; (ii) validates a digital commodity transaction, operates a node, or engages in similar activity to participate in facilitating, operating, or securing a blockchain system; or (iii) is a bank (as defined under section 3(a) of the Securities Exchange Act of 1934) engaging in certain banking activities with respect to a digital commodity in the same manner as a bank is excluded from the definition of a broker under section 3(a)(4) of the Securities Exchange Act of 1934. (57) Digital commodity custodian The term digital commodity custodian means an entity in the business of holding, maintaining, or safeguarding digital commodities for others. (58) Digital commodity dealer (A) In general The term digital commodity dealer means any person who— (i) in digital commodity cash or spot markets— (I) holds itself out as a dealer in a digital commodity; (II) makes a market in a digital commodity; (III) has an identifiable business of dealing in a digital commodity as principal for its own account; or (IV) engages in any activity causing the person to be commonly known in the trade as a dealer or market maker in a digital commodity; (ii) has an identifiable business of entering into any agreement, contract, or transaction described in subsection (c)(2)(D)(i) involving a digital commodity; or (iii) is registered with the Commission as a digital commodity dealer. (B) Exception The term digital commodity dealer does not include a person solely because the person— (i) enters into a digital commodity transaction with an eligible contract participant; (ii) enters into a digital commodity transaction on or through a registered digital commodity exchange; (iii) enters into a digital commodity transaction for the person’s own account, either individually or in a fiduciary capacity, but not as a part of a regular business; (iv) enters into a digital commodity transaction the primary purpose of which is to make, send, receive, or facilitate payments, whether involving a payment service provider or on a peer-to-peer basis