Sec. 401. Definitions
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/bill/117/s/4356/is/section-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ) is amended— in paragraph (9), by striking and frozen concentrated orange juice and inserting frozen concentrated orange juice, and a digital asset (consistent with section 2(c)(2)(F)) ; by inserting after paragraph
(15)the following: Except as provided in subparagraph (B), the term digital asset has the meaning given the term in section 9801 of title 31, United States Code. The term digital asset does not include an asset that provides the holder of the asset with any of the following rights in a business entity: A debt or equity interest in that entity. Liquidation rights with respect to that entity. An entitlement to an interest or dividend payment from that entity. A profit or revenue share in that entity derived solely from the entrepreneurial or managerial efforts of others. Any other financial interest in that entity. The term digital asset exchange means a trading facility that lists for trading at least 1 digital asset. ; in paragraph (28)(A)(i)— in subclause (I)— in item (aa)— in subitem (EE), by striking or at the end; and by adding at the end the following: the purchase or sale of a digital asset that is traded on or subject to the rules of a registered entity; ; in item (bb), by striking and and inserting or ; and by adding at the end the following: acting as a counterparty to any cash or spot agreement, contract, or transaction involving a digital asset with a person who is not an eligible contract participant, unless the activity is— conducted in compliance with the laws of the State in which the activity occurs; subject to regulation by another Federal authority; or separately regulated under this Act; and ; and in subclause (II), by striking items
(aa)or
(bb)and inserting item (aa), (bb), or
(cc); by inserting after paragraph
(39)the following: The term registered digital asset exchange means a digital asset exchange registered under section 5i. ; and in paragraph (40)— in subparagraph (E), by striking and at the end; by redesignating subparagraph
(F)as subparagraph (G); and by inserting after subparagraph
(E)the following: a registered digital asset exchange; and .
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U.S. Code