERAL.—A 
digital 
commodity 
broker, digital commodity dealer, or digital com-
modity custodian shall be a member of a registered 
futures association, regardless of whether such per-
son is separately registered as a digital commodity 
trading facility. 
‘‘(2) DELEGATION
OF
REGISTRATION
FUNC-
TIONS.—The Commission may authorize any reg-
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istered futures association to perform any portion of 
the registration functions with respect to digital 
commodity platforms, associated persons of digital 
commodity brokers, and associated persons of digital 
commodity dealers— 
‘‘(A) in accordance with rules, notwith-
standing any other provision of law, adopted by 
that registered futures association and sub-
mitted to the Commission for approval; and 
‘‘(B) subject to the provisions of this sec-
tion applicable to registrations granted by the 
Commission. 
‘‘(j) DUAL REGISTRATION.—A digital commodity 
platform registered under this section may also be reg-
istered with the Securities and Exchange Commission as 
an exchange, broker, or dealer (as those terms are defined 
in section 3 of the Securities Exchange Act of 1934 (15 
U.S.C. 78c)) or another trading platform. 
‘‘(k) FEES FOR REGISTRATION.— 
‘‘(1) IN GENERAL.—The Commission shall, in 
accordance with this subsection, assess and collect 
fees, which shall be used to recover the annual costs 
of— 
‘‘(A) registering digital commodity plat-
forms; 
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‘‘(B) conducting oversight of digital com-
modity trades; and 
‘‘(C) carrying out education and outreach 
under subsection (l). 
‘‘(2) DETERMINATION OF FEE RATES.—In de-
termining fee rates under paragraph (1), the Com-
mission shall consider— 
‘‘(A) the volume of business of the digital 
commodity platform; and 
‘‘(B) the category of the digital commodity 
platform. 
‘‘(3) PROHIBITIONS.— 
‘‘(A) COMMISSION.—The Commission shall 
not require a digital commodity platform to col-
lect directly from customers a per-transaction 
fee for each digital commodity trade. 
‘‘(B) DIGITAL COMMODITY PLATFORMS.— 
A digital commodity platform shall not impose 
directly on customers a per-transaction fee for 
each digital commodity trade to pay the fees 
under paragraph (1). 
‘‘(4) PUBLICATION.—Not later than 60 days 
after the date of enactment of an Act making a reg-
ular appropriation to the Commission for a fiscal 
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year, the Commission shall publish in the Federal 
Register a notice of— 
‘‘(A) the fee rates determined pursuant to 
this subsection for that fiscal year; and 
‘‘(B) any estimates or projections on which 
those fee rates are based. 
‘‘(5) RECORDS AND DISCLOSURE.—In carrying 
out this subsection, the Commission shall not be re-
quired to comply with section 553 of title 5, United 
States Code. 
‘‘(6) NO JUDICIAL REVIEW.—A fee rate pre-
scribed under this subsection shall not be subject to 
judicial review. 
‘‘(7) DEPOSIT OF FEES.—Fees collected pursu-
ant to this subsection for any fiscal year shall be de-
posited and credited as offsetting collections to the 
account providing appropriations to the Commission. 
‘‘(8) ANNUAL
ADJUSTMENT.—For each fiscal 
year, the Commission shall, by order, determine fee 
rates pursuant to this subsection that are reasonably 
likely to produce aggregate fee collections that are 
equal to the annual appropriation to the Commission 
by Congress for activities relating to the registration 
of digital commodity platforms and the oversight of 
digital commodity trades. 
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‘‘(9) LAPSE
OF
APPROPRIATION.—If, on the 
first day of a fiscal year, a regular appropriation to 
the Commission has not been enacted, the Commis-
sion shall continue to collect (as offsetting collec-
tions) fees pursuant to this subsection at each of the 
rates in effect during the preceding fiscal year. 
‘‘(10) BUDGET
REQUESTS.—The Commission 
shall itemize in each budget submitted to the Presi-
dent or the Office of Management and Budget the 
estimated annual costs of— 
‘‘(A) registering digital commodity plat-
forms; 
‘‘(B) conducting oversight of digital com-
modity trades; and 
‘‘(C) carrying out education and outreach 
under subsection (l). 
‘‘(11) LIMITATIONS.— 
‘‘(A) IN GENERAL.—Fees may only be as-
sessed and imposed pursuant to this subsection 
on digital commodity platforms regulated by the 
Commission pursuant to this section. 
