; and (C) that is not otherwise a security pursuant to the first sentence of paragraph (1). . (b) 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 an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . (c) 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 an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . (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 an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . (e) Securities Investor Protection Act of 1970 Section 16(14) of the Securities Investor Protection Act of 1970 ( 15 U.S.C. 78lll(14) ) is amended by adding at the end the following: The term security does not include an investment contract asset (as such term is defined under section 2(a) of the Securities Act of 1933). . III Offers and Sales of Digital Assets 301. Exempted transactions in digital assets (a) In general The Securities Act of 1933 ( 15 U.S.C. 77a et seq. ) is amended— (1) in section 4(a), by adding at the end the following: (8) transactions involving the offer or sale of units of a digital asset by a digital asset issuer, if— (A) the aggregate amount of units of the digital asset sold by the digital asset issuer in reliance on the exemption provided under this paragraph, during the 12-month period preceding the date of such transaction, including the amount sold in such transaction, is not more than $75,000,000 (as such amount is annually adjusted by the Commission to reflect the change in the