; (II) a security futures product; (III) a swap; (IV) an agreement, contract, or transaction described in section 2(c)(2)(C)(i) or 2(c)(2)(D)(i) of the Commodity Exchange Act; (V) a commodity option authorized under section 4c of the Commodity Exchange Act; or (VI) a leverage transaction authorized under section 19 of the Commodity Exchange Act. (C) Rule of construction Nothing in this paragraph shall be construed to create a presumption that a digital asset is a representation of any type of security not excluded from the definition of digital asset. (D) Relationship to a blockchain system A digital asset is considered to relate to a blockchain system if the digital asset is intrinsically linked to the blockchain system, including— (i) where the digital asset’s value is reasonably expected to be generated by the programmatic functioning of the blockchain system; (ii) where the digital asset has voting rights with respect to the decentralized governance system of the blockchain system; or (iii) where the digital asset is issued through the programmatic functioning of the blockchain system. (E) Treatment of certain digital assets sold pursuant to an investment contract A digital asset offered or sold or intended to be offered or sold pursuant to an investment contract is not and does not become a security as a result of being sold or otherwise transferred pursuant to that investment contract. (27) Digital asset issuer (A) In general With respect to a digital asset, the term digital asset issuer means any person that, in exchange for any consideration— (i) issues or causes to be issued a unit of such digital asset to a person