; or (ii) the digital asset maturity date; (B) any blockchain system to which the digital commodity relates is certified to be a decentralized system under section 44; and (C) the digital commodity is offered or sold on or subject to the rules of a digital commodity exchange registered under section 5i of the Commodity Exchange Act. (3) Not an investment contract For purposes of the securities laws, an offer or sale of a digital commodity that does not violate paragraph (2) shall not be a transaction in an investment contract. (c) Sales restrictions for affiliated persons A digital asset may be offered and sold by an affiliated person under subsection (a) or (b) if— (1) the aggregate amount of such digital assets sold in any 3-month period by the affiliated person is not greater than one percent of the digital assets then outstanding; or (2) the affiliated person promptly, following the placement of an order to sell one percent or more of the digital assets then outstanding during any 3-month period, reports the sale to— (A) the Commodity Futures Trading Commission, in the case of an order to sell a digital commodity on or subject to the rules of a digital commodity exchange; or (B) the Securities and Exchange Commission, in the case of a sell order for a restricted digital asset placed with a digital asset trading system. (d) Treatment of certain end user distributions under the securities laws (1) In general With respect to a digital asset, an end user distribution is described under this paragraph if— (A) each blockchain system to which such digital asset relates is a functional system