‘‘(B) USE
OF
FEES.—Fees authorized 
under this subsection are prohibited from fund-
ing any Commission activity not directly related 
to the registration of digital commodity plat-
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forms, the oversight of digital commodity 
trades, and the education and outreach carried 
out under subsection (l). 
‘‘(l) CUSTOMER EDUCATION AND OUTREACH.—The 
Commission shall provide education and outreach to cus-
tomers participating in digital commodity markets. 
‘‘(m) INSPECTION.—The Commission may inspect 
and monitor digital commodity platforms, on an ongoing 
basis, for the purpose of ensuring compliance with this 
Act. 
‘‘(n) PREEMPTION OF STATE LAWS.— 
‘‘(1) IN GENERAL.—The registration of a dig-
ital commodity platform, an associated person of a 
digital commodity broker, or an associated person of 
a digital commodity dealer under this section— 
‘‘(A) shall preempt any applicable registra-
tion requirements under State laws relating to 
money transmission, virtual currency, and com-
modity brokers; and 
‘‘(B) shall not affect the applicability of 
State antifraud laws. 
‘‘(2) COMPLIANCE.—Beginning on the effective 
date of a registration of a digital commodity plat-
form under this section, the digital commodity plat-
form shall not be required to comply with applicable 
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State law requirements relating to money trans-
mission, virtual currency, and commodity brokerage. 
‘‘(o) REGULATIONS.—The Commission shall pre-
scribe such rules and regulations as are appropriate for 
the implementation of this section.’’. 
SEC. 5. ADDITIONAL AMENDMENTS. 
(a) RETAIL COMMODITY TRANSACTIONS.—Section 
2(c)(2)(D)(ii) of the Commodity Exchange Act (7 U.S.C. 
2(c)(2)(D)(ii)) is amended— 
(1) in subclause (III)(bb), by striking ‘‘or’’ at 
the end; 
(2) by redesignating subclauses (IV) and (V) as 
subclauses (V) and (VI), respectively; and 
(3) by inserting after subclause (III) the fol-
lowing: 
‘‘(IV) 
a 
digital 
commodity 
trade;’’. 
(b) APPLICABILITY.—Section 2(i) of the Commodity 
Exchange Act (7 U.S.C. 2(i)) is amended— 
(1) by redesignating paragraphs (1) and (2) as 
subparagraphs (A) and (B), respectively, and indent-
ing appropriately; 
(2) in the matter preceding subparagraph (A) 
(as so redesignated), by striking ‘‘The provisions’’ 
and inserting the following: 
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‘‘(1) SWAPS.—The provisions’’; and 
(3) by adding at the end the following: 
‘‘(2) DIGITAL
COMMODITIES.—The provisions 
of this Act (including any rule prescribed or regula-
tion promulgated under this Act) relating to digital 
commodities shall not apply to activities outside the 
United States unless those activities— 
‘‘(A) have a reasonably foreseeable signifi-
cant effect within the United States; 
‘‘(B) involve, for the purpose of soliciting 
or accepting any order for, or otherwise dealing 
in, digital commodities— 
‘‘(i) the offering to enter into, enter-
ing into, execution, or confirming the exe-
cution of digital commodities with any 
United States person; or 
‘‘(ii) the conducting of any office or 
business anywhere in the United States 
(including any territory or possession of 
the United States); or 
‘‘(C) contravene such rules or regulations 
as the Commission may prescribe or promulgate 
as are necessary or appropriate to prevent the 
evasion of any provision of this Act.’’. 
(c) REGISTRATION OF ASSOCIATED PERSONS.— 
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(1) IN
GENERAL.—Section 4k of the Com-
modity Exchange Act (7 U.S.C. 6k) is amended— 
(A) 
by 
redesignating 
paragraphs 
(4) 
through (6) as paragraphs (5) through (7); 
(B) by inserting after paragraph (3) the 
following: 
‘‘(4) It shall be unlawful for any person to act 
as an associated person of a digital commodity 
broker or an associated person of a digital com-
modity dealer unless such person is registered with 
the Commission under this Act and such registration 
shall not have expired, been suspended (and the pe-
riod of suspension has not expired), or been revoked. 
