; and (B) the Commission has not disapproved the acquisition during the 60-day period beginning on the date of the notice under subparagraph (A). (3) Information The Commission may, by rule, specify information relating to a proposed acquisition described in paragraph (1) or (2), which shall be submitted with an application. (4) Public notice As specified by the Commission, public notice of a proposed acquisition described in paragraph (1) or (2) shall be given at the time an application is filed. (5) Approval The Commission shall approve a proposed acquisition described in paragraph (1) or (2) unless, by order, it finds either of the following: (A) The proposed acquisition would pose an unacceptable risk to customers or to the operation of the exchange. (B) The proposed acquisition would otherwise violate Federal law. (6) Definition of control In this subsection, the term control means the power, directly or indirectly, to direct the management or policies of a crypto asset exchange, to vote 25 percent or more of any class of voting securities of the exchange or control in any manner the election of a majority of the directors of the exchange, as may be provided by rule. (i) Jurisdiction Except as otherwise provided by Federal law, the Commission shall have exclusive jurisdiction over the regulation, supervision, and all other activities of a registered crypto asset exchange. (j) Implementation The Commission shall prescribe rules to implement this section. . (b) Certain crypto asset exchange functions not sufficient To trigger requirement To register as futures commission merchant Section 4f(c) of the Commodity Exchange Act ( 7 U.S.C. 6f(c) ) is amended by adding at the end the following: (12) Clarification of scope of registration requirement A registered crypto asset exchange shall not be required to register as a futures commission merchant for any activity for which the registered crypto asset exchange is regulated under section 5i. . 405. Supervision of affiliates (a) In general The Commodity Exchange Act