CTF Written Submission
Project Open
June 17, 2025
- Covered Blockchain Networks and Validators do not fall within the definitions of "clearing agencies," "exchanges," or "brokers" under the Exchange Act.
- Validators on a Covered Blockchain Network do not act as intermediaries in the payment or delivery of securities and do not perform the intermediary functions characteristic of a CCP or clearing agency.
- The on-chain infrastructure ensures that securities transactions are direct, transparent, and settled on a gross, peer-to-peer basis, with no centralized intermediation, custody, or netting.
Last Reviewed or Updated: June 17, 2025