; or (II) exchanged or sold in such limited quantities as the Commission determines support the public use and functioning of services and rights associated with the digital commodity. (ii) Treatment For purposes of this subsection, a unit of a digital commodity obtained through a transaction utilizing this exception shall not be considered to be obtained though a digital commodity presale. (D) Prior digital commodities A unit of a digital commodity shall not be subject to this subsection if, before the date of the enactment of this subsection, the digital commodity was publicly available for trading on a trading facility licensed as a money transmitter in a State or territory of the United States. (4) Transition rules (A) In general For the purpose of a transaction described in paragraph (3)(B), the Commission shall consider a trading facility to be a registered digital commodity exchange if— (i) the trading facility— (I) has been continuously licensed as a money transmitter in at least 20 States or territories of the United States since August 1, 2019; (II) is a designated contract market; or (III) is a swap execution facility; (ii) the trading facility submits a listing notice to the Commission containing— (I) documentation dem­on­strat­ing its licensing referred to in clause (i)(I); and (II) the determination made by the trading facility under section 5i(c)(3) that the digital commodity that is the subject of the transaction is not readily susceptible to manipulation; and (iii) the Commission has not issued a notice of disapproval of the listing notice. (B) Disapproval process In making a disapproval under subparagraph (A), the Commission shall— (i) issue any disapproval within 20 business days after receipt of a completed listing notice