; (C) shall directly or indirectly prohibit, limit, or impose conditions, based on the merits of a digital token offering or a person developing, offering, or selling a digital token, upon the offer or sale of any digital token; or (D) shall directly or indirectly require the filing of any notices or other documents, or the assessment of any fees, with respect to digital tokens or digital token transactions. (2) Preservation of fraud authority States and political subdivisions thereof shall retain jurisdiction under the laws of such State to investigate and bring enforcement actions with respect to fraud or deceit, or unlawful conduct by any person, in connection with digital tokens or digital token transactions. . 3. Securities Exchange Act of 1934 (a) Definition of bank Section 3(a)(6)(C) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(6)(C) ) is amended— (1) by inserting or trust company, after Home Owners’ Loan Act, ; and (2) by striking receiving deposits or exercising fiduciary powers and inserting receiving deposits, providing custodial services, or exercising fiduciary powers . (b) Definition of security Section 3(a)(10) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(10) ) is amended— (1) by inserting (A) after (1) ; and (2) by adding at the end the following: (B) Such term does not include a digital token. . (c) Definition of digital token Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended by adding at the end the following: (82) Digital token The term digital token has the meaning given to it in section 2(a) of the Securities Act of 1933. . (d) Clerical amendments Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended— (1) by moving paragraph (79) so as to appear after paragraph (78)