Sec. 2. Definitions

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Section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ) is amended— by redesignating paragraphs

(3)through

(15)and paragraphs

(16)through

(51)as paragraphs

(5)through

(17)and paragraphs

(25)through (60), respectively; by inserting after paragraph

(2)the following: The term associated person of a digital commodity broker means a person who is associated with a digital commodity broker as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions) in any capacity that involves— the solicitation or acceptance of a digital commodity trade; or the supervision of any person engaged in the solicitation or acceptance of a digital commodity trade. The term associated person of a digital commodity broker does not include any person associated with a digital commodity broker the functions of which are solely clerical or ministerial. The term associated person of a digital commodity dealer means a person who is associated with a digital commodity dealer as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions) in any capacity that involves— the solicitation or acceptance of a digital commodity trade; or the supervision of any person engaged in the solicitation or acceptance of a digital commodity trade. 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. ; in paragraph

(11)(as so redesignated), by striking and frozen concentrated orange juice and inserting frozen concentrated orange juice, and digital commodities, ; in paragraph (12)(A) (as so redesignated)— by redesignating clauses

(iii)and

(iv)as clauses

(iv)and (v), respectively; and by inserting after clause

(ii)the following: digital commodity; ; in paragraph (13)(A)(i) (as so redesignated)— by redesignating subclauses

(III)and

(IV)as subclauses

(IV)and (V), respectively; and by inserting after subclause

(II)the following: digital commodity; ; in paragraph (14)(A)(i) (as so redesignated)— in subclause (II), by adding a semicolon at the end; by redesignating subclauses

(III)and

(IV)as subclauses

(IV)and (V), respectively; and by inserting after subclause

(II)the following: a digital commodity; ; by inserting after paragraph

(17)(as so redesignated) the following: The term digital commodity means a fungible digital form of personal property that can be possessed and transferred person-to-person without necessary reliance on an intermediary. The term digital commodity includes property commonly known as cryptocurrency or virtual currency, such as Bitcoin and Ether. The term digital commodity does not include— an interest in a physical commodity; a security; a digital form of currency backed by the full faith and credit of the United States; except as provided in subparagraph (D), an instrument regulated by the Commission pursuant to any provision of this Act other than section 2(c)(2)(F); or any other instrument that the Commission determines not to be a digital commodity. The exclusion described in subparagraph (C)(iv) shall not apply to a commodity transaction that is subject only to Commission antimanipulation, antifraud, or false reporting authority. The term digital commodity broker means a person that is engaged, as an identifiable business, in— soliciting or accepting orders on behalf of another person for a digital commodity trade; accepting digital commodities from another person for the purpose of entering into digital commodity trades; arranging digital commodity trades on behalf of another person; or a similar activity, as determined by the Commission. The term digital commodity broker does not include a person solely because that person validates digital commodity transactions. The term digital commodity custodian means a person that, as an identifiable business, maintains possession, custody, or control over digital commodities on behalf of another person. The term digital commodity custodian does not include— an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )); or an insured credit union (as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 )). The term digital commodity dealer means a person that— has an identifiable business of dealing in a digital commodity as principal for its own account; makes a market in a digital commodity; holds itself out as a dealer in a digital commodity; has as an identifiable business of buying or selling digital commodities for conversion into other digital commodities, currency, or other consideration; has as an identifiable business of accepting digital commodities from another person (referred to in this clause as a depositor ) with an obligation to return the digital commodities, consideration linked to the digital commodities, or both to the depositor; or engages in a similar activity, as determined by the Commission. The term digital commodity dealer does not include a person solely because that person validates digital commodity transactions. The term digital commodity platform means a person that is 1 or more of the following: A digital commodity broker. A digital commodity custodian. A digital commodity dealer. A digital commodity trading facility. 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. The term digital commodity trade means a purchase or sale of a digital commodity in exchange for— another digital commodity; or any other consideration. The term digital commodity trade includes— an offer to enter into a purchase or sale described in subparagraph (A); and a loan of a digital commodity, an offer to enter into a loan of a digital commodity, or a similar activity, as determined by the Commission. Except as provided in subparagraph (D), the term digital commodity trade excludes a transaction regulated by the Commission pursuant to any provision of this Act except section 2(c)(2)(F). The exclusion described in subparagraph

