; and (2) by adding at the end the following: (20) The term managed stablecoin means a digital asset that— (A) is not a security registered under section 8(a) of the Investment Company Act of 1940; and (B) satisfies one or more of the following: (i) The market value of such digital asset is determined, in whole or in significant part, directly or indirectly, by reference to the value of a pool or basket of assets, including digital assets, held, designated, or managed by one or more persons. (ii) One or more holders of such digital asset, directly or indirectly, are entitled to obtain consideration or other assets, including other digital assets and any sovereign currency of a foreign government or the United States, in exchange for the digital asset, the amount of which payment is determined, in whole or in significant part, directly or indirectly, on the basis of the value of a pool or basket of assets, including digital assets, held, designated, or managed by one or more persons. (21) The term digital asset means any asset, contract, agreement or transaction, including a representation of an economic, proprietary, or access right, that is stored in a computer-readable form and has or will have a transaction history that is recorded in a distributed ledger, digital ledger or other digital data structure. A digital asset may be a managed stablecoin and a security. . (b) Definitions under the Securities Exchange Act of 1934 Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ) is amended— (1) in paragraph (10)— (A) by inserting , regardless of form after any of the foregoing ; (B) by inserting , managed stablecoin after national securities exchange relating to foreign currency ; and (C) by inserting sovereign after but shall not include