; (II) rely on sales in a private market; or (III) rely on secondary market trades through a financial institution (as defined in section 1010.100(t) of title 31, Code of Federal Regulations (or a successor regulation)). (ii) Consultation required The Securities and Exchange Commission shall consult with the Secretary of the Treasury before prescribing regulations under clause (i). (iii) Certification required Each digital asset protocol backer described in paragraph (4) or in section 5312(a)(2)(AA) of title 31, United States Code, as amended by subsection (c) of this section, shall submit to the Securities and Exchange Commission and the Secretary of the Treasury an annual certification with respect to the value of the governance tokens of the digital asset protocol held by the digital asset protocol backer, beginning on the earlier of— (I) the date on which the value of those governance tokens equals or exceeds the dollar amount specified in subparagraph (A)(i), as may be adjusted by the Secretary of the Treasury; or (II) the date on which the Securities and Exchange Commission or the Secretary of the Treasury request information about the valuation of the governance tokens. (5) Digital asset transaction facilitator The term digital asset transaction facilitator means any person that— (A) controls a digital asset protocol, as determined by the Secretary of the Treasury