Sec. 114. Securities Investor Protection Act of 1970
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Section 16(14) of the Securities Investor Protection Act of 1970 ( 15 U.S.C. 78lll(14) ) is amended— by inserting , digital asset security, after investment contract ; by inserting , digital asset security, after if such investment contract ; and in the last sentence, by inserting digital asset, after commodity, . Section 16 of the Securities Investor Protection Act of 1970 ( 15 U.S.C. 78lll ) is amended by adding the following: The terms commodity , digital asset , digital asset repository of transactions , and virtual currency have the meanings given such terms, respectively, in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ).
The term digital asset security has the meaning given such term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). . Not later than 90 days after the date of the enactment of this Act, the Securities Investor Protection Corporation shall make publicly available on the website of the Corporation a notice— regarding the status of digital assets and digital asset securities and how such status impacts Securities Investor Protection Corporation insurance coverage; and that digital assets are not deposits and digital asset securities are in almost all cases not securities and neither would be covered by Securities Investor Protection Corporation insurance, regardless of whether— an insured bank, savings association, or credit union holds the digital assets or digital asset securities; or a broker or dealer (as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) )) holds the digital assets or digital asset securities.
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