Sec. 104. Expeditied registration for digital commodity exchanges, brokers, and dealers; provisional status
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Unless exempted from registration, a person shall not act as a digital commodity exchange, digital commodity broker, or digital commodity dealer after the end of the 90-day period beginning on the date the process described in paragraph
(2)is adopted by the Commodity Futures Trading Commission, unless, as the case may be, the person is registered as a— digital commodity exchange pursuant to section 5i of the Commodity Exchange Act; digital commodity broker pursuant to section 4u of the Commodity Exchange Act; or digital commodity dealer pursuant to section 4u of the Commodity Exchange Act. Not later than 180 days after the date of enactment of this Act, the Commodity Futures Trading Commission shall adopt, by rule, regulation, or order, a process for expedited registration of persons required to be registered pursuant to paragraph (1). A person who is registered in accordance with subsection
(a)shall be in provisional status until— in the case of a digital commodity broker or digital commodity dealer, the date that is 270 days after the final effective date of the rulemakings required under section 4u of the Commodity Exchange Act; or in the case of a digital commodity exchange, the date that is 270 days after the final effective date of the rulemakings required under section 5i of such Act. A person in provisional status shall pay all fees required of persons registered with the Commodity Futures Trading Commission under section 8e of the Commodity Exchange Act. A person in provisional status pursuant to subsection
(b)shall be subject to the requirements of this section and the Commodity Exchange Act ( 7 U.S.C. 1 et seq. ) and any rules or regulations promulgated under this section or that Act, as applicable. Except as provided in subparagraph (B), a person in provisional status pursuant to subsection
(b)may continue to offer, solicit, trade, facilitate, execute, clear, report, or otherwise deal in any digital asset offered on or through the facilities of the person before the date of registration under this section, until such time as the rulemaking on definitions required under section 103(a) is effective. Before the effective date of the rulemaking on definitions under section 103(a), a person in provisional status pursuant to subsection
(b)shall cease offering, soliciting, trading, facilitating, executing, clearing, reporting, or otherwise dealing in any digital asset required to be delisted pursuant to a joint delisting process established under section 103(e). In order to promote responsible innovation and fair competition, or protect customers, the Commodity Futures Trading Commission may exempt any persons or class of persons in provisional status pursuant to subsection
(b)from any requirements of this section or the Commodity Exchange Act ( 7 U.S.C. 1 et seq. ) or any rules or regulations promulgated under this section or that Act, as applicable. Beginning 30 days after the date of enactment of this Act, any person acting as a digital commodity exchange, digital commodity broker, or digital commodity dealer shall disclose to the customers of the person so acting, in the disclosure documents, offering documents, and promotional material of the person so acting, in a prominent manner, that the person is not registered with or regulated by the Commodity Futures Trading Commission. Paragraph
(1)shall not apply to any person who registers pursuant to subsection (a).
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Sec. 104
Expeditied registration for digital commodity exchanges, brokers, and dealers; provisional status
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