Digital Commodity Intermediaries Act
Summary
The Digital Commodity Intermediaries Act would establish a federal regulatory framework for digital asset trading platforms and intermediaries. The bill would give the Commodity Futures Trading Commission (CFTC) authority to regulate digital commodities and create a registration system for digital commodity exchanges, brokers, and dealers. Under the bill, these intermediaries would be required to meet capital requirements, maintain segregated customer accounts with qualified custodians, comply with recordkeeping and reporting obligations, and adhere to business conduct and customer protection standards. The bill would also establish listing standards for digital commodities and require public disclosures about source code and transaction history before assets can be traded on regulated exchanges. Additionally, the bill would protect software developers and blockchain protocol contributors from being classified as regulated financial intermediaries simply for writing or maintaining code. The bill aims to create clear rules for digital asset markets while protecting consumers and allowing innovation to develop within a regulated framework.