; and (2) in subsection (c)(1)(A)— (A) by inserting digital commodity broker, digital commodity dealer, after futures commission merchant, ; and (B) by inserting before the period the following: and any digital commodity exchange registered, or required to register, under the Commodity Exchange Act which permits direct customer access . (b) GAO study (1) In general The Comptroller General of the United States, in consultation with the Secretary of the Treasury, shall conduct a study to— (A) assess the risks posed by centralized intermediaries that are primarily located in foreign jurisdictions that provide services to U.S. persons without regulatory requirements that are substantially similar to the requirements of the Bank Secrecy Act; and (B) provide any regulatory or legislative recommendations to address these risks under subparagraph (A). (2) Report Not later than 1 year after the date of enactment of this Act, the Comptroller General shall issue a report to Congress containing all findings and determinations made in carrying out the study required under paragraph (1). II Clarity for Assets Offered as Part of an Investment Contract 201. Short title This title may be referred to as the Securities Clarity Act of 2024 . 202. Treatment of investment contract assets (a) Securities Act of 1933 Section 2(a) of the Securities Act of 1933 ( 15 U.S.C. 77b(a) ), as amended by section 101, is further amended— (1) in paragraph (1), by adding at the end the following: The term security does not include an investment contract asset. ; and (2) by adding at the end the following: (37) The term investment contract asset means a fungible digital representation of value— (A) that can be exclusively possessed and transferred, person to person, without necessary reliance on an intermediary, and is recorded on a cryptographically secured public distributed ledger; (B) sold or otherwise transferred, or intended to be sold or otherwise transferred, pursuant to an investment contract