; and (II) paragraph (2) shall be applied by substituting 20 business days for 10 business days . (ii) Transitional extension During the 18-month period beginning on the date of the registration of the first crypto asset exchange, the Commission shall have an additional 20 business days to review any certification under clause (i). (iii) Consideration of comments In conducting a review under clause (i), the Commission shall consider any comments provided by the Securities and Exchange Commission with respect to the legal classification of a crypto asset. . 404. Registration of crypto asset exchanges (a) In general The Commodity Exchange Act ( 7 U.S.C. 1 et seq. ) is amended by inserting after section 5h the following: 5i. Registration of crypto asset exchanges (a) Definition of customer In this section, the term customer means any person that maintains an account for the trading of crypto assets or payment stablecoins directly with a registered crypto asset exchange (other than a person that is owned or controlled, directly or indirectly, by the registered crypto asset exchange). (b) Registration (1) In general Any trading facility that offers or seeks to offer a market in crypto assets or payment stablecoins shall register with the Commission as a crypto asset exchange by submitting 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 under subsections (d) and (f). (2) Deemed registration A registered designated contract market or registered swap execution facility that fulfills the requirements of this section may elect to be considered a registered crypto asset exchange, in such form and manner as the Commission shall prescribe. (3) Additional registration A registered crypto asset exchange shall be registered with the Secretary of the Treasury as a money services business and with a customer protection and market integrity authority registered under section 9809 of title 31, United States