383 
(1) requirements imposed on reg-
istered brokers or registered dealers op-
erating an alternative trading system 
pursuant to subsection (c) or otherwise 
transacting in digital commodities or per-
mitted payment stablecoins are con-
sistent with the substantive requirements 
under section 4u of the Commodity Ex-
change Act; 
(2) requirements imposed on alter-
native trading systems operating pursu-
ant to subsection (c) or (d) are not incon-
sistent with core principles of and are 
consistent with the other substantive re-
quirements under section 5i of the Com-
modity Exchange Act; and 
(3) non-duplicative supervision and 
enforcement with respect to registrants 
of the Securities and Exchange Commis-
sion notice registered with the Com-
modity Futures Trading Commission. 
(k) COVERED
REGULATIONS
DEFINED.—In 
this section, the term ‘‘covered regulations’’ 
means 
sections 
242.300, 
242.301, 
242.302, 
242.303, 
242.304, 
and 
242.1000 
through 
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242.1007 of title 17, Code of Federal Regula-
tions. 
(l) RULE
OF CONSTRUCTION.—Nothing in 
this section shall be construed to limit the 
anti-fraud, anti-manipulation, or false report-
ing enforcement authorities of the Com-
modity Futures Trading Commission with re-
spect 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, deal-
ers, transfer agents, national securities ex-
changes under the Securities and Exchange 
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 consider records from a blockchain sys-
tem. 
(b) REVISION OF RULES.—Not later than 180 
days after the date of enactment of this Act, 
the Securities and Exchange Commission 
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385 
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, regula-
tion, 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 following: 
‘‘(p) ADDITIONAL REGISTRATIONS WITH THE 
COMMODITY FUTURES TRADING COMMISSION.—A 
registered broker or registered dealer shall be 
permitted to maintain a registration with the 
Commodity Futures Trading Commission as a 
digital commodity broker or digital com-
modity dealer, to list or trade contracts of sale 
for digital commodities.’’. 
SEC. 308. EXEMPTING DIGITAL COMMODITIES FROM STATE 
SECURITIES LAWS. 
Section 18(b) of the Securities Act of 1933 
(15 U.S.C. 77r(b)) is amended by adding at the 
end the following: 
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‘‘(5) EXEMPTION
IN
CONNECTION
WITH 
DIGITAL
COMMODITIES.—A 
digital 
com-
modity shall be treated as a covered secu-
rity.’’. 
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 following: 
‘‘SEC. 15H. DECENTRALIZED FINANCE ACTIVITIES NOT SUB-
JECT TO THIS ACT. 
‘‘(a) IN
GENERAL.—Notwithstanding any 
other provision of this Act, a person shall not 
be subject to this Act and the regulations pro-
mulgated under this Act based on the person 
directly or indirectly engaging in any of the 
following activities, whether singly or in com-
bination, in relation to the operation of a 
blockchain system or in relation to a decen-
tralized finance trading protocol: 
‘‘(1) Compiling network transactions 
or relaying, searching, sequencing, vali-
dating, or acting in a similar capacity. 
‘‘(2) Providing computational work, 
operating a node or oracle service, or 
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procuring, offering, or utilizing network 
bandwidth, or providing other similar in-
cidental services. 
‘‘(3) Providing a user-interface that 
enables a user to read and access data 
about a blockchain system. 
‘‘(4) Developing, publishing, consti-
tuting, administering, maintaining, or 
otherwise distributing a blockchain sys-
tem or a decentralized finance trading 
protocol. 
‘‘(5) Developing, publishing, consti-
tuting, administering, maintaining, or 
otherwise distributing a decentralized fi-
nance 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 com-
modity in relation to a decentralized fi-
nance trading protocol. 
‘‘(6) Developing, publishing, consti-
tuting, administering, maintaining, or 
otherwise distributing software or sys-
tems that create or deploy hardware or 
software, including wallets or other sys-
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388 
tems, facilitating an individual user’s 
own personal ability to keep, safeguard, 
or custody the user’s digital assets or re-
lated private keys. 
‘‘(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 appropriate 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 de-
pository institution, national bank, Federal 
credit union, State credit union, trust com-
pany, broker, or dealer, or any affiliate there-
of (the ‘‘entity’’)— 
(1) to include assets held in custody 
that are not owned by the entity as a li-
ability on the financial statement or bal-
ance sheet of the entity, including digital 
commodity 
or 
permitted 
payment 
stablecoin custody or safekeeping serv-
ices; 
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389 
(2) to hold regulatory capital against 
assets, including reserves backing such 
assets, in custody or safekeeping, except 
as necessary to mitigate against oper-
ational risks inherent with the custody or 
safekeeping services, as determined by— 
(A) the appropriate Federal bank-
ing agency; 
(B) the National Credit Union Ad-
ministration (in the case of a credit 
union); 
(C) a State bank supervisor; 
(D) a State credit union super-
visor (as defined in section 6003 of 
the Anti-Money Laundering Act of 
2020 (31 U.S.C. 5311 note)); or 
(E) the Securities and Exchange 
Commission (in the case of a broker 
or dealer); and 
(3) to recognize a liability for any ob-
ligations related to activities or services 
performed with respect to digital com-
modities that the entity does not own if 
that liability would exceed the expense 
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390 
recognized in the income statement as a 
result of the corresponding obligation. 
