; and (2) by striking ; but shall not include currency and inserting ; but shall not include any fiat currency, commodity, digital asset, . (b) Other definitions Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended— (1) by transferring paragraph (79) so as to appear after paragraph (78); (2) by redesignating the second paragraph (80) as paragraph (81); and (3) by adding at the end the following: (82) Digital asset security (A) In general The term digital asset security means a digital asset that: (i) Provides the holder of the digital asset with any of the following rights: (I) Equity or debt interest in the issuer. (II) Right to profits, interest, or dividend payments from the issuer. (III) Voting rights in the major corporate actions (which shall not include new block creations, hardforks, or protocol changes related to the digital asset) of the issuer. (IV) Liquidation rights in the event of the issuer’s liquidation. (ii) In the case of an issuer with a service, goods, or platform that is not wholly operational at the time of issuing such digital asset, with respect to any fundraising or capital formation activity (including initial coin offerings) which is accomplished through the issuance of such a digital asset, issues such digital asset to a holder in return for money (including other digital assets) to fund the development of the proposed service, goods, or platform of the issuer. (B) Rule relating to digital assets The term digital asset security does not include any digital asset other than the digital assets described in subparagraph (A). Any digital asset not described in subparagraph (A) shall be considered to be, and regulated as, a commodity under the Commodity Exchange Act ( 7 U.S.C. 1a et seq. ). . 102. Delayed registration for digital asset securities Section 12(g)(1) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(1) ) is amended— (1) in subparagraph (A)(ii), by striking and at the end; (2) in subparagraph (B), by inserting and after persons,