Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB1223 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	119THCONGRESS
3	3	1
4	4	STSESSION S. 1223
5	5	To amend the Commodity Exchange Act to prohibit interference in United
6	6	States digital commodity markets by entities organized or established
7	7	in a foreign adversary, and for other purposes.
8	8	IN THE SENATE OF THE UNITED STATES
9	9	APRIL1 (legislative day, MARCH31), 2025
10	10	Mr. T
11	11	UBERVILLE(for himself, Mrs. HYDE-SMITH, and Mr. JUSTICE) intro-
12	12	duced the following bill; which was read twice and referred to the Com-
13	13	mittee on Agriculture, Nutrition, and Forestry
14	14	A BILL
15	15	To amend the Commodity Exchange Act to prohibit inter-
16	16	ference in United States digital commodity markets by
17	17	entities organized or established in a foreign adversary,
18	18	and for other purposes.
19	19	Be it enacted by the Senate and House of Representa-1
20	20	tives of the United States of America in Congress assembled, 2
21	21	SECTION 1. SHORT TITLE. 3
22	22	This Act may be cited as the ‘‘Prohibiting Foreign 4
23	23	Adversary Interference in Cryptocurrency Markets Act’’. 5
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26	26	•S 1223 IS
27	27	SEC. 2. PROHIBITION ON REGISTRATION OF FOREIGN AD-1
28	28	VERSARY-AFFILIATED DIGITAL COMMODITY 2
29	29	PLATFORMS. 3
30	30	Section 4(b) of the Commodity Exchange Act (7 4
31	31	U.S.C. 6(b)) is amended by adding at the end the fol-5
32	32	lowing: 6
33	33	‘‘(3) P
34	34	ROHIBITION ON REGISTRATION OF FOR -7
35	35	EIGN ADVERSARY-AFFILIATED DIGITAL COMMODITY 8
36	36	PLATFORMS.— 9
37	37	‘‘(A) D
38	38	EFINITIONS.—In this paragraph: 10
39	39	‘‘(i) C
40	40	OVERED ENTITY .—The term 11
41	41	‘covered entity’ means— 12
42	42	‘‘(I) an entity that is established 13
43	43	or organized under the laws of, or the 14
44	44	principal place of business of which is 15
45	45	located in, a foreign adversary; and 16
46	46	‘‘(II) any subsidiary owned (in 17
47	47	whole or in part) or operated by an 18
48	48	entity described in subclause (I). 19
49	49	‘‘(ii) D
50	50	IGITAL COMMODITY.— 20
51	51	‘‘(I) I
52	52	N GENERAL.—The term 21
53	53	‘digital commodity’ means a fungible 22
54	54	digital form of personal property that 23
55	55	can be possessed and transferred per-24
56	56	son-to-person without necessary reli-25
57	57	ance on an intermediary. 26
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61	61	‘‘(II) INCLUSIONS.—The term 1
62	62	‘digital commodity’ includes property 2
63	63	commonly known as ‘cryptocurrency’ 3
64	64	or ‘virtual currency’. 4
65	65	‘‘(III) E
66	66	XCLUSIONS.—The term 5
67	67	‘digital commodity’ does not include— 6
68	68	‘‘(aa) an interest in a phys-7
69	69	ical commodity; 8
70	70	‘‘(bb) a security; 9
71	71	‘‘(cc) a digital form of cur-10
72	72	rency backed by the full faith 11
73	73	and credit of the United States; 12
74	74	or 13
75	75	‘‘(dd) any other instrument 14
76	76	that the Commission determines 15
77	77	not to be a digital commodity. 16
78	78	‘‘(iii) D
79	79	IGITAL COMMODITY 17
80	80	BROKER.— 18
81	81	‘‘(I) I
82	82	N GENERAL.—The term 19
83	83	‘digital commodity broker’ means a 20
84	84	person that is engaged, as an identifi-21
85	85	able business, in— 22
86	86	‘‘(aa) soliciting or accepting 23
87	87	orders on behalf of another per-24
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90	90	•S 1223 IS
91	91	son for a digital commodity 1
92	92	trade; 2
93	93	‘‘(bb) accepting digital com-3
94	94	modities from another person for 4
95	95	the purpose of entering into dig-5
96	96	ital commodity trades; 6
97	97	‘‘(cc) arranging digital com-7
98	98	modity trades on behalf of an-8
99	99	other person; or 9
100	100	‘‘(dd) a similar activity, as 10
101	101	determined by the Commission. 11
102	102	‘‘(II) E
103	103	XCLUSION.—The term 12
104	104	‘digital commodity broker’ does not 13
105	105	include a person solely because that 14
106	106	person validates digital commodity 15
107	107	transactions. 16
108	108	‘‘(iv) D
109	109	IGITAL COMMODITY CUSTO -17
110	110	DIAN.—The term ‘digital commodity custo-18
111	111	dian’ means a person that, as an identifi-19
112	112	able business, maintains possession, cus-20
113	113	tody, or control over digital commodities 21
114	114	on behalf of another person. 22
115	115	‘‘(v) D
116	116	IGITAL COMMODITY DEALER .— 23
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120	120	‘‘(I) IN GENERAL.—The term 1