(b) DEFINITIONS.—In this section: 
(1) BANKING
TERMS.—The terms ‘‘ap-
propriate Federal banking agency’’, ‘‘de-
pository institution’’, ‘‘national bank’’, 
and ‘‘State bank supervisor’’ have the 
meaning given those terms, respectively, 
under section 3 of the Federal Deposit In-
surance Act (12 U.S.C. 1813). 
(2) CREDIT
UNION
TERMS.—The terms 
‘‘Federal credit union’’ and ‘‘State credit 
union’’ have the meaning given those 
terms, respectively, under section 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 Exchange Commission shall 
issue rules requiring written disclosures re-
garding the treatment of customer assets in 
the event of an insolvency, resolution, or liq-
uidation proceeding to be provided by a reg-
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391 
istered broker or dealer to an investor before 
a digital commodity, a permitted payment 
stablecoin, or an investment contract involv-
ing a unit of a digital commodity is received, 
acquired, or held by the broker or dealer for 
the account of the investor, which shall in-
clude, as necessary or appropriate for the pro-
tection of investors— 
(1) a description of the manner in 
which any digital commodity, permitted 
payment stablecoin, or investment con-
tact 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 insol-
vency, resolution, or liquidation pro-
ceeding with respect to the broker or 
dealer under— 
(A) title II of the Dodd-Frank Wall 
Street Reform and Consumer Protec-
tion Act (12 U.S.C. 5381 et seq.); 
(B) the Securities Investor Protec-
tion Act of 1970 (15 U.S.C. 78aaa et 
seq.); or 
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392 
(C) as applicable, chapter 7 or 
chapter 11 of title 11, United States 
Code; and 
(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 ac-
count of such investor in the event of an 
insolvency, resolution, or liquidation pro-
ceeding with respect to the broker or 
dealer under each law described under 
subparagraph (A) through (C) of para-
graph (1). 
SEC. 312. DIGITAL COMMODITY ACTIVITIES THAT ARE FI-
NANCIAL IN NATURE. 
(a) DIGITAL COMMODITY ACTIVITIES THAT 
ARE FINANCIAL IN NATURE.—Section 4(k)(4) of 
the Bank Holding Company Act of 1956 (12 
U.S.C. 1843(k)(4)) is amended— 
(1) in subparagraph (A), by striking 
‘‘or securities’’ and inserting ‘‘, securities, 
or digital commodities’’; and 
(2) in subparagraph (E), by inserting 
‘‘or digital commodities’’ before the pe-
riod at the end. 
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393 
(b) NATIONAL BANK ACTIVITY.— 
(1) IN GENERAL.—A national bank may 
use a digital asset or blockchain system 
to perform, provide, or deliver any activ-
ity, function, product, or service that the 
national bank is otherwise authorized by 
law to perform, provide, or deliver. 
(2) RULE
OF
CONSTRUCTION.—Nothing 
in this subsection may be construed to 
exempt a national bank’s performance, 
provision, or delivery of an activity, func-
tion, product, or service from a require-
ment that would apply if the activity 
were not performed, provided, or deliv-
ered 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. 
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394 
SEC. 313. EFFECTIVE DATE; ADMINISTRATION. 
Except as otherwise provided under this 
title, this title and the amendments made by 
this title shall take effect 360 days after the 
date of enactment of this Act, except 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 enact-
ment of this Act; or 
(2) 60 days after the publication in 
the Federal Register of the final rule im-
plementing the provision. 
SEC. 314. STUDIES ON FOREIGN ADVERSARY PARTICIPA-
TION. 
(a) IN GENERAL.—The Secretary of the 
Treasury, in consultation with the Com-
modity Futures Trading Commission and the 
Securities and Exchange Commission, shall, 
not later than 1 year after date of the enact-
ment of this section, conduct a study and sub-
mit a report to the relevant congressional 
committees that— 
(1) identifies any digital commodity 
registrants which are owned by govern-
ments of foreign adversaries; 
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(2) determines whether any govern-
ments of foreign adversaries are col-
lecting personal data or trading data 
about United States persons in the digital 
commodity markets; and 
(3) evaluates whether any proprietary 
intellectual 
property 
of 
digital 
com-
modity registrants is being misused or 
stolen by any governments of foreign ad-
versaries. 
