; (II) a swap; (III) a security futures product; (IV) an option authorized under section 4c of this Act; (V) an agreement, contract, or transaction described in subparagraph (C)(i) or (D)(i) of subsection (c)(2) of this section; or (VI) a leverage transaction authorized under section 19 of this Act; or (ii) the activities of any person with respect to any such an agreement, contract, or transaction. . (b) Limitation on authority over permitted payment stablecoins Section 2(c)(1) of the Commodity Exchange Act ( 7 U.S.C. 2(c)(1) ) is amended— (1) in subparagraph (F), by striking or at the end; (2) in subparagraph (G), by striking the period and inserting ; or ; and (3) by adding at the end the following: (H) permitted payment stablecoins. . (c) Commission jurisdiction over digital asset transactions Section 2(c)(2) of the Commodity Exchange Act ( 7 U.S.C. 2(c)(2) ) is amended— (1) in subparagraph (D)— (A) in clause (ii)— (i) in subclause (I) by inserting (other than an agreement, contract, or transaction in a permitted payment stablecoin) after paragraph (1) ; (ii) in subclause (III)— (I) in the matter that precedes item (aa), by inserting of a commodity, other than a digital commodity or a permitted payment stablecoin, before that ; and (II) in item (bb), by striking or at the end; and (iii) by redesignating subclauses (IV) and (V) as subclauses (VI) and (VII) and inserting after subclause (III) the following: (IV) a contract of sale of a digital commodity or a permitted payment stablecoin that results in actual delivery, as the Commission shall by rule determine, within 2 days or such other period as the Commission may determine by rule or regulation based upon the typical commercial practice in cash or spot markets for the digital commodity involved; (V) a contract of sale of a digital commodity or a permitted payment stablecoin that— (aa) is executed with a registered digital commodity dealer— (AA) directly; (BB) through a registered digital commodity broker