; (B) by redesignating subparagraph (AA) as subparagraph (BB); and (C) by inserting after subparagraph (Z) the following: (AA) a digital asset transaction facilitator or a digital asset protocol backer of a digital asset protocol; or . (2) Effective date Subparagraph (AA) of section 5312(a)(2) of title 31, United States Code, as added by subsection (a), shall take effect on the day after the effective date of the final rules issued by the Secretary of the Treasury pursuant to section 6110(b) of the Anti-Money Laundering Act of 2020 (division F of Public Law 116–283 ). (3) Exemption for controlled decentralized finance protocols The Secretary of the Treasury may exercise the exemptive authority under section 5318(a)(7) of title 31, United States Code, with respect to a digital asset protocol backer of a digital asset protocol, if— (A) the Secretary of the Treasury finds that such digital asset protocol is controlled by a digital asset transaction facilitator or by another person, who may be appointed through contract or other means; and (B) the digital asset transaction facilitator or other person described in subparagraph (A) is subject to the requirements under this section and regulations prescribed under this section for transactions conducted through the use of such digital asset protocol. 3. Prohibitions or conditions on certain transmittals of funds Section 5318A of title 31, United States Code, is amended— (1) in subsection (a)(2)(C), by striking subsection (b)(5) and inserting paragraphs (5) and (6) of subsection (b) ; and (2) in subsection (b)— (A) in paragraph (5), by striking for or on behalf of a foreign banking institution