Top Summary
This section of the US bill amends the Commodity Exchange Act to require futures commission merchants to use qualified digital asset custodians for holding digital assets, modifying references to banks and trust companies to include these custodians in several provisions of the Act.
Original Bill Text:
SEC. 402.Requiring futures commission merchants to use qualified digital asset custodians.
Section 4d of the Commodity Exchange Act (7 U.S.C. 6d) is amended—
(1) in subsection (a)(2)—
(A) in the 1st proviso, by striking “any bank or trust company” and inserting “any bank, trust company, or qualified digital asset custodian, as applicable,”; and
(B) by inserting “: Provided further, That any such property that is a digital asset shall be held in a qualified digital asset custodian” before the period at the end; and
(2) in subsection (f)(3)(A)(i), by striking “any bank or trust company” and inserting “any bank, trust company, or qualified digital asset custodian”.