🎉🏛️ We are pleased to share that our comment letter on SEC File No. 4-927 is now public on
sec.gov.
📝 We answered Questions 1, 3, 5 and 6 of the Sept. 17 exemptive order on tokenized NMS stocks with what MONARK Bell measures: a public, signed record of how tokens tracking U.S. equities trade on public ledgers while U.S. markets are closed, and the method behind it.
🔍 We suggest four properties the Commission could expect from a venue's transaction data, so that a third party can recompute what a venue reports: recomputable from the ledger, named abstention, signed and chained digests, dated periods. Bell applies them to its own records, with its limits declared.
📋 All comments received on File No. 4-927:
sec.gov/rules-regulations/pu…
📄 Our letter, as filed:
sec.gov/comments/4-927/4927-…
🧾 Proof: the file served by the SEC has SHA 256 76261d1edd706027ed82587138f28c4267428ba5977c918ba5ef234cf66f512c, the same digest as the copy we submitted on Sept. 24. Anyone can recompute it.