Treatment of digital commodities and permitted payment stablecoins

(a) Securities Act of 1933 Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)), as amended by the GENIUS Act, is amended by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin.. (b) Securities Exchange Act of 1934 Section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)), as amended by the GENIUS Act, is amended by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin.. (c) Investment Advisers Act of 1940 Section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)) is amended— (1) in paragraph (18), as amended by the GENIUS Act, by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin.; (2) by redesignating the second paragraph (29) (relating to commodity pools) as paragraph (31); and (3) by adding at the end, the following: (32) Digital commodity-related terms The terms digital commodity and permitted payment stablecoin have the meaning given those terms, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)).. (d) Investment Company Act of 1940 Section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2) is amended— (1) in paragraph (36), as amended by the GENIUS Act, by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin.; and (2) by adding at the end, the following: (55) Digital commodity-related terms The terms digital commodity and permitted payment stablecoin have the meaning given those terms, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)).. (e) Securities Investor Protection Act of 1970 Section 16 of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll) is amended— (1) in paragraph (14), as amended by the GENIUS Act, by striking the final sentence and inserting the following: The term does not include a digital commodity or permitted payment stablecoin, as such terms are defined, respectively, under section 2(a) of the Securities Act of 1933 (15 U.S.C. 77b(a)); and (2) by adding at the end the following: (15) Treatment of permitted payment stablecoins A permitted payment stablecoin, as defined in section 2(a) of the Securities Act of 1933, shall not qualify as cash and a claim for a permitted payment stablecoin shall not qualify as a claim for cash..