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Code · BILL · 119th Congress · H.R. 3633 (Introduced in House) — To provide for a system of regulation of the offer and sale of digital commodities by the Securities and Exchange Com... · Sec. 412

Sec. 412. Requirements related to control persons

358 words·~2 min read·/bill/119/hr/3633/ih/section-412

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The Commodity Exchange Act ( 7 U.S.C. 1 et seq. ), as amended the preceding provisions of this Act, is amended by inserting after section 4v the following: It shall be unlawful for a blockchain control person with respect to a blockchain system certified as a mature blockchain system in accordance with section 42 of the Securities Exchange Act of 1934 to sell a unit of a digital commodity related to the blockchain system unless the person files notice with the Commission, in a form and manner determined by the Commission, that the person has or intends to obtain an authority described in subsection (b)(1) with respect to the blockchain system, and complies with rules adopted by the Commission that require— disclosure of information to the Commission and the public about the material activities, as determined by the Commission, of the blockchain control person; and the use of a digital commodity broker to effect the sale; or such other sales restrictions applicable to blockchain control person, or any of its digital commodity affiliated persons, to prevent manipulation and distortion of the value of the digital commodity and promote further maturity of the blockchain system to which the digital commodity relates.
In this section: The term blockchain control person means, with respect to a blockchain system, any person or group of persons under common control who— has the unilateral authority, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, to control or materially alter the functionality, operation, or rules of consensus or agreement of the blockchain system or its related digital commodity; or has the unilateral authority to direct the voting, in the aggregate, of 20 percent or more of the outstanding voting power of the blockchain system by means of a related digital commodity, nodes or validators, a decentralized governance system, or otherwise, in a blockchain system which can be altered by a voting system.
The term digital commodity affiliated person means any person directly or indirectly controlling, controlled by, or under common control with a blockchain control person, as the Commission by rule or regulation, may determine will effectuate the purposes of this section. .
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Sec. 412
Requirements related to control persons
U.S.C.§ 1
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