; and (bb) all activities relating to a payment stablecoin conducted by an entity registered under this Act, including brokering, trading, and custodial activities relating to payment stablecoins. (II) Exceptions Subclause (I) shall not apply to specified periodic reporting requirements made by an issuer that provided the holder of a security with an ancillary asset under section 42(b)(4) of the Securities Exchange Act of 1934 and the security that constitutes an investment contract (within the meaning of section 2(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(1) )) with respect to that ancillary asset. (III) Fungibility requirement The Commission shall only exercise jurisdiction over an agreement, contract, or transaction involving a contract of sale of a crypto asset that is commercially fungible, which shall not include digital collectibles and other unique crypto assets. (ii) Withholding of rulemaking authority over certain transactions Nothing in this subparagraph authorizes the Commission to issue any rule regarding any agreement, contract, or transaction that is not offered, solicited, traded, facilitated, executed, cleared, reported, or otherwise dealt in— (I) on or subject to the rules of a registered entity (with the exception of entities required to register under this Act)