Commission jurisdiction over digital commodity transactions

(a) Savings clause Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the end the following: (J) Except as expressly provided in this Act, nothing in the CLARITY Act of 2025 shall affect or apply to, or be interpreted to affect or apply to— (i) any agreement, contract, or transaction that is subject to this Act as— (I) a contract of sale of a commodity for future delivery or an option on such a contract; (II) a swap; (III) a security futures product; (IV) an option authorized under section 4c of this Act; (V) an agreement, contract, or transaction described in subparagraph (C)(i) or (D)(i) of subsection (c)(2) of this section; or (VI) a leverage transaction authorized under section 19; or (ii) the activities of any person with respect to any such an agreement, contract, or transaction.. (b) Limitation on authority over permitted payment stablecoins Section 2(c)(1) of the Commodity Exchange Act (7 U.S.C. 2(c)(1)) is amended— (1) in subparagraph (F), by striking or at the end; (2) in subparagraph (G), by striking the period and inserting; or; and (3) by adding at the end the following: (H) permitted payment stablecoins.. (c) Commission jurisdiction over financing agreements Section 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is amended— (1) in subparagraph (D)— (A) in clause (ii)(I), by inserting after paragraph (1) the following: (other than an agreement, contract, or transaction in a permitted payment stablecoin); and (B) by redesignating clause (iv) as clause (v) and inserting after clause (iii) the following: (iv) Agreements for margin financing Notwithstanding clause (iii), a digital commodity broker may, subject to the requirements of section 4u(c)(2), offer to or enter into an agreement for margin financing with a customer for the purchase or sale of a digital commodity, provided any purchase or sale made pursuant to the agreement shall result in the delivery of the digital commodity into or from an account carried for the customer, as determined by the Commission by rule or regulation, based on commercial spot market practices.; and (2) by adding at the end the following: (F) Commission jurisdiction with respect to digital commodity transactions (i) In general Subject to sections 6d and 12(e), the Commission shall have exclusive jurisdiction with respect to any account, agreement, contract, or transaction involving a contract of sale of a digital commodity in interstate commerce, including in a digital commodity cash or spot market, that is offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in— (I) on or subject to the rules of a registered entity or an entity that is required to be registered as a registered entity; or (II) by any other entity registered, or required to be registered, with the Commission. (ii) Limitations Clause (i) shall not apply with respect to— (I) custodial or depository activities for a digital commodity of an entity regulated by an appropriate Federal banking agency or a State bank supervisor (within the meaning of section 3 of the Federal Deposit Insurance Act); or (II) an offer or sale of an investment contract involving a digital commodity or of a securities offer or sale involving a digital commodity. (iii) Mixed digital asset transactions (I) In general Clause (i) shall not apply to a mixed digital asset transaction. (II) Reports on mixed digital asset transactions A digital commodity issuer, digital commodity related person, digital commodity affiliated person, or other person registered with the Securities and Exchange Commission that engages in a mixed digital asset transaction, shall, on request of the Commission, open to inspection and examination by the Commission all books and records relating to the mixed digital asset transaction, subject to the confidentiality and disclosure requirements of section 8. (G) Agreements, contracts, and transactions in stablecoins (i) Treatment of permitted payment stablecoins on commission-registered entities Subject to clauses (ii) and (iii), the Commission shall have jurisdiction over a cash or spot agreement, contract, or transaction in a permitted payment stablecoin that is offered, offered to enter into, entered into, executed, confirmed the execution of, solicited, or accepted— (I) on or subject to the rules of a registered entity; or (II) by any other entity registered with the Commission. (ii) Permitted payment stablecoin transaction rules This Act shall apply to a transaction described in clause (i) only for the purpose of regulating the offer, execution, solicitation, or acceptance of a cash or spot permitted payment stablecoin transaction on a registered entity or by any other entity registered with the Commission, as if the permitted payment stablecoin were a digital commodity. (iii) No authority over permitted payment stablecoins Notwithstanding clauses (i) and (ii), the Commission shall not make a rule or regulation, impose a requirement or obligation on a registered entity or other entity registered with the Commission, or impose a requirement or obligation on a permitted payment stablecoin issuer, regarding the operation of a permitted payment stablecoin issuer or a permitted payment stablecoin.. (d) Conforming amendment Section 2(a)(1)(A) of such Act (7 U.S.C. 2(a)(1)(A)) is amended in the 1st sentence by inserting subparagraphs (F) and (G) of subsection (c)(2) of this section or before section 19.

