a regulations prescribed under this Act). (ii) Analysis required The Commission shall include, with any findings made under clause (i), a detailed analysis of the factors on which the decision is based. (iii) Public findings The Commission shall make public any disapproval decision, and any related findings and analysis, made under this paragraph. (8) Eligible entity defined In this subsection, the term eligible entity means a registered entity or group of registered entities acting jointly. . 504. Registration of digital commodity exchanges The Commodity Exchange Act ( 7 U.S.C. 1 et seq. ) is amended by inserting after section 5h the following: 5i. Registration of digital commodity exchanges (a) In general (1) Registration (A) In general A trading facility that offers or seeks to offer a cash or spot market in at least 1 digital commodity shall register with the Commission as a digital commodity exchange. (B) Application A person desiring to register as a digital commodity exchange shall submit to the Commission an application in such form and containing such information as the Commission may require for the purpose of making the determinations required for approval. (C) Exemptions A trading facility that offers or seeks to offer a cash or spot market in at least 1 digital commodity shall not be required to register under this section if the trading facility— (i) permits no more than a de minimis amount of trading activity in a digital commodity