Eligibility of alternative trading systems

(a) In general Section 5 of the Securities Exchange Act of 1934 (15 U.S.C. 78e) is amended— (1) by striking It and inserting the following: (a) In general It; (2) by adding at the end the following: (b) Digital commodity protections (1) In general The Commission may not preclude a trading platform from operating pursuant to a covered exemption on the basis that the assets traded or to be traded on such platform include— (A) digital commodities or permitted payment stablecoins; and (B) securities. (2) Covered exemption In this subsection, the term covered exemption means an exemption— (A) described in subsection (a)(2); or (B) with respect to any other rule of the Commission relating to the definition of exchange.. (b) Securities Exchange Act of 1934 Section 3(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(2)) is amended by adding at the end the following: An alternative trading system primarily facilitating the trading of digital commodities, permitted payment stablecoins, or both, is not a facility of an exchange.. (c) Rule of construction Nothing in this section, the amendments made by this section, or section 304 may be construed to— (1) prohibit a national securities exchange from owning or operating any other type of alternative trading system; or (2) create a presumption that any other type of alternative trading system owned or operated by a national securities exchange is a facility of that exchange.

(a) In general Section 5 of the Securities Exchange Act of 1934 (15 U.S.C. 78e) is amended— (1) by striking It and inserting the following: (a) In general It; (2) by adding at the end the following: (b) Digital commodity protections (1) In general The Commission may not preclude a trading platform from operating pursuant to a covered exemption on the basis that the assets traded or to be traded on such platform include— (A) digital commodities or permitted payment stablecoins; and (B) securities. (2) Covered exemption In this subsection, the term covered exemption means an exemption— (A) described in subsection (a)(2); or (B) with respect to any other rule of the Commission relating to the definition of exchange.. (b) Securities Exchange Act of 1934 Section 3(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(2)) is amended by adding at the end the following: An alternative trading system primarily facilitating the trading of digital commodities, permitted payment stablecoins, or both, is not a facility of an exchange.. (c) Rule of construction Nothing in this section, the amendments made by this section, or section 304 may be construed to— (1) prohibit a national securities exchange from owning or operating any other type of alternative trading system; or (2) create a presumption that any other type of alternative trading system owned or operated by a national securities exchange is a facility of that exchange.