The SILVER Act aims to amend the Commodity Exchange Act to address systemic risks and promote competition within the precious metals storage market for futures contracts. It identifies that the current geographic concentration of precious metals depositories, primarily near New York City, creates vulnerabilities, reduces liquidity, and increases costs for market participants. The bill mandates that derivatives clearing organizations (DCOs) develop and publish objective and transparent criteria for evaluating and selecting precious metals depositories. These DCOs must also provide a formal application process for potential depositories. A key provision requires DCOs to consider factors such as geographic diversity, competition, risk management, and storage costs when selecting depositories. Specifically, DCOs must approve at least two depositories in each of the four continental U.S. time zones : Eastern, Central, Mountain, and Pacific. Furthermore, the legislation requires DCOs to periodically assess the ease of access for market participants to the physical settlement of commodities, ensuring system availability and resiliency. This comprehensive approach seeks to enhance market liquidity, improve access for investors, and reduce overall storage costs by diversifying storage locations and fostering competition.