A proposed U.S. Senate rule would exclude digital commodities originated by exchanges or their affiliates from the financial resources those exchanges must maintain, limiting which assets could count toward the obligation.
Sens. Cynthia Lummis, John Boozman and Tim Scott released the substitute draft on Sept. 14. The restriction concerns how exchanges meet a financial resources requirement. It would still permit them to create tokens.
The sponsors intended to offer the draft only if the Senate advanced the broader Digital Asset Market Clarity Act. On Sept. 15, the Senate failed to invoke cloture on a motion to take up the bill, voting 49-50. The substitute therefore did not reach a vote.
The same draft contains exchange reporting and recordkeeping proposals. It would require exchanges to file annual financial statements with the Commodity Futures Trading Commission after an independent public accountant certifies them, and to keep business records and audit trails for five years.
Senators did not vote separately on the resource exclusion. The exchange provisions await further Senate action.
