; or (B) traded through a digital asset trading system. . 409. Exclusion for decentralized finance activities The Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ), as amended by section 405, is further amended by inserting after section 15H the following: 15I. Decentralized finance activities not subject to this Act (a) In general Notwithstanding any other provision of this Act, a person shall not be subject to this Act and the regulations thereunder based on the person directly or indirectly engaging in any of the following activities, whether singly or in combination thereof, in relation to the operation of a blockchain system or in relation to decentralized finance (as defined in section 605(d) of the Financial Innovation and Technology for the 21st Century Act): (1) Compiling network transactions, operating or participating in a liquidity pool, relaying, searching, sequencing, validating, or acting in a similar capacity with respect to a digital asset. (2) Providing computational work, operating a node, or procuring, offering, or utilizing network bandwidth, or other similar incidental services with respect to a digital asset. (3) Providing a user-interface that enables a user to read and access data about a blockchain system, send messages, or otherwise interact with a blockchain system. (4) Developing, publishing, constituting, administering, maintaining, or otherwise distributing a blockchain system. (5) Developing, publishing, constituting, administering, maintaining, or otherwise distributing software or systems that create or deploy a hardware or software wallet or other system facilitating an individual user’s own personal ability to keep, safeguard, or custody such user’s digital assets or related private keys. (b) Exceptions Subsection (a) shall not be construed to apply to the anti-fraud and anti-manipulation authorities of the Commission. . 410. Registration and requirements for notice-registered digital asset clearing agencies Section 17A(b) of the Securities Exchange Act of 1934 ( 15