Mike Thompson: “Additionally, I would further state the following understanding with respect to the ability to offer listed derivatives…”

“Additionally, I would further state the following understanding with respect to the ability to offer listed derivatives products on payment stablecoins. By excluding 'payment stablecoins' from the definition of 'commodity' in Sec. 1a(9) of the Commodity Exchange Act (7 U.S.C. 1a et seq.), Congressional intent was not to extend Commodity Futures Trading Commission's ('CFTC') jurisdiction over 'payment stablecoins' and leaving this jurisdictional reach only for appropriate State and Federal payment stablecoin regulators. However, in the event that a derivative market on payment stablecoins develops, such exclusion of 'payment stablecoins' from 'commodity' would not affect the regulatory status under the CEA of certain derivative instruments based on 'payment stablecoins' issued under the GENIUS Act, such as 'swaps' as defined in Sec. 1a(47) of the CEA.”