(b) GAO STUDY AND REPORT.— 
(1) 
IN
GENERAL.—The 
Comptroller 
General shall, not later than 1 year after 
date of the enactment of this section, con-
duct a study and submit a report to the 
relevant congressional committees that— 
(A) identifies any digital com-
modity registrants which are owned 
by governments of foreign adver-
saries; 
(B) determines whether any gov-
ernments of foreign adversaries are 
collecting personal data or trading 
data about United States persons in 
the digital commodity markets; and 
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396 
(C) evaluates whether any propri-
etary intellectual property of digital 
commodity registrants is being mis-
used or stolen by any governments of 
foreign adversaries. 
(c) DEFINITIONS.—In this section: 
(1) DIGITAL COMMODITY REGISTRANT.— 
The term ‘‘digital commodity registrant’’ 
means any person required to register as 
a digital commodity exchange, digital 
commodity broker, or digital commodity 
dealer under the Commodity Exchange 
Act. 
(2) FOREIGN
ADVERSARIES.—The term 
‘‘foreign adversaries’’ means the foreign 
governments 
and 
foreign 
non-govern-
ment persons determined by the Sec-
retary of Commerce to be foreign adver-
saries under section 7.4(a) of title 15, 
Code of Federal Regulations. 
(3) RELEVANT CONGRESSIONAL COMMIT-
TEES.—The term ‘‘relevant congressional 
committees’’ means— 
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397 
(A) the Committees on Financial 
Services and Agriculture of the House 
of Representatives; and 
(B) the Committees on Banking, 
Housing, and Urban Affairs and Agri-
culture, Nutrition, and Forestry of 
the Senate. 
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 
Commodity 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— 
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398 
‘‘(I) a contract of sale of a 
commodity for future delivery 
or an option on such a con-
tract; 
‘‘(II) a swap; 
‘‘(III) a security futures 
product; 
‘‘(IV) an option authorized 
under section 4c of this Act; 
‘‘(V) an agreement, con-
tract, 
or 
transaction 
de-
scribed in subparagraph (C)(i) 
or (D)(i) of subsection (c)(2) of 
this section; or 
‘‘(VI) 
a 
leverage 
trans-
action authorized under sec-
tion 19; or 
‘‘(ii) the activities of any per-
son with respect to any such an 
agreement, 
contract, 
or 
trans-
action.’’. 
(b) LIMITATION ON AUTHORITY OVER PER-
MITTED PAYMENT STABLECOINS.—Section 2(c)(1) 
of the Commodity Exchange Act (7 U.S.C. 
2(c)(1)) is amended— 
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399 
(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 fol-
lowing: 
‘‘(H) 
permitted 
payment 
stablecoins.’’. 
(c) COMMISSION JURISDICTION OVER FINANC-
ING AGREEMENTS.—Section 2(c)(2) of the Com-
modity Exchange Act (7 U.S.C. 2(c)(2)) is 
amended— 
(1) in subparagraph (D), by redesig-
nating clause (iv) as clause (v) and insert-
ing after clause (iii) the following: 
‘‘(iv) Notwithstanding clause 
(iii), a digital commodity broker 
may, subject to the requirements 
of section 4u(c)(3), offer to or 
enter into an agreement for mar-
gin financing with a customer for 
the purchase or sale of a digital 
commodity.’’; and 
(2) by adding at the end the fol-
lowing: 
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400 
‘‘(F) COMMISSION JURISDICTION WITH RE-
SPECT TO DIGITAL COMMODITY TRANSACTIONS.— 
‘‘(i) IN GENERAL.—Subject to sections 
6d and 12(e), the Commission shall have 
exclusive jurisdiction with respect to any 
account, agreement, contract, or trans-
action involving a contract of sale of a 
digital commodity in interstate com-
merce, including in a digital commodity 
cash or spot market, that is offered, solic-
ited, 
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 activi-
ties for a digital commodity of an en-
tity regulated by an appropriate Fed-
eral banking agency or a State bank 
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401 
supervisor (within the meaning of 
section 3 of the Federal Deposit In-
surance Act); or 
‘‘(II) an offer or sale of an invest-
ment 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
DIGITAL 
ASSET
TRANSACTIONS.—A digital com-
modity issuer, digital commodity re-
lated person, digital commodity affili-
ated person, or other person reg-
istered with the Securities and Ex-
change 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 re-
lating to the mixed digital asset 
transaction, subject to the confiden-
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402 
tiality and disclosure requirements of 
section 8. 
