Top Summary
This section of the US bill clarifies that the provisions of the Act do not apply to agreements, contracts, or transactions governed by the Commodity Exchange Act or securities laws, including commodity futures, swaps, security-based swaps, and related activities. It also prohibits digital commodity entities from engaging in such transactions solely based on their registration, and defines terms according to the Commodity Exchange Act.
Original Bill Text:
SEC. 107.Commodity Exchange Act and securities laws savings provisions.
(a) In general.—Nothing in this Act shall affect or apply to, or be interpreted to affect or apply to—
(1) any agreement, contract, or transaction that is subject to the Commodity Exchange Act as—
(A) a contract of sale of a commodity for future delivery or an option on such a contract;
(B) a swap;
(C) a security futures product;
(D) an option authorized under section 4c of such Act;
(E) an agreement, contract, or transaction described in section 2(c)(2)(C)(i) of such Act; or
(F) a leverage transaction authorized under section 19 of such Act;
(2) any agreement, contract, or transaction that is subject to the securities laws as—
(A) a security-based swap;
(B) a security futures product; or
(C) an option on or based on the value of a security; or
(3) the activities of any person with respect to any such agreement, contract, or transaction.
(b) Prohibitions on spot digital commodity entities.—Nothing in this Act authorizes, or shall be interpreted to authorize, a digital commodity exchange, digital commodity broker, or digital commodity dealer to engage in any activities involving any transaction, contract, or agreement described in subsection (a)(1), solely by virtue of being registered as a digital commodity exchange, digital commodity broker, or digital commodity dealer.
(c) Definitions.—In this section, each term shall have the meaning provided in the Commodity Exchange Act or the regulations prescribed under such Act.