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opers, transaction validators, and governance 
participants, including a discussion of any 
mechanisms by which control or authority are 
exerted with respect to the blockchain system or 
its related digital commodity, and any critical 
operational dependencies of the blockchain sys-
tem or its related digital commodity. 
‘‘(F) OWNERSHIP DISCLOSURES.— 
‘‘(i) IN GENERAL.—A list of all per-
sons who are digital commodity related 
persons or digital commodity affiliated per-
sons who have been issued a unit of the 
digital commodity by the digital commodity 
issuer or have a right to a unit of the dig-
ital commodity from the digital commodity 
issuer. 
‘‘(ii) CONFIDENTIALITY.—The Com-
mission shall keep each list described 
under clause (i) confidential, consistent 
with what is necessary or appropriate in 
the public interest or for the protection of 
investors. 
‘‘(G) RISK FACTOR DISCLOSURES.—A de-
scription of the material risks surrounding own-
ership of a unit of a digital commodity. 
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‘‘(3) ONGOING
DISCLOSURE
REQUIREMENTS 
FOR MATURING BLOCKCHAIN SYSTEMS.—Subject to 
paragraph (5), the issuer of a digital commodity re-
lated to a blockchain system that is not yet certified 
as a mature blockchain system under section 42 of 
the Securities Exchange Act of 1934 that has filed 
a statement under paragraph (1) to offer and sell an 
investment contract involving a unit of a digital 
commodity in reliance on section 4(a)(8) shall file 
the following with the Commission: 
‘‘(A) SEMIANNUAL
REPORTS.—Every 6 
months, a report containing— 
‘‘(i) an updated description of the cur-
rent state and timeline for the development 
of the blockchain system to which the dig-
ital commodity relates, showing how and 
when the blockchain is intended to be a 
mature blockchain system; 
‘‘(ii) a description of the efforts of the 
issuer and digital commodity related per-
sons in developing the blockchain system to 
which the digital commodity relates; 
‘‘(iii) the amount of money raised by 
the digital commodity issuer in reliance on 
section 4(a)(8), how much of that money 
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has been spent, and the general categories 
of activities for which that money has been 
spent and amounts spent per category; and 
‘‘(iv) financial statements, where ap-
plicable. 
‘‘(B) CURRENT REPORTS.—A current re-
port reflecting any material changes relevant to 
the information previously reported to the Com-
mission by the digital commodity issuer, which 
shall be filed as soon as practicable after the 
material change occurred, in accordance with 
such rules as the Commission may prescribe as 
necessary or appropriate in the public interest 
or for the protection of investors. 
‘‘(4) RULEMAKING.—Not later than 360 days 
after the date of the enactment of this section, the 
Commission shall prescribe rules on requirements 
applicable to issuers of digital commodities in reli-
ance on section 4(a)(8). 
‘‘(5) TERMINATION
OF
CERTAIN
REPORTING 
REQUIREMENTS; POST-MATURITY
REPORTING
RE-
QUIREMENTS.— 
‘‘(A) IN GENERAL.—The ongoing reporting 
requirements under paragraph (3) shall not 
apply to a digital commodity issuer 180 days 
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after the end of the covered fiscal year, if the 
information with respect to the digital com-
modity and the blockchain system to which it 
relates described in subparagraphs (A) through 
(C) of paragraph (2) is made publicly available 
and the disclosure requirements under subpara-
graph (C) of this paragraph are satisfied. 
‘‘(B) COVERED FISCAL YEAR DEFINED.— 
In this paragraph, the term ‘covered fiscal year’ 
means, with respect to a digital commodity, the 
first fiscal year of a digital commodity issuer in 
which the blockchain system to which such dig-
ital commodity relates is certified as a mature 
blockchain system under section 42 of the Secu-
rities Exchange Act of 1934. 
