Top Summary
This bill establishes a 360-day timeframe for the CFTC and SEC to promulgate rules under the Act, allowing them to take preliminary actions before the effective date. It addresses digital commodities by clarifying that secondary transactions and end user distributions are not considered offers or sales of securities, defines "agent" in the context of digital commodity issuers, and amends the Securities Exchange Act of 1934 to include requirements for mature blockchain systems and clarify eligibility for alternative trading systems. The bill also sets effective dates for provisions, introduces intermediary registration requirements, and clarifies the status of trading systems relative to exchange facilities.
Sub Summaries
- Regulatory Timeframe and Authority for CFTC and SEC Under Title II of the Digital Commodities Act
- Secondary Transactions in Digital Commodities and Securities Law Exemptions
- New Blockchain Requirements Added to Securities Exchange Act of 1934
- Effective Date and Registration Provisions for Intermediaries Under the Act
- Clarifying Eligibility and Status of Alternative Trading Systems Under the Securities Exchange Act of 1934