; (4) in paragraph (31)(A)(i) (as so redesignated)— (A) in subclause (I)— (i) in item (aa)— (I) in subitem (EE), by striking or at the end; and (II) by adding at the end the following: (GG) the purchase or sale of a crypto asset that is traded on or subject to the rules of a registered entity; ; (ii) in item (bb), by striking and at the end and inserting or ; and (iii) by adding at the end the following: (cc) acting as a counterparty (not on a principal basis) to any cash or spot agreement, contract, or transaction involving a crypto asset, which may include a payment stablecoin, with a person who is not an eligible contract participant, unless the activity is— (AA) conducted in compliance with the laws of the State in which the activity occurs; (BB) subject to regulation by another Federal authority; or (CC) separately regulated under this Act; and ; and (B) in subclause (II), by striking items (aa) or (bb) and inserting item (aa), (bb), or (cc) ; (5) by inserting after paragraph (40) (as so redesignated) the following: (41) Payment stablecoin The term payment stablecoin has the meaning given the term in section 9801 of title 31, United States Code. ; (6) by inserting after paragraph (43) (as so redesignated) the following: (44) Registered crypto asset exchange The term registered crypto asset exchange means a crypto asset exchange registered under section 5i. ; (7) in paragraph (45) (as so redesignated)— (A) in subparagraph (E), by striking and at the end; (B) by redesignating subparagraph (F) as subparagraph (G); and (C) by inserting after subparagraph (E) the following: (F) a registered crypto asset exchange; and ; and (8) in paragraph (56)(B)(i) (as so redesignated), by inserting or a decentralized crypto asset exchange after execution algorithm . 402. Reporting and recordkeeping Section 4g of the Commodity Exchange Act ( 7 U.S.C. 6g ) is amended— (1) in subsection (a), by inserting crypto assets or before commodities