A digital asset service provider is a paid business in five named lines of work
What the document says“means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of-- (i) exchanging digital assets for monetary value; (ii) exchanging digital assets for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital asset custodian; or (v) participating in financial services relating to digital asset issuance”
Paragraph (7)(A). The term reaches a person who does any of five things for compensation or profit as a business in the United States, including on behalf of customers or users in the United States. Subparagraph (B) then excludes five things from the term, recorded separately.
What the document actually says“means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of-- (i) exchanging digital assets for monetary value; (ii) exchanging digital assets for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital asset custodian; or (v) participating in financial services relating to digital asset issuance”
This covers firms paid to work with digital coins. They swap coins for money or for other coins. They send coins to someone else. They hold coins for people. They help with making new coins.
The law puts rules on these firms later on. So it has to say which firms are in and which are out. Being paid for the work is part of the test.
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