; or (2) 60 days after the publication in the Federal Register of the final rule implementing the provision. IV Registration for Digital Asset Intermediaries at the Securities and Exchange Commission 401. Treatment of digital commodities and other digital assets (a) 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 does not include a digital commodity or permitted payment stablecoin. . (b) Securities Exchange Act of 1934 Section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ) is amended— (1) in paragraph (1), by adding at the end the following: The term exchange does not include a digital asset trading system or a blockchain protocol offering digital assets, or any person or group of persons solely because of their development of such a blockchain protocol. ; (2) in paragraph (2), by adding at the end the following: A digital asset trading system is not a facility of an exchange. ; (3) in paragraph (4)(A), by inserting , other than restricted digital assets, after securities ; (4) in paragraph (5)(A), by inserting restricted digital assets or after not including ; (5) in paragraph (26) by inserting (other than a notice-registered digital asset clearing agency) after or registered clearing agency ; (6) in paragraph (28) by inserting (other than a notice-registered digital asset clearing agency) after registered clearing agency ; and (7) in paragraph (10), by adding at the end the following: The term does not include a digital commodity or permitted payment stablecoin. . (c) Investment Advisers Act of 1940 Section 202(a) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ) is amended— (1) in paragraph (18), by adding at the end the following: The term does not include a digital commodity or permitted payment stablecoin. ; (2) by redesignating the second paragraph (29) (relating to commodity pools) as paragraph (31)