Sec. 105. Rulemakings
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/bill/118/hr/4763/rfs/section-105·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly issue rules to further define the following terms: The terms affiliated person , blockchain , blockchain system , blockchain protocol , decentralized system , decentralized governance system , digital asset , digital asset issuer , digital asset maturity date , end user distribution , functional system , related person , restricted digital asset , and source code , as defined under section 2(a) of the Securities Act of 1933.
The term digital commodity , as defined under section 1a of the Commodity Exchange Act. The Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly issue rules to exempt persons dually registered with the Commodity Futures Trading Commission and the Securities and Exchange Commission from duplicative, conflicting, or unduly burdensome provisions of this Act, the securities laws, and the Commodity Exchange Act and the rules thereunder, to the extent such exemption would foster the development of fair and orderly markets in digital assets, be necessary or appropriate in the public interest, and be consistent with the protection of investors.
The Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly issue rules applicable to mixed digital asset transactions under this Act and the amendments made by this Act, including by further defining such term. The Financial Crimes Enforcement Network may not issue any rule or order that would prohibit a U.S. individual from— maintaining a hardware wallet, software wallet, or other means to facilitate such individual’s own custody of digital assets; or conducting transactions with and self-custody of digital assets for any lawful purpose.
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(1)may not be construed to limit the ability of Financial Crimes Enforcement Network to carry out any enforcement action. Not later than 30 days after the date of the enactment of this Act, the Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly issue rules, procedures, or guidance (as determined appropriate by the Commissions) regarding the process to delist an asset for trading under sections 106 and 107 of this Act if the Commissions determine that the listing is inconsistent with the Commodity Exchange Act, the securities laws (including regulations under those laws), or this Act. The Commodity Futures Trading Commission and the Securities and Exchange Commission shall jointly issue rules to require a person with multiple registrations with the Commodity Futures Trading Commission, the Securities and Exchange Commission, or both such agencies to maintain sufficient capital to comply with the stricter of any applicable capital requirements to which such person is subject to by reason of such registrations.