(C)shall not apply to a commodity transaction that is subject only to Commission antimanipulation, antifraud, or false reporting authority. The term digital commodity trading facility means a trading facility that facilitates the execution or trading of digital commodity trades between persons. The term digital commodity trading facility does not include a person solely because that person validates digital commodity transactions. ; in paragraph

(43)(as so redesignated)— in the paragraph heading, by striking ; ; member of a derivatives transaction execution facility in the matter preceding subparagraph (A), by striking entity or derivatives transaction execution facility, and inserting entity, ; in subparagraph (A), by striking entity and all that follows through the semicolon and inserting entity; ; and in subparagraph (B), by striking entity and all that follows through the period at the end and inserting entity. ; and in paragraph

(49)(as so redesignated)— by redesignating subparagraphs

(E)and

(F)as subparagraphs

(F)and (G), respectively; and by inserting after subparagraph

(D)the following: a digital commodity trading facility registered under section 5i; . Section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ) is amended— 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 in paragraph (27)(A)(vii)(III)(aa) (as redesignated by subsection (a)(1)), by striking (17)(A) and inserting (26)(A) . Section 4(c)(1)(A)(i)(I) of the Commodity Exchange Act ( 7 U.S.C. 6(c)(1)(A)(i)(I) ) is amended by striking paragraphs (2), (3), (4), (5), and (7), paragraph (18)(A)(vii)(III), paragraphs (23), (24), (31), (32), (38), (39), (41), (42), (46), (47), (48), and

(49)of section 1a and inserting paragraphs (2), (5), (6), (7), (9), (27)(A)(vii)(III), (32), (33), (40), (41), (47), (48), (50), (51), (55), (56), (57), and

(58)of section 1a . Section 4q(a)(1) of the Commodity Exchange Act ( 7 U.S.C. 6q(a)(1) ) is amended by striking 1a(9) and inserting 1a(11) . Section 4s of the Commodity Exchange Act ( 7 U.S.C. 6s ) is amended— in subsection (f)(1)(D), by striking 1a(47)(A)(v) and inserting 1a(56)(A)(v) ; and in subsection (h)(5)(A)(i), in the matter preceding subclause (I), by striking 1a(18) and inserting 1a(27)(A) . Section 4t(b)(1)(C) of the Commodity Exchange Act ( 7 U.S.C. 6t(b)(1)(C) ) is amended by striking 1a(47)(A)(v)), and inserting 1a(56)(A)(v)), . Section 5 of the Commodity Exchange Act ( 7 U.S.C. 7 ) is amended— in subsection (d)(23), by striking 1a(47)(A)(v) and inserting 1a(56)(A)(v) ; and in subsection (e)(1), by striking 1a(9) and inserting 1a(11) . Section 5b(k)(3)(A) of the Commodity Exchange Act ( 7 U.S.C. 7a–1(k)(3)(A) ) is amended by striking 1a(47)(A)(v)) and inserting 1a(56)(A)(v)) . Section 5c(c)(4)(B) of the Commodity Exchange Act ( 7 U.S.C. 7a–2(c)(4)(B) ) is amended by striking 1a(10) and inserting 1a(11) . 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) . Section 21(f)(4)(C) of the Commodity Exchange Act ( 7 U.S.C. 24a(f)(4)(C) ) is amended by striking 1a(48) and inserting 1a(57) . Section 403 of the Legal Certainty for Bank Products Act of 2000 ( 7 U.S.C. 27a ) is amended— in subsection (a)(2), by striking 1a(47)(A)(v) and inserting 1a(56)(A)(v) ; and in subsection (b)(1), by striking 1a(47) and inserting 1a . 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 ( and inserting 7 U.S.C. 1a(18) ) section 1a of the Commodity Exchange Act ( . 7 U.S.C. 1a ) 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 inserting section 1a of the Commodity Exchange Act ( . 7 U.S.C. 1a ); Section 6(g)(5)(B)(i) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78f(g)(5)(B)(i) ) is amended— 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 ( ; and 7 U.S.C. 1a(27) ) in subclause (II), by striking such section 1a(18)) and inserting that section) . 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 ( and inserting 7 U.S.C. 1a(47)(D) ) section 1a(56)(D) of the Commodity Exchange Act ( . 7 U.S.C. 1a(56)(D) ) 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 inserting section 1a of the Commodity Exchange Act ( . 7 U.S.C. 1a )),

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