It shall be unlawful for a digital commodity broker 
or a digital commodity dealer to permit such a per-
son to become or remain associated with the digital 
commodity broker or digital commodity dealer if 
such digital commodity broker or digital commodity 
dealer knew or should have known that such person 
was not so registered or that such registration had 
expired, been suspended (and the period of suspen-
sion has not expired), or been revoked.’’; and 
(C) in paragraph (5) (as so redesignated), 
by striking ‘‘or of a commodity trading advisor’’ 
and inserting ‘‘of a commodity trading advisor, 
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of a digital commodity broker, or of a digital 
commodity dealer’’. 
(2) CONFORMING
AMENDMENT.—The Com-
modity Exchange Act (7 U.S.C. 1a et seq.) is 
amended by striking ‘‘section 4k(6)’’ each place it 
appears and inserting ‘‘section 4k(7)’’. 
(d) COMMODITY TRADING ADVISERS; COMMODITY 
POOL OPERATORS.— 
(1) IN GENERAL.—Section 4l of the Commodity 
Exchange Act (7 U.S.C. 6l) is amended— 
(A) in paragraph (2), by striking ‘‘deriva-
tives transaction execution facilities’’ and in-
serting ‘‘digital commodity trades on or subject 
to the rules of digital commodity trading facili-
ties’’; and 
(B) in paragraph (3), by striking ‘‘deriva-
tives transaction execution facilities’’ and in-
serting ‘‘digital commodity trading facilities’’. 
(2) USE OF MAIL OR OTHER INTERSTATE COM-
MERCE.—Section 4m(3)(C) of the Commodity Ex-
change Act (7 U.S.C. 6m(3)(C)) is amended by in-
serting ‘‘digital commodity trades,’’ before ‘‘and any 
monies’’. 
(3) REGISTRATION.—Section 4n(3)(B) of the 
Commodity Exchange Act (7 U.S.C. 6n(3)(B)) is 
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amended by inserting ‘‘or digital commodity’’ after 
‘‘futures market’’. 
(e) ACCEPTABLE
BUSINESS
PRACTICES
UNDER 
CORE PRINCIPLES.—Section 5c(a)(1) of the Commodity 
Exchange Act (7 U.S.C. 7a–2(a)(1)) is amended by strik-
ing ‘‘and 5b(c)(2),’’ and inserting ‘‘, 5b(c)(2), and 5i(b)’’. 
(f) PUBLIC DISCLOSURE.—Section 8(a)(1) of the 
Commodity Exchange Act (7 U.S.C. 12(a)(1)) is amended, 
in the first sentence of the matter preceding subparagraph 
(A), by inserting ‘‘, digital commodity platforms,’’ after 
‘‘boards of trade’’. 
(g) ANTI-MONEY LAUNDERING.— 
(1) AMENDMENT.—Section 5312(a)(2) of title 
31, United States Code, is amended— 
(A) by redesignating subparagraphs (Y) 
and (Z) as subparagraphs (Z) and (AA), re-
spectively; and 
(B) by inserting after subparagraph (X) 
the following: 
‘‘(Y) a digital commodity platform (as de-
fined in section 1a of the Commodity Exchange 
Act (7 U.S.C. 1a));’’. 
(2) REGULATIONS.— 
(A) PROPOSED REGULATIONS.—Not later 
than 180 days after the date of enactment of 
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this Act, the Secretary of the Treasury, after 
consultation with the Commodity Futures Trad-
ing Commission, shall publish proposed regula-
tions in the Federal Register requiring a digital 
commodity platform (as defined in section 1a of 
the Commodity Exchange Act (7 U.S.C. 1a)) 
registered with the Commodity Futures Trading 
Commission to submit a report of any sus-
picious transaction under section 5318(g) of 
title 31, United States Code. 
(B) FINAL REGULATIONS.—Not later than 
180 days after the date of publication of the 
proposed regulations under subparagraph (A), 
the Secretary of the Treasury shall publish 
those regulations in final form. 
(h) REGISTRATION OF COMMODITY DEALERS AND 
ASSOCIATED PERSONS.—Section 8a of the Commodity 
Exchange Act (7 U.S.C. 12a) is amended— 
(1) in paragraph (1), by inserting ‘‘digital com-
modity brokers, associated persons of digital com-
modity brokers, digital commodity dealers, associ-
ated persons of digital commodity dealers,’’ after ‘‘to 
register’’; 
(2) in paragraph (2)— 
(A) in subparagraph (C)— 
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