; or (II) by any other entity registered with the Commission. (ii) Permitted payment stablecoin transaction rules This Act shall apply to a transaction described in clause (i) only for the purpose of regulating the offer, execution, solicitation, or acceptance of a cash or spot permitted payment stablecoin transaction on a registered entity or by any other entity registered with the Commission, as if the permitted payment stablecoin were a digital commodity. (iii) No authority over permitted payment stablecoins Notwithstanding clauses (i) and (ii), the Commission shall not make a rule or regulation, impose a requirement or obligation on a registered entity or other entity registered with the Commission, or impose a requirement or obligation on a permitted payment stablecoin issuer, regarding the operation of a permitted payment stablecoin issuer or a permitted payment stablecoin. . (d) Conforming amendment Section 2(a)(1)(A) of such Act ( 7 U.S.C. 2(a)(1)(A) ) is amended in the 1st sentence by inserting subparagraphs (F) and (G) of subsection (c)(2) of this section or before section 19 . 502. Requiring futures commission merchants to use qualified digital commodity custodians Section 4d of the Commodity Exchange Act ( 7 U.S.C. 6d ) is amended— (1) in subsection (a)(2)— (A) in the 1st proviso, by striking any bank or trust company and inserting any bank, trust company, or qualified digital commodity custodian ; and (B) by inserting : Provided further, That any such property that is a digital commodity shall be held in a qualified digital commodity custodian before the period at the end; and (2) in subsection (f)(3)(A)(i), by striking any bank or trust company and inserting any bank, trust company, or qualified digital commodity custodian . 503. Trading certification and approval for digital commodities Section 5c of the Commodity Exchange Act ( 7 U.S.C. 7a–2 ) is amended— (1) in subsection (a), by striking 5(d) and 5b(c)(2) and inserting 5(d), 5b(c)(2), and 5i(c)