; or (II) by any other entity registered by the Commission. (iii) Limitation Clause (i) shall not apply to custodial activities with respect to a crypto asset of an entity supervised or regulated by a State or other Federal regulatory agency. . (2) Conforming amendment Section 2(a)(1)(A) of the Commodity Exchange Act ( 7 U.S.C. 2(a)(1)(A) ) is amended, in the first sentence, by striking section 19 of this Act and inserting subsection (c)(2)(F) or section 19 . (b) Segregation of crypto assets Section 4d of the Commodity Exchange Act ( 7 U.S.C. 6d ) is amended by adding at the end the following: (i) Segregation of crypto assets (1) Holding of customer assets (A) In general Each futures commission merchant shall hold customer money, assets, and property in a manner to minimize the customer’s risk of loss of, or unreasonable delay in the access to, the money, assets, and property. (B) Custodian A futures commission merchant shall hold the property of a customer of the futures commission merchant with a separate licensed, chartered, or registered entity subject to regulation or supervision by 1 of the following agencies: (i) The Commission. (ii) The Securities and Exchange Commission. (iii) An appropriate Federal banking agency (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )). (iv) A State bank supervisor (as defined in that section). (v) An appropriate foreign governmental authority in the home country of the custodian. (2) Segregation of funds (A) Definition of crypto asset customer In this paragraph, the term crypto asset customer means a customer involved in a cash or spot, leveraged, margined, or financed crypto asset transaction, which may include a payment stablecoin, in which the futures commission merchant is acting as the counterparty. (B) Requirements (i) In general A futures commission merchant shall treat and deal with all money, assets, and property of any crypto asset customer received as belonging to the customer. (ii) Commingling prohibited Money, assets, and property