Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act

This bill would change the Commodity Exchange Act to block U.S. approval of crypto and other digital-asset platforms that are owned, even partly, by companies tied to certain countries named in the bill. It also says regulators must cancel a platform’s approval if one of those companies later buys any share of it.

It defines “digital commodity” as a kind of digital property you can hold and send directly, like cryptocurrency. It is not a stock, a U.S.-backed digital dollar, or a claim on a physical good. The bill covers brokers, dealers, custodians, and trading facilities, and says someone who only validates blockchain transactions isn’t treated as one of these platforms.

• Who is affected: Digital-asset platforms (brokers, dealers, custodians, and trading facilities) and companies based in, or subsidiaries owned or run by companies from, the countries listed below.
• Countries named as “foreign adversaries”: China (including Hong Kong and Macao), Cuba, Iran, North Korea, Russia, and Venezuela under Nicolás Maduro.
• What changes: No registration for platforms with any ownership from those entities, and existing registrations must be revoked if such ownership happens later.
• What counts as a “digital commodity”: Includes cryptocurrency and virtual currency; excludes securities, a U.S.-backed digital dollar, and interests in physical commodities.