Sec. 303. Eligibility of alternative trading systems
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Section 5 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78e ) is amended— by striking It and inserting the following: It ; by adding at the end the following: The Commission may not preclude a trading platform from operating pursuant to a covered exemption on the basis that the assets traded or to be traded on such platform include— digital commodities or permitted payment stablecoins; and securities. In this subsection, the term covered exemption means an exemption— described in subsection (a)(2); or with respect to any other rule of the Commission relating to the definition of exchange . .
Section 3(a)(2) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(2) ) is amended by adding at the end the following: An alternative trading system primarily facilitating the trading of digital commodities, permitted payment stablecoins, or both, is not a . facility of an exchange. Nothing in this section, the amendments made by this section, or section 304 may be construed to— prohibit a national securities exchange from owning or operating any other type of alternative trading system; or create a presumption that any other type of alternative trading system owned or operated by a national securities exchange is a facility of that exchange.
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