(a) Savings clause Section 2(a)(1) of the Commodity Exchange Act (7 U.S.C. 2(a)(1)) is amended by adding at the end the following: (J) Except as expressly provided in this Act, nothing in the CLARITY Act of 2025 shall affect or apply to, or be interpreted to affect or apply to— (i) any agreement, contract, or transaction that is subject to this Act as— (I) a contract of sale of a commodity for future delivery or an option on such a contract; (II) a swap; (III) a security futures product; (IV) an option authorized under section 4c of this Act; (V) an agreement, contract, or transaction described in subparagraph (C)(i) or (D)(i) of subsection (c)(2) of this section; or (VI) a leverage transaction authorized under section 19; or (ii) the activities of any person with respect to any such an agreement, contract, or transaction.. (b) Limitation on authority over permitted payment stablecoins Section 2(c)(1) of the Commodity Exchange Act (7 U.S.C. 2(c)(1)) is amended— (1) in subparagraph (F), by striking or at the end; (2) in subparagraph (G), by striking the period and inserting; or; and (3) by adding at the end the following: (H) permitted payment stablecoins.. (c) Commission jurisdiction over financing agreements Section 2(c)(2)(D) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)(D)) is amended— (1) in clause (ii)(I), by inserting after paragraph (1) the following: (other than an agreement, contract, or transaction in a permitted payment stablecoin); and (2) by redesignating clause (iv) as clause (v) and inserting after clause (iii) the following: (iv) Agreements for margin financing Notwithstanding clause (iii), a digital commodity broker may, subject to the requirements of section 4u(c)(2), offer to or enter into an agreement for margin financing with a customer for the purchase or sale of a digital commodity, provided any purchase or sale made pursuant to the agreement shall result in the delivery of the digital commodity into or from an account carried for the customer by the digital commodity broker, as determined by the Commission by rule or regulation, based on commercial spot market practices.. (d) Commission authority over certain digital commodity and stablecoin spot transactions Section 2(c)(2) of the Commodity Exchange Act (7 U.S.C. 2(c)(2)) is amended by adding at the end the following: (F) Commission jurisdiction with respect to digital commodity transactions (i) In general Subject to sections 6d and 12(e), the Commission shall have exclusive jurisdiction with respect to any account, agreement, contract, or transaction involving a contract of sale of a digital commodity or tradable asset (as defined in section 4x) in interstate commerce, including in a digital commodity or tradable asset (as so defined) cash or spot market, that is offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in— (I) on or subject to the rules of a registered entity or an entity that is required to be registered as a registered entity; or (II) by any other entity registered, or required to be registered, with the Commission. (ii) Limitations Clause (i) shall not apply with respect to— (I) custodial or depository activities for a digital commodity of an entity regulated by an appropriate Federal banking agency or a State bank supervisor (within the meaning of section 3 of the Federal Deposit Insurance Act); or (II) an offer or sale of an investment contract involving a digital commodity or of a securities offer or sale involving a digital commodity. (iii) Mixed digital asset transactions (I) In general Clause (i) shall not apply to a mixed digital asset transaction. (II) Reports on mixed digital asset transactions A digital commodity issuer, digital commodity related person, digital commodity affiliated person, or other person registered with the Securities and Exchange Commission that engages in a mixed digital asset transaction, shall, on request of the Commission, open to inspection and examination by the Commission all books and records relating to the mixed digital asset transaction, subject to the confidentiality and disclosure requirements of section 8. (G) Agreements, contracts, and transactions in stablecoins (i) Treatment of permitted payment stablecoins on commission-registered entities Subject to clauses (ii) and (iii), the Commission shall have jurisdiction over a cash or spot agreement, contract, or transaction in a permitted payment stablecoin that is offered, offered to enter into, entered into, executed, solicited, or accepted, or for which the execution of is confirmed— (I) on or subject to the rules of a registered entity; or (II) by any other entity registered with the Commission. (ii) Permitted payment stablecoin transaction rules This Act shall apply to a transaction described in clause (i) only for the purpose of regulating the offer, execution, solicitation, or acceptance of a cash or spot permitted payment stablecoin transaction on a registered entity or by any other entity registered with the Commission, as if the permitted payment stablecoin were a digital commodity. (iii) No authority over permitted payment stablecoins Notwithstanding clauses (i) and (ii), the Commission shall not make a rule or regulation, impose a requirement or obligation on a registered entity or other entity registered with the Commission, or impose a requirement or obligation on a permitted payment stablecoin issuer, regarding the operation of a permitted payment stablecoin issuer or a permitted payment stablecoin.. (e) Conforming amendments The Commodity Exchange Act is amended— (1) in section 1a(9) (7 U.S.C. 1a(9)), as amended by the GENIUS Act, by striking the second sentence; and (2) in section 2(a)(1)(A) (7 U.S.C. 2(a)(1)(A)), in the 1st sentence, by inserting subparagraphs (F) and (G) of subsection (c)(2) of this section or before section 19.