‘‘(C) 
POST-MATURITY
REPORTING
RE-
QUIREMENTS.—After the blockchain system to 
which a digital commodity relates is certified as 
a mature blockchain system under section 42 of 
the Securities Exchange Act of 1934, any dig-
ital commodity issuer that has filed a statement 
under paragraph (1) to offer and sell an invest-
ment contract involving a unit of a digital com-
modity in reliance on section 4(a)(8) and is en-
gaged in material ongoing efforts related to the 
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mature blockchain system shall disclose, in a 
manner reasonably calculated to inform the 
public, and at such frequency as the Commis-
sion may prescribe, by rule, a description of 
such efforts, including— 
‘‘(i) any participation in a decentral-
ized governance system of such blockchain 
system; 
‘‘(ii) any participation in alterations 
or proposed alterations to the functionality 
or operation of such blockchain system; 
‘‘(iii) the use or planned use of any 
funds raised in reliance on section 4(a)(8) 
or any rulemaking pursuant to section 
202(c) of the CLARITY Act of 2025 in 
such efforts; 
‘‘(iv) the amount of units of the dig-
ital commodity, or rights thereto, owned 
and controlled by such issuer and any use, 
sale, trading, or other disposition thereof; 
and 
‘‘(v) any affiliations of such issuer 
material to the efforts of such issuer. 
‘‘(D) TERMINATION
OF
AND
EXEMPTION 
FROM
POST-MATURITY
REPORTING
REQUIRE-
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MENTS.—Not later than 270 days after the 
date of the enactment of this section, the Com-
mission shall issue rules— 
‘‘(i) for terminating the disclosure re-
quirements described in subparagraph (C) 
during the first fiscal year in which the 
digital commodity issuer does not engage 
in material ongoing efforts related to the 
mature blockchain system; and 
‘‘(ii) to, as is necessary or appropriate 
in the public interest or for the protection 
of investors, exempt a digital commodity 
issuer from the requirements described in 
subparagraph (C) where only a de minimis 
amount of market activity involving the 
digital commodity of such digital com-
modity issuer is taking place. 
‘‘(E) RULE OF CONSTRUCTION.—Nothing 
in subparagraph (C) may be construed to make 
any digital commodity described in such sub-
paragraph a security. 
‘‘(c) REQUIREMENTS FOR INTERMEDIARIES.—A per-
son acting as an intermediary in connection with the offer 
or sale of an investment contract involving units of a dig-
ital commodity in reliance on section 4(a)(8) shall— 
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‘‘(1) register with the Commission as a broker 
or dealer; and 
‘‘(2) be a member of a national securities asso-
ciation registered under section 15A of the Securi-
ties Exchange Act of 1934 (15 U.S.C. 78o–3). 
‘‘(d) DISQUALIFICATION PROVISIONS.—The Commis-
sion shall issue rules to apply the disqualification provi-
sions under section 230.262 of title 17, Code of Federal 
Regulations, to the exemption provided under section 
4(a)(8). 
‘‘(e) FAILURE TO MATURE.— 
‘‘(1) IN GENERAL.—Not later than 270 days 
after the date of the enactment of this section, the 
Commission shall issue rules applying such addi-
tional obligations and disclosures for the digital com-
modity issuers, digital commodity related persons, 
and digital commodity affiliated persons of a 
blockchain system described under subsection (b)(1) 
that does not become a mature blockchain system 
within 
the 
time 
period 
described 
in 
section 
4(a)(8)(A) as are necessary or appropriate in the 
public interest or for the protection of investors. 
Such obligations and disclosures shall include the 
following: 
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‘‘(A) DISCLOSURES.—Disclosures regard-
ing the following: 
‘‘(i) FAILURE
TO
MATURE.—A de-
tailed explanation of the reason that the 
blockchain system has not become a ma-
ture blockchain system within the time pe-
riod described in section 4(a)(8)(A). 
‘‘(ii) DEVELOPMENT PLANS.—The fu-
ture 
plans 
of 
development 
of 
the 
blockchain system, including information 
required under subsection (b)(3). 
‘‘(iii) RISK
FACTOR
DISCLOSURES.— 
The material risks surrounding ownership 
of a unit of a digital commodity that re-
lates to a blockchain system described 
under subsection (b)(1) that has not be-
come a mature blockchain system within 
the time period described in section 
4(a)(8)(A). 
‘‘(B) OBLIGATIONS.—Transaction report-
ing and beneficial ownership disclosure obliga-
tions applicable to digital commodity related 
persons and digital commodity affiliated per-
sons of such blockchain system. 