‘‘(G) AGREEMENTS, CONTRACTS, AND TRANS-
ACTIONS IN STABLECOINS.— 
‘‘(i) TREATMENT OF PERMITTED PAYMENT 
STABLECOINS
ON
COMMISSION-REGISTERED 
ENTITIES.—Subject to clauses (ii) and (iii), 
the Commission shall have jurisdiction 
over a cash or spot agreement, contract, 
or transaction in a permitted payment 
stablecoin that is offered, offered to enter 
into, entered into, executed, confirmed 
the execution of, solicited, or accepted— 
‘‘(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 regulating the 
offer, execution, solicitation, or accept-
ance of a cash or spot permitted payment 
stablecoin transaction on a registered en-
tity or by any other entity registered 
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403 
with the Commission, as if the permitted 
payment stablecoin were a digital com-
modity. 
‘‘(iii) NO
AUTHORITY
OVER
PERMITTED 
PAYMENT
STABLECOINS.—Notwithstanding 
clauses (i) and (ii), the Commission shall 
not make a rule or regulation, impose a 
requirement or obligation on a registered 
entity or other entity registered with the 
Commission, or impose a requirement or 
obligation 
on 
a 
permitted 
payment 
stablecoin issuer, regarding the oper-
ation of a permitted payment stablecoin 
issuer 
or 
a 
permitted 
payment 
stablecoin.’’. 
(d) 
CONFORMING
AMENDMENT.—Section 
2(a)(1)(A) of such Act (7 U.S.C. 2(a)(1)(A)) is 
amended in the 1st sentence by inserting 
‘‘subparagraphs (F) and (G) of subsection 
(c)(2) of this section or’’ before ‘‘section 19’’. 
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— 
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404 
(1) in subsection (a)(2)— 
(A) in the 1st proviso, by striking 
‘‘any bank or trust company’’ and in-
serting ‘‘any bank, trust company, or 
qualified digital asset custodian, as 
applicable,’’; and 
(B) by inserting ‘‘: Provided fur-
ther, That any such property that is a 
digital asset shall be held in a quali-
fied digital asset custodian’’ before 
the period at the end; and 
(2) in subsection (f)(3)(A)(i), by strik-
ing ‘‘any bank or trust company’’ and in-
serting ‘‘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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(A) in each of paragraphs (1) and 
(2), by inserting ‘‘digital commodity 
exchange,’’ before ‘‘derivatives’’; and 
(B) in paragraph (3), by inserting 
‘‘digital commodity exchange,’’ before 
‘‘derivatives’’ each place it appears; 
(3) in subsection (c)— 
(A) in paragraph (2), by inserting 
‘‘or participants’’ before ‘‘(in’’; 
(B) in paragraph (4)(B), by strik-
ing ‘‘1a(10)’’ and inserting ‘‘1a(9)’’; and 
(C) in paragraph (5), by adding at 
the end the following: 
‘‘(D) SPECIAL
RULES
FOR
DIGITAL 
COMMODITY CONTRACTS.—In certifying 
any new rule or rule amendment, or 
listing any new contract or instru-
ment, in connection with a contract 
of sale of a commodity for future de-
livery, option, swap, or other agree-
ment, contract, or transaction, that is 
based on or references a digital com-
modity, a registered entity shall make 
or rely on a certification under sub-
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406 
section 
(d) 
for 
the 
digital 
com-
modity.’’; and 
(4) by inserting after subsection (c) 
the following: 
‘‘(d) CERTIFICATIONS
FOR
DIGITAL
COM-
MODITY TRADING.— 
‘‘(1) 
IN
GENERAL.—Notwithstanding 
subsection (c), for the purposes of listing 
or offering a digital commodity for trad-
ing in a digital commodity cash or spot 
market, an eligible entity shall submit a 
written certification to the Commission 
that the digital commodity meets the re-
quirements of this Act (including the reg-
ulations prescribed under this Act). 
‘‘(2) CONTENTS OF THE CERTIFICATION.— 
‘‘(A) IN
GENERAL.—In making a 
written certification under this para-
graph, the eligible entity shall furnish 
to the Commission an analysis of how 
the digital commodity meets the re-
quirements of section 5i(c)(3). 
‘‘(B) RELIANCE
ON
PRIOR
DISCLO-
SURES.—In 
making 
a 
certification 
under this subsection, an eligible en-
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407 
tity may rely on the records and dis-
closures of any relevant person reg-
istered with the Securities and Ex-
change Commission or other State or 
Federal agency. 
‘‘(3) MODIFICATIONS.— 
‘‘(A) IN GENERAL.—An eligible enti-
ty shall modify a certification made 
under paragraph (1) to— 
‘‘(i) account for significant 
changes in any information pro-
vided to the Commission under 
paragraph (2)(A)(ii); or 
‘‘(ii) permit or restrict trading 
in units of a digital commodity 
held by a digital commodity re-
lated person or a digital com-
modity affiliated person. 
‘‘(B) 
RECERTIFICATION.—Modifica-
tions required by this subsection 
shall be subject to the same dis-
approval and review process as a new 
certification under paragraphs (4) 
and (5). 
‘‘(4) DISAPPROVAL.— 
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