; (B) controls in any manner the election of a majority of the directors of a depository institution or holding company thereof; or (C) has the power to exercise a controlling influence over the management or policies of the depository institution or holding company thereof. (7) Crypto asset The term crypto asset means a natively electronic asset that confers economic, proprietary, or access rights or powers and is recorded using cryptographically secured distributed ledger technology, or any similar analog. (8) Depository institution The term depository institution — (A) has the meaning given that term in section 19(b)(1) of the Federal Reserve Act ( 12 U.S.C. 461(b)(1) ); and (B) includes a depository institution operating under subsection (a)(2) of section 5169 of the Revised Statutes ( 12 U.S.C. 27 ), as amended by this Act, or a substantially similar State law, which is exclusively engaged in issuing payment stablecoins, providing safekeeping, trust, or custodial services, or activities incidental to the foregoing. (9) Distributed ledger The term distributed ledger means technology that enables the operation and use of a ledger that— (A) is shared across a set of distributed nodes that participate in a network and store a complete or partial replica of the ledger, which may be public or private; (B) is synchronized between the nodes; (C) has data appended to the ledger by following the specified consensus mechanism of the ledger; (D) may be accessible to anyone or restricted to a subset of participants; and (E) may require participants to have authorization to perform certain actions or require no authorization. (10) Institution-affiliated party With respect to a payment stablecoin issuer, the term institution-affiliated party means— (A) any director, officer, employee, or person with a controlling interest in, or acting as an agent for, the payment stablecoin issuer; (B) a consultant, joint venture partner, and any other person that participates in the conduct of the affairs of the payment stablecoin issuer