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Code · BILL · 118th Congress · H.R. 4763 (Referred in Senate) — To provide for a system of regulation of digital assets by the Commodity Futures Trading Commission and the Securitie... · Sec. 102

Sec. 102. Definitions under the Securities Exchange Act of 1934

537 words·~2 min read·/bill/118/hr/4763/rfs/section-102·

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Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended— by redesignating the second paragraph
(80)(relating to funding portals) as paragraph (81); and by adding at the end the following: The term Bank Secrecy Act means— section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ); chapter 2 of title I of Public Law 91–508 ( 12 U.S.C. 1951 et seq. ); and subchapter II of chapter 53 of title 31, United States Code. The term digital asset broker — means any person engaged in the business of effecting transactions in restricted digital assets for the account of others; and does not include— a blockchain protocol or a person or group of persons solely because of their development of a blockchain protocol; or a bank engaging in certain banking activities with respect to a restricted digital asset in the same manner as a bank is excluded from the definition of a broker under paragraph (4). The term digital asset custodian means an entity in the business of providing custodial or safekeeping services for restricted digital assets for others. The term digital asset dealer — means any person engaged in the business of buying and selling restricted digital assets for such person’s own account through a broker or otherwise; and does not include— a person that buys or sells restricted digital assets for such person’s own account, either individually or in a fiduciary capacity, but not as a part of a regular business; a blockchain protocol or a person or group of persons solely because of their development of a blockchain protocol; or a bank engaging in certain banking activities with respect to a restricted digital asset in the same manner as a bank is excluded from the definition of a dealer under paragraph (5). The term digital asset trading system — means any organization, association, person, or group of persons, whether incorporated or unincorporated, that constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of restricted digital assets or for otherwise performing with respect to restricted digital assets the functions commonly performed by a stock exchange within the meaning of section 240.3b–16 of title 17, Code of Federal Regulations, as in effect on the date of enactment of this paragraph; and does not include a blockchain protocol or a person or group of persons solely because of their development of a blockchain protocol. The term notice-registered digital asset clearing agency means a clearing agency that has registered with the Commission pursuant to section 17A(b)(9). The terms affiliated person , blockchain system , decentralized governance system , decentralized system , digital asset , digital asset issuer , digital asset maturity date , end user distribution , functional system , permitted payment stablecoin , related person , restricted digital asset , and source code have the meaning given those terms, respectively, under section 2(a) of the Securities Act of 1933 ( 15 U.S.C. 77b(a) ). The terms digital commodity , digital commodity broker , digital commodity dealer , and digital commodity exchange have the meaning given those terms, respectively, under section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ). .
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  • Pub. L. 91-508
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Sec. 102
Definitions under the Securities Exchange Act of 1934
U.S.C.§ 78c
U.S.C.§ 1829b
U.S.C.§ 1951
U.S.C.§ 77b
U.S.C.§ 1a
Pub. L.Pub. L. 91-508
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