CTF Written Submission

Daniel Bruno Corvelo Costa

Nov. 30, 2025
  • The pilot treats all tokenized municipal instruments as securities under existing federal law, operating within the scope of the Securities Act of 1933 and Exchange Act of 1934, without seeking exemptions or novel classifications.
  • The legal rights and obligations of all parties are governed by a traditional Master Indenture, which prevails over any discrepancies with smart contract behavior or distributed ledger records.
  • Authorized municipal officials may override smart contract operations under defined conditions (e.g., force majeure, national security), with multi-signature authentication, real-time disclosure, and ex-post audit requirements.

Last Reviewed or Updated: Dec. 1, 2025