Treatment of secondary transactions in digital commodities that originally involved investment contracts

(a) Secondary market treatment Notwithstanding any other provision of law, the offer or sale of a digital commodity that originally involved an investment contract by a person other than the issuer of such digital commodity, or an agent or underwriter thereof, shall be deemed not to be an offer or sale of the investment contract originally involving the digital commodity between the issuer of the investment contract involving the digital commodity, or an agent or underwriter thereof, and the purchaser of such digital commodity under— (1) the Securities Act of 1933 (15 U.S.C. 77a et seq.); (2) the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.); (3) the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.); (4) the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); (5) the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.); and (6) any applicable provisions of State law. (b) End user distributions not an offer or sale of a security An end user distribution does not involve the offer or sale of a security. (c) Agent defined In this section and with respect to a digital commodity issuer, the term agent means any person directly or indirectly controlled by the issuer or under direct or indirect common control with the issuer.

(a) Secondary market treatment Notwithstanding any other provision of law, the offer or sale of a digital commodity that originally involved an investment contract by a person other than the issuer of such digital commodity, or an agent or underwriter thereof, shall be deemed not to be an offer or sale of such investment contract between the issuer of the investment contract involving the digital commodity, or an agent or underwriter thereof, and the purchaser of such digital commodity under— (1) the Securities Act of 1933 (15 U.S.C. 77a et seq.); (2) the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.); (3) the Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.); (4) the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.); (5) the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.); and (6) any applicable provisions of State law. (b) End user distributions not an offer or sale of a security An end user distribution does not involve the offer or sale of a security. (c) Agent defined In this section and with respect to a digital commodity issuer, the term agent means any person directly or indirectly controlled by the issuer or under direct or indirect common control with the issuer.