; or (B) with respect to digital asset transactions which are not recorded on the public distributed ledger for the digital asset, reporting the transaction to a CFTC registered digital asset repository of transactions. 404. Virtual digital asset service providers (a) In general The Secretary of the Treasury shall, not later than 270 days after the date of the enactment of this Act, issue a rule requiring virtual asset service providers (as defined in section 5312(a) of title 31, United States Code), which are engaged in services which are available in the United States and to United States persons, even if the provider is located outside the United States, related to digital asset securities and digital assets, that such persons shall be required to— (1) register with the Securities and Exchange Commission or with the Commodity Futures Trading Commission, as appropriate and in such capacities as are appropriate; (2) with respect to digital asset securities, meet the customer protection and account custody rules which are applicable to Securities Exchange Commission registered broker-dealers for customer funds and securities