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modity platform, may be withdrawn 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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‘‘(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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