; (iii) the issuer of which is subject to regulation by a Federal or State regulator with authority over entities that issue payment stablecoins; and (iv) that is not— (I) a national currency; or (II) a security issued by an investment company registered under section 8(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–8(a) ). (B) Monetary value defined For purposes of subparagraph (A), the term monetary value means a national currency, deposit (as defined under section 3 of the Federal Deposit Insurance Act), or an equivalent instrument that is denominated in a national currency. (33) Related person With respect to a digital asset issuer, the term related person means— (A) a founder, promoter, employee, consultant, advisor, or person serving in a similar capacity; (B) any person that is or was in the previous 6-month period an executive officer, director, trustee, general partner, advisory board member, or person serving in a similar capacity; (C) any equity holder or other security holder; or (D) any other person that received a unit of digital asset from such digital asset issuer through— (i) an exempt offering, other than an offering made in reliance on section 4(a)(8); or (ii) a distribution that is not an end user distribution described under section 42(d)(1) of the Securities Exchange Act of 1934. (34) Restricted digital asset (A) In general The term restricted digital asset means— (i) prior to the first date on which each blockchain system to which a digital asset relates is a functional system and certified to be a decentralized system under section 44 of the Securities Exchange Act of 1934, any unit of the digital asset held by a person, other than the digital asset issuer, a related person, or an affiliated person, that was— (I) issued to such person through a distribution, other than an end user distribution described under section 42(d)(1) of the Securities Exchange Act of 1934; or (II) acquired by such person in a transaction that was not executed on a digital commodity exchange