Digital Asset Market Clarity Act

(a) Preservation of certain rights, authorities, laws, and obligations. Subject to subsection (b), nothing in this Act, any amendment made by this Act, or any rule, requirement, or regulation promulgated pursuant to this Act may be construed to prohibit, limit, impair, or otherwise affect—

(1) any person from bringing a civil action to enforce any private right of action for fraud, deceit, manipulation, or deceptive practices, to the extent that such private right of action is expressly provided for in this Act or an amendment made by this Act, or is otherwise available under Federal law, including with respect to conduct involving an ancillary asset, network token, digital commodity, or any transaction, disclosure, certification, notice, report, statement, communication, or other document involving any such asset;

(2) except as expressly provided in this Act or an amendment made by this Act, any Federal or State regulator, acting within the scope of authority otherwise provided by law, from bringing an administrative or civil enforcement action under—

(A) the Commodity Exchange Act (7 U.S.C. 1 et seq.), including the provisions of that Act that are added by this Act and relate to digital commodities and the jurisdiction of the Commodity Futures Trading Commission;

(B) the Securities Act of 1933 (15 U.S.C. 77a et seq.), as amended by this Act, the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), as amended by this Act, or the Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.);

(C) State commodities laws, subject to the provisions of this Act, and the amendments made by this Act, relating to the jurisdiction of the Commodity Futures Trading Commission; or

(D) section 18(c)(1) of the Securities Act of 1933 (15 U.S.C. 77r(c)(1)), or any functionally equivalent anti-fraud or anti-manipulation provision of State securities law (including any State securities law with respect to a security or a transaction in a security to the extent enforcement of that anti-fraud or anti-manipulation provision of State securities law is not preempted by section 18 of the Securities Act of 1933 (15 U.S.C. 77r)), with respect to an investment contract involving an ancillary asset, or other transaction involving any such asset, for which this Act or an amendment made by this Act expressly preserves or provides for the application of anti-fraud or anti-manipulation authority;

(3) except as expressly provided in this Act or an amendment made by this Act, any generally applicable State law, including a law relating to fraud, deceit, unfair or deceptive acts or practices, consumer protection, banking, payments, property, contracts, criminal law, or unlawful conduct or practices, or the remedies available under any such law, with respect to conduct involving a digital asset, ancillary asset, network token, or digital commodity, or any transaction, activity, person, or service involving any such asset, provided that such law does not impose any licensing, registration, qualification, or other requirement that is expressly preempted, or otherwise expressly limited, by this Act or an amendment made by this Act;

(4) the fiduciary obligations of an investment adviser, as defined in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)), under section 206 of that Act (15 U.S.C. 80b–6), any rule or regulation issued under such section 206, or any other provision of Federal or State law, including in connection with investment advice regarding a digital asset, ancillary asset, network token, digital commodity, or substantially similar technology; or

(5) any right or remedy under Federal consumer financial law, including under section 1011 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5491) or the Federal Trade Commission Act (15 U.S.C. 41 et seq.), or authority under Federal consumer financial law with respect to any person, subject to the limitations under section 1027 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5517), including subsections (i) and (j) of such section 1027.

(b) Limitations and rules of construction. Nothing in subsection (a) may be construed to—

(1) preserve, create, or authorize any Federal or State registration, licensing, qualification, or merit-review requirement under State law with respect to an ancillary asset, network token, digital commodity, transaction, person, or activity, to the extent that such requirement is preempted or otherwise limited by this Act or an amendment made by this Act;

(2) create, preserve, or authorize any private right of action under Federal or State law with respect to an ancillary asset, network token, digital commodity, or transaction involving any such asset;

(3) permit any claim, action, proceeding, requirement, liability, obligation, or remedy to be brought, maintained, imposed, or enforced under Federal or State securities or commodities law to the extent that such claim, action, proceeding, requirement, liability, obligation, or remedy depends upon, is predicated on, or would require a determination that an ancillary asset, network token, digital commodity, or any transaction, activity, person, or service involving any such asset has a status or characterization under Federal or State securities or commodities law that is contrary to an express classification or treatment provided by this Act or an amendment made by this Act;

(4) expand, contract, or otherwise alter the jurisdiction, exclusive or otherwise, of the Commission, the Commodity Futures Trading Commission, or any State regulator;

(5) limit, impair, or otherwise affect the treatment of any asset, transaction, or interest as a covered security for purposes of section 18 of the Securities Act of 1933 (15 U.S.C. 77r); or

(6) create any new private right of action under Federal or State law, except that nothing in this paragraph may be construed to limit, impair, or otherwise affect any private right of action preserved under subsection (a)(1), expressly provided in this Act or an amendment made by this Act, or otherwise available under Federal law.