121	121	‘digital commodity dealer’ means a 2
122	122	person that— 3
123	123	‘‘(aa) has an identifiable 4
124	124	business of dealing in a digital 5
125	125	commodity as principal for its 6
126	126	own account; 7
127	127	‘‘(bb) makes a market in a 8
128	128	digital commodity; 9
129	129	‘‘(cc) holds itself out as a 10
130	130	dealer in a digital commodity; 11
131	131	‘‘(dd) has as an identifiable 12
132	132	business of buying or selling dig-13
133	133	ital commodities for conversion 14
134	134	into other digital commodities, 15
135	135	currency, or other consideration; 16
136	136	‘‘(ee) has as an identifiable 17
137	137	business of accepting digital com-18
138	138	modities from another person (re-19
139	139	ferred to in this item as a ‘de-20
140	140	positor’) with an obligation to re-21
141	141	turn to the depositor the digital 22
142	142	commodities, consideration linked 23
143	143	to the digital commodities, or 24
144	144	both; or 25
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148	148	‘‘(ff) engages in a similar 1
149	149	activity, as determined by the 2
150	150	Commission. 3
151	151	‘‘(II) E
152	152	XCLUSION.—The term 4
153	153	‘digital commodity dealer’ does not in-5
154	154	clude a person solely because that per-6
155	155	son validates digital commodity trans-7
156	156	actions. 8
157	157	‘‘(vi) D
158	158	IGITAL COMMODITY PLAT -9
159	159	FORM.—The term ‘digital commodity plat-10
160	160	form’ means a person that is 1 or more of 11
161	161	the following: 12
162	162	‘‘(I) A digital commodity broker. 13
163	163	‘‘(II) A digital commodity custo-14
164	164	dian. 15
165	165	‘‘(III) A digital commodity deal-16
166	166	er. 17
167	167	‘‘(IV) A digital commodity trad-18
168	168	ing facility. 19
169	169	‘‘(vii) D
170	170	IGITAL COMMODITY TRADE .— 20
171	171	‘‘(I) I
172	172	N GENERAL.—The term 21
173	173	‘digital commodity trade’ means a 22
174	174	purchase or sale of a digital com-23
175	175	modity in exchange for— 24
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178	178	•S 1223 IS
179	179	‘‘(aa) another digital com-1
180	180	modity; or 2
181	181	‘‘(bb) any other consider-3
182	182	ation. 4
183	183	‘‘(II) I
184	184	NCLUSIONS.—The term 5
185	185	‘digital commodity trade’ includes— 6
186	186	‘‘(aa) an offer to enter into 7
187	187	a purchase or sale described in 8
188	188	subclause (I); and 9
189	189	‘‘(bb) a loan of a digital 10
190	190	commodity, an offer to enter into 11
191	191	a loan of a digital commodity, or 12
192	192	a similar activity, as determined 13
193	193	by the Commission. 14
194	194	‘‘(viii) D
195	195	IGITAL COMMODITY TRADING 15
196	196	FACILITY.— 16
197	197	‘‘(I) I
198	198	N GENERAL.—The term 17
199	199	‘digital commodity trading facility’ 18
200	200	means a trading facility that facili-19
201	201	tates the execution or trading of dig-20
202	202	ital commodity trades between per-21
203	203	sons. 22
204	204	‘‘(II) E
205	205	XCLUSION.—The term 23
206	206	‘digital commodity trading facility’ 24
207	207	does not include a person solely be-25
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211	211	cause that person validates digital 1
212	212	commodity transactions. 2
213	213	‘‘(ix) F
214	214	OREIGN ADVERSARY .—The 3
215	215	term ‘foreign adversary’ means— 4
216	216	‘‘(I) the People’s Republic of 5
217	217	China, including the Hong Kong Spe-6
218	218	cial Administrative Region and the 7
219	219	Macao Special Administrative Region; 8
220	220	‘‘(II) the Republic of Cuba; 9
221	221	‘‘(III) the Islamic Republic of 10
222	222	Iran; 11
223	223	‘‘(IV) the Democratic People’s 12
224	224	Republic of Korea; 13
225	225	‘‘(V) the Russian Federation; 14
226	226	and 15
227	227	‘‘(VI) the Bolivarian Republic of 16
228	228	Venezuela under the regime of Nicola´s 17
229	229	Maduro Moros. 18
230	230	‘‘(B) P
231	231	ROHIBITION ON REGISTRATION .— 19
232	232	The Commission shall not register under this 20
233	233	Act a digital commodity platform that is owned 21
234	234	(in whole or in part) by a covered entity. 22
235	235	‘‘(C) R
236	236	EVOCATION OF REGISTRATION .— 23
237	237	The Commission shall revoke the registration 24
238	238	under this Act of a digital commodity platform 25
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241	241	•S 1223 IS
242	242	if a covered entity acquires all or any part of 1
243	243	the ownership of the digital commodity plat-2
244	244	form.’’. 3
245	245	Æ
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