S. 1223 — Prohibiting Foreign Adversary Interference in Cryptocurrency Markets Act

This section prohibits the Commodity Futures Trading Commission (CFTC) from registering under the Commodity Exchange Act any digital commodity platform owned in whole or in part by a covered entity, and requires the CFTC to revoke any such existing registration upon acquisition of ownership by a covered entity. A covered entity is an entity organized under the laws of or principally located in a foreign adversary (China including Hong Kong and Macao, Cuba, Iran, North Korea, Russia, or Venezuela under Nicolás Maduro) or any subsidiary owned or operated by such an entity; a digital commodity platform is a digital commodity broker, custodian, dealer, or trading facility that facilitates trades in digital commodities (i.e., fungible digital personal property such as cryptocurrency, excluding securities, physical commodities, or U.S.-backed digital currency).