Well, they might be digital currency under the definition, but that kind of rewards program appears to be excluded from the (rather lengthy) definition of "digital currency business", which would mean the regulations would generally not apply to them.

> What about stocks/bonds?

What about them?

> I find it amusing that the exempt e-money while targeting "digital currency". What exactly is the distinction?

Again, from the proposed bill at the link:

“E-money” means a digital representation of fiat currency used to electronically transfer value denominated in fiat currency.

I think this is because financial institutions dealing with fiat currencies already have significant regulations that is not intended to apply to.