Top Summary
SEC. 407.Registration of associated persons. (a) In general.—Section 4k of the Commodity Exchange Act (7 U.S.C. 6k) is amended— (1) by redesignating subsections (4) through (6) as subsections (5) through (7), respectively; (2) by inserting a
Original Bill Text:
SEC. 407.Registration of associated persons.
(a) In general.—Section 4k of the Commodity Exchange Act (7 U.S.C. 6k) is amended—
(1) by redesignating subsections (4) through (6) as subsections (5) through (7), respectively;
(2) by inserting after subsection (3) the following:
“(4) It shall be unlawful for any person to act as an associated person of a digital commodity broker or an associated person of a digital commodity dealer unless the person is registered with the Commission under this Act and such registration shall not have expired, been suspended (and the period of suspension has not expired), or been revoked. It shall be unlawful for a digital commodity broker or a digital commodity dealer to permit such a person to become or remain associated with the digital commodity broker or digital commodity dealer if the digital commodity broker or digital commodity dealer knew or should have known that the person was not so registered or that the registration had expired, been suspended (and the period of suspension has not expired), or been revoked.”; and
(3) in subsection (5) (as so redesignated), by striking “or of a commodity trading advisor” and inserting “of a commodity trading advisor, of a digital commodity broker, or of a digital commodity dealer”.
(b) Conforming amendments.—The Commodity Exchange Act (7 U.S.C. 1a et seq.) is amended by striking “section 4k(6)” each place it appears and inserting “section 4k(7)”.