{
  "uri": "alkn://truthloops/securities/regulated-distribution",
  "contents": [
    {
      "uri": "alkn://truthloops/securities/regulated-distribution",
      "mimeType": "application/json",
      "text": "{\n  \"source_role\": \"issuer_originated\",\n  \"observation_type\": \"representation\",\n  \"evidence_payload_retrievable\": false,\n  \"scope_temporal\": \"current\",\n  \"loop_id\": \"regulated-distribution\",\n  \"branch\": \"securities\",\n  \"polarity\": \"positive\",\n  \"bounded_proposition\": \"The offering used identifiable regulated or licensed securities infrastructure for the functions documented by each participating venue or intermediary.\",\n  \"required_evidence\": [\n    \"Contracted role of Bitfinex Securities\",\n    \"Role of Archax or other identified venues\",\n    \"Primary issuance function\",\n    \"Custody or safeguarding function\",\n    \"Distribution function\",\n    \"Settlement function\",\n    \"Secondary-market function, if activated\"\n  ],\n  \"closure_condition\": \"CLOSE each institution's role separately. Do NOT aggregate all venue licences into one implied global regulatory approval.\",\n  \"do_not_publish\": [\n    \"\\\"Fully licensed and regulated\\\" as an aggregate — each institution's licence is scope-specific\",\n    \"\\\"Approved by regulators\\\" as an aggregate — each institution has a specific regulatory status for a specific function\",\n    \"Any single-phrase collapse of multiple venue licences into a global endorsement\"\n  ],\n  \"linked_loops\": [\n    \"venue-admission\",\n    \"compliance-persistence\",\n    \"usd-50m-capital-event\"\n  ],\n  \"status\": \"OPEN\",\n  \"effective_date\": \"2026-09-17\"\n}"
    }
  ]
}