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‘‘(2) QUALIFICATION
REQUIRED.—The Com-
mission may not permit any additional reliance on 
an exempt offering for the offer or sale of an invest-
ment contract involving a unit of a digital com-
modity by the issuer of the digital commodity related 
to a blockchain system described under subsection 
(a)(1) that has not become a mature blockchain sys-
tem within the time period described in section 
4(a)(8)(A) unless the Commission has qualified any 
offering statement related to such exempt offering.’’. 
(b) ADDITIONAL EXEMPTIONS.— 
(1) CERTAIN REGISTRATION REQUIREMENTS.— 
Section 12(g)(6) of the Securities Exchange Act of 
1934 (15 U.S.C. 78l(g)(6)) is amended by striking 
‘‘under section 4(6)’’ and inserting ‘‘under section 
4(a)(6) or 4(a)(8)’’. 
(2) EXEMPTION FROM STATE REGULATION.— 
Section 18(b)(4) of the Securities Act of 1933 (15 
U.S.C. 77r(b)(4)) is amended— 
(A) in subparagraph (B), by striking ‘‘sec-
tion 4(4)’’ and inserting ‘‘section 4(a)(4)’’; 
(B) in subparagraph (C), by striking ‘‘sec-
tion 4(6)’’ and inserting ‘‘section 4(a)(6)’’; 
(C) in subparagraph (F)— 
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(i) by striking ‘‘section 4(2)’’ each 
place such term appears and inserting 
‘‘section 4(a)(2)’’; and 
(ii) by striking ‘‘or’’ at the end; 
(D) in subparagraph (G), by striking the 
period and inserting ‘‘; or’’; and 
(E) by adding at the end the following: 
‘‘(H) section 4(a)(8).’’. 
(c) USE OF OTHER EXEMPTIONS.— 
(1) RULE OF CONSTRUCTION.—Except as pro-
vided in this subsection, nothing in this section or 
the amendments made by this section may be con-
strued as prohibiting the offer or sale of an invest-
ment contract involving units of a digital commodity 
in reliance on an exemption from registration under 
the Securities Act of 1933, including as provided 
under section 3, 4(a), or 19 of the Securities Act of 
1933, other than that provided under section 4(a)(8) 
of the Securities Act of 1933. 
(2) RULEMAKINGS.— 
(A) The Securities and Exchange Commis-
sion may issue rules— 
(i) to permit the issuer of a digital 
commodity related to a blockchain system 
described under section 4B(b)(1) of the 
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Securities Act of 1933 that has not become 
a mature blockchain system within the 
time period described in section 4(a)(8)(A) 
of such Act, or the issuer of a digital com-
modity described in subparagraph (B)(iii), 
to utilize an exempt offering to offer or sell 
an investment contract involving the digital 
commodity, if the Commission qualifies 
any offering statement related to such ex-
empt offering; and 
(ii) for the offer and sale of invest-
ment contracts involving units of a digital 
commodity by issuers that are not orga-
nized under the laws of a State, a territory 
of the United States, or the District of Co-
lumbia. 
(B) Not later than 270 days after the date 
of the enactment of this section, the Securities 
and Exchange Commission shall issue the fol-
lowing rules: 
(i) A rule requiring a digital com-
modity issuer that last offered or sold an 
investment contract involving units of a 
digital commodity in reliance on an exemp-
tion from registration under the Securities 
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Act of 1933, including as provided under 
section 3, 4(a), or 19 of the Securities Act 
of 1933, prior to the date of enactment of 
this Act, to file a comparable set of disclo-
sures to those described under section 4B 
of the Securities Act of 1933 as the Com-
mission determines appropriate based on 
the 
exemption, 
the 
maturity 
of 
the 
blockchain system to which such digital 
commodity relates, and any material ongo-
ing efforts of such digital commodity issuer 
(provided that for blockchains certified as 
a mature blockchain system under section 
42 of the Securities Exchange Act of 1934, 
such disclosures shall be comparable to 
those under section 4B(b)(5)(C)), not later 
than the later of— 
(I) one year after the effective 
date of this section; or 
(II) the date of any secondary 
market sale of such digital commodity 
made in reliance on section 203. 
