; (3) to recognize a liability for any obligations related to activities or services performed for digital assets that the entity does not own if that liability would exceed the expense recognized in the income statement as a result of the corresponding obligation. (c) Definitions In this section: (1) Depository institution The terms depository institution has the meaning given that term under section 3 of the Federal Deposit Insurance Act. (2) Credit union terms The terms Federal credit union and State credit union have the meaning given those terms, respectively, under section 101 of the Federal Credit Union Act. 13. Clarifying that payment stablecoins are not securities or commodities (a) Investment Advisers Act of 1940 Section 202(a)(18) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a)(18) ) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023. . (b) Investment Company Act of 1940 Section 2(a)(36) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a)(36) ) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023. . (c) Securities Act of 1933 Section 2(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(1) ) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined, respectively, in section 2 of the Clarity for Payment Stablecoins Act of 2023. . (d) Securities Exchange act of 1934 Section 3(a)(10) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a)(10) ) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a