Sec. 201. Definitions
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Section 1a(9) of the Commodity Exchange Act ( 7 U.S.C. 1a(9) ) is amended by adding digital asset (including Bitcoin, Ether, and their hardforks), after livestock products, . Section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a ) is amended by adding at the end the following: The term digital asset — means an asset— that is created electronically or digitally through software code; that is programmed with rules that— govern the creation, supply, ownership, use, and transfer of such digital asset; and are designed to resist modification or tampering by any single person or persons under common control; that has a transaction history that— is recorded on a— distributed digital ledger; or digital data structure in which consensus is achieved through a mathematically verifiable process; is updated as soon as possible in accordance with the digital asset programming rules related to transactions and ownership; and after consensus is reached, is designed to prevent modification or tampering with the ownership or transaction history by any single person or persons under common control; that is capable of being transferred between persons through a decentralized method without an intermediate custodian; and is a broad term which includes several other terms used to describe digital assets by market participants and regulators such as virtual asset , virtual currency , and convertible virtual currency among others.
The term digital asset security has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). The term digital asset repository of transactions or DART means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions of, contracts of sale of digital assets in interstate commerce entered into by third parties (both on chain public distributed ledger transactions as well as off-chain transactions) for the purpose of providing a centralized recordkeeping facility for any digital asset, but does not include a private or public distributed ledger or the operator of either such ledger unless such private or public distributed ledger or operator seeks to aggregate or include off-chain transactions as well.
The term distributed ledger technology, means a decentralized peer-to-peer network of computers that operate on open-source software which validate and irrevocably log digital asset ownership and transactions on a permanent public distributed ledger which is visible to the entire network. The term virtual currency means a digital asset which is a digital representation of value that does not have legal tender status and that functions as a medium of exchange, a unit of account, or a store of value. .
Section 1(a)(12)(A)(i) of the Commodity Exchange Act ( 7 U.S.C. 1(a)(12)(A)(i) is amended by adding commodity interests, including any— after advisability of trading in . Section 1a(28)(A)(i)(I)(aa) Commodity Exchange Act ( 7 U.S.C. 1a(9) ) is amended— in subitem (EE), by striking or at the end; and by adding at the end the following: any contract of sale of a digital asset in interstate commerce, but not a digital asset security; or . Section 1a(31)(A)(i)(I) of the Commodity Exchange Act ( 7 U.S.C. 1a(31) ) is amended— in item
(cc)by striking or at the end; in item (dd), by striking and at the end and inserting or ; and by adding at the end the following: any contract of sale of a digital asset in interstate commerce, but not a digital asset security; and .
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