(ii) A rule requiring a digital com-
modity issuer that offers or sells an invest-
ment contract involving units of a digital 
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ties Exchange Act of 1934 after the 4-year 
period beginning on the date that the first 
such disclosure is filed— 
(I) a rule prohibiting the offer or 
sale of an investment contract involv-
ing units of the digital commodity un-
less the Commission has qualified any 
offering statement related to such 
offer or sale, where such offer or sale 
is permitted pursuant to subpara-
graph (A)(i); and 
(II) a rule requiring the digital 
commodity issuer to make disclosures 
comparable to those described in 
4B(e)(1)(A) of the Securities Act of 
1933. 
(iv) A rule permitting a successor to 
a digital commodity issuer, or such other 
appropriate person as designated by the 
Commission, to make the disclosures re-
quired under clause (i), where such issuer 
does not make the required disclosures. 
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SEC. 203. TREATMENT OF SECONDARY TRANSACTIONS IN 
DIGITAL COMMODITIES THAT ORIGINALLY 
INVOLVED INVESTMENT CONTRACTS. 
(a) SECONDARY MARKET TREATMENT.—Notwith-
standing any other provision of law, the offer or sale of 
a digital commodity that originally involved an investment 
contract by a person other than the issuer of such digital 
commodity, or an agent or underwriter thereof, shall be 
deemed not to be an offer or sale of such investment con-
tract between the issuer of the investment contract involv-
ing the digital commodity, or an agent or underwriter 
thereof, and the purchaser of such digital commodity 
under— 
(1) the Securities Act of 1933 (15 U.S.C. 77a 
et seq.); 
(2) the Investment Advisers Act of 1940 (15 
U.S.C. 80b–1 et seq.); 
(3) the Investment Company Act of 1940 (15 
U.S.C. 80a–1 et seq.); 
(4) the Securities Exchange Act of 1934 (15 
U.S.C. 78a et seq.); 
(5) the Securities Investor Protection Act of 
1970 (15 U.S.C. 78aaa et seq.); and 
(6) any applicable provisions of State law. 
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(b) END USER DISTRIBUTIONS NOT AN OFFER OR 
SALE OF A SECURITY.—An end user distribution does not 
involve the offer or sale of a security. 
(c) AGENT DEFINED.—In this section and with re-
spect to a digital commodity issuer, the term ‘‘agent’’ 
means any person directly or indirectly controlled by the 
issuer or under direct or indirect common control with the 
issuer. 
SEC. 204. REQUIREMENTS FOR OFFERS AND SALES OF DIG-
ITAL COMMODITIES BY DIGITAL COMMODITY 
RELATED 
PERSONS 
AND 
DIGITAL 
COM-
MODITY AFFILIATED PERSONS. 
The Securities Act of 1933 (15 U.S.C. 77a et seq.), 
as amended by section 202, is further amended by insert-
ing after section 4B the following: 
‘‘SEC. 4C. REQUIREMENTS FOR OFFERS AND SALES OF DIG-
ITAL COMMODITIES BY DIGITAL COMMODITY 
RELATED 
PERSONS 
AND 
DIGITAL 
COM-
MODITY AFFILIATED PERSONS. 
‘‘(a) IN GENERAL.—It shall be a violation of this Act 
for a digital commodity affiliated person or a digital com-
modity related person to offer or sell a digital commodity 
acquired directly from its issuer, or an agent or under-
writer thereof, pursuant to an investment contract in reli-
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ance on section 4(a)(8) or another exemption under this 
Act, other than as provided in this section. 
‘‘(b) COMMISSION JURISDICTION.— 
‘‘(1) Where a digital commodity affiliated per-
son or a digital commodity related person offers or 
sells a digital commodity acquired directly from its 
issuer, or an agent or underwriter thereof, pursuant 
to an investment contract in reliance on section 
4(a)(8), or another exemption under this Act, other 
than as provided in this section, such digital com-
modity affiliated person or digital commodity related 
person shall be considered an issuer of such invest-
ment contract. 
‘‘(2) For the purposes of this section, the Com-
mission shall have jurisdiction and enforcement au-
thority with respect to an offer or sale of a digital 
commodity described in subsection (a). 
