How S 4064 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill introduces regulations for digital commodities, establishing new definitions and classifications while restructuring existing ones in the Commodity Exchange Act.

• 7 U.S.C. 1a

  The term “associated person of a swap dealer or major swap participant” means a person who is associated with a swap dealer or major swap participant as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions), in any capacity that involves— → The term `associated person of a digital commodity broker' means a person who is associated with a digital commodity broker as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions) in any capacity that involves—

  This adds a new definition for 'associated person of a digital commodity broker', expanding the regulation to include digital commodities.

• 7 U.S.C. 1a

  The term “associated person of a swap dealer or major swap participant” does not include any person associated with a swap dealer or major swap participant the functions of which are solely clerical or ministerial. → The term `associated person of a digital commodity dealer' means a person who is associated with a digital commodity dealer as a partner, officer, employee, or agent (or any person occupying a similar status or performing similar functions) in any capacity that involves—

  This introduces a similar definition for 'associated person of a digital commodity dealer', indicating regulatory alignment for digital commodities.

• 7 U.S.C. 1a

  The term 'blockchain' means technology— through which data is shared across a network that creates a public blockchain of verified transactions or information among network participants; and in which cryptography is used to link the data described in subparagraph (A)— to maintain the integrity of the blockchain described in that subparagraph; and to execute other functions.

  This creates a new definition for 'blockchain', clarifying what constitutes the technology underlying digital commodities.

• 7 U.S.C. 1a

  The term 'digital asset' means any digital representation of value which is recorded on a cryptographically secured blockchain.

  This establishes a new definition for 'digital asset' to align with the digital commodities framework.

• 7 U.S.C. 1a

  The term 'digital commodity' means any fungible digital asset that can be exclusively possessed and transferred, person to person, without necessary reliance on an intermediary, and is recorded on a blockchain.

  This adds a specific definition for 'digital commodity', which is crucial for the new regulatory environment.