; and (3) by inserting after subparagraph (B) the following: (C) in the case of an issuer of a digital asset security, not later than 120 days after the last day of the third fiscal year on which the issuer first has total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by 2,000 or more persons, . 103. Desecuritization of digital asset securities Section 12(g) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g) ) is amended by adding at the end the following: (7) Desecuritization of digital asset securities Registration of any class of digital asset security pursuant to this subsection or status as a security (or both) shall be terminated ninety days, or such shorter period as the Commission may determine, after the issuer files a desecuritization certification with the Commission. The desecuritization certification shall demonstrate that the issuer’s service, goods, or platform are fully operational and that the digital asset does not provide holders of such digital assets with any of the rights specified in subclauses (I) through (IV) of section 3(a)(82)(A). The Commission shall after notice and opportunity for hearing deny termination of registration or change in status as a security (or both) if it finds that the desecuritization certification is untrue. Termination of registration or change in status (or both) shall be deferred pending final determination on the question of denial. A digital asset security so desecuritized shall be considered to be, and regulated as, a commodity under the Commodity Exchange Act ( 7 U.S.C. 1a et seq. ). . 104. Joint SEC and CFTC rulemaking on major digital asset classification The Securities Exchange Act of 1934 is amended by adding at the end the following: 105. Joint SEC and CFTC rulemaking on major digital asset classification (a) In general Not later than 150 days after the date of the enactment of this section, the Commission and the Commodity Futures Trading Commission shall jointly publish, for purposes