‘‘(c) RESTRICTIONS ON DIGITAL COMMODITY RE-
LATED PERSONS AND DIGITAL COMMODITY AFFILIATED 
PERSONS.— 
‘‘(1) PRIOR TO BEING A MATURE BLOCKCHAIN 
SYSTEM.—Prior to the blockchain system to which a 
digital commodity relates being certified as a mature 
blockchain system under section 42 of the Securities 
Exchange Act of 1934, units of the digital com-
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modity acquired by a digital commodity related per-
son or digital commodity affiliated person directly 
from its issuer (or an agent or underwriter thereof) 
pursuant to an investment contract in reliance on 
section 4(a)(8), or another exemption under this 
Act, may be offered or sold by such digital com-
modity related person or digital commodity affiliated 
person if— 
‘‘(A) reports with respect to such digital 
commodity, 
where 
required 
under 
section 
4B(b)(3) (or, with respect to a digital com-
modity not issued in reliance on section 4(a)(8), 
a comparable set of reports where required by 
the Commission) have been filed with the Com-
mission; 
‘‘(B) the digital commodity related person 
or digital commodity affiliated person has held 
the units for not less than 12 months; and 
‘‘(C) the aggregate amount of the units of 
the digital commodity offered or sold by the 
digital commodity related person or digital com-
modity affiliated person is— 
‘‘(i) in any 12-month period, or short-
er period as the Commission may pre-
scribe, not less than 5 percent or greater 
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than 20 percent of the total units of the 
digital commodity acquired directly from 
its issuer (or an agent or underwriter 
thereof) by the digital commodity related 
person or digital commodity affiliated per-
son, as determined by the Commission pur-
suant to paragraph (3); and 
‘‘(ii) an amount, as determined by the 
Commission pursuant to paragraph (3), 
not less than 30 percent or greater than 
50 percent of the total units of the digital 
commodity acquired directly from its issuer 
(or an agent or underwriter thereof) by the 
digital commodity related person or digital 
commodity affiliated person. 
‘‘(2) AFTER BECOMING A MATURE BLOCKCHAIN 
SYSTEM.—After the blockchain system to which a 
digital commodity relates is certified as a mature 
blockchain system under section 42 of the Securities 
Exchange Act of 1934, units of the digital com-
modity acquired by a digital commodity related per-
son or digital commodity affiliated person directly 
from its issuer (or an agent or underwriter thereof) 
pursuant to an investment contract in reliance on 
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section 4(a)(8) or another exemption under this Act, 
may be— 
‘‘(A) offered or sold by a digital commodity 
related person; or 
‘‘(B) offered or sold by a digital com-
modity affiliated person if— 
‘‘(i) information described in section 
4B(b)(5)(C), where required (or, with re-
spect to a digital commodity not issued in 
reliance on section 4(a)(8), a comparable 
set of information, where required) is pub-
licly available; 
‘‘(ii) the digital commodity affiliated 
person has held the units for not less than 
the earlier of— 
‘‘(I) 12 months; or 
‘‘(II) 3 months following the date 
on which the blockchain system is cer-
tified as a mature blockchain system 
under section 42 of the Securities Ex-
change Act of 1934; and 
‘‘(iii) the aggregate amount of the 
units of the digital commodity offered or 
sold by the digital commodity affiliated 
person in any 12-month period is an 
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which the Commission receives a certification 
under paragraph (1), unless the Commission 
notifies the person who made the certification 
within such time that the Commission is stay-
ing the certification due to— 
‘‘(i) an inadequate explanation by the 
person making the certification; or 
‘‘(ii) any novel or complex issues 
which require additional time to consider. 
‘‘(B) PUBLIC
NOTICE.—The Commission 
shall make the following available to the public 
and provide a copy to the Commodity Futures 
Trading Commission: 
‘‘(i) Each certification received under 
paragraph (1). 
‘‘(ii) Each stay of the Commission 
under this subsection, and the reasons 
therefor. 
‘‘(iii) Any response from a person 
making a certification under paragraph (1) 
to a stay of the certification by the Com-
mission. 
‘‘(C) CONSOLIDATION.—The Commission 
may consolidate and treat as one submission 
multiple certifications made under paragraph 
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