Sec. 412. Other tradable assets
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The Commodity Exchange Act ( 7 U.S.C. 1 et seq. ), as amended by the preceding provisions of this Act, is amended— by inserting after section 4w the following: A contract of sale of a tradable asset shall not be offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in, on or subject to the rules of a registered entity, or by any other entity registered with the Commission, except in accordance with subsection (b). A contract of sale of a tradable asset that is offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in on or subject to the rules of a registered entity, or by any other entity registered with the Commission, shall be treated as a digital commodity for purposes of this Act.
In addition to the other requirements of this Act, the Commission may, by rule or regulation, impose additional obligations on any person registered under this Act offering, soliciting, trading, facilitating, executing, clearing, reporting, or otherwise dealing in a contract of sale of a tradable asset, or class thereof, pursuant to paragraph
(1)as are necessary for the protection of customers, the promotion of innovation, and the maintenance of fair, orderly, and efficient markets, including additional obligations related to— disclosure; recordkeeping; capital; reporting; business conduct; documentation; supervision of employees; and segregation. In this section, the term tradable asset means a digital asset other than— a digital commodity that is treated as such other than by reason of subsection (b)(1) of this section; or a digital asset excluded from the definition of digital commodity pursuant to subclause
(I)through
(VII)of section 1a(16)(F)(iii). ; and by inserting after section 6d the following: A contract of sale of a digital commodity or tradable asset (as defined in section 4x) shall not be offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in on or subject to the rules of a registered entity, or by any other entity registered with the Commission, if the primary purpose of the digital commodity or tradable asset is to be used to— commit fraud or market manipulation; further a scheme found in a final action by a court of competent jurisdiction to be in violation of campaign finance or government ethics laws; or engage in any other conduct that would result in abusive practices or be disruptive to market integrity. The Commission may, after public notice and comment, issue guidance establishing criteria for determining if the primary purpose of a digital commodity or tradable asset (as so defined) is to be used to commit fraud or market manipulation, or engage in any other conduct that would result in abusive practices or be disruptive to market integrity. .
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Sec. 412
Other tradable assets
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