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Under Project Open, issuers would issue "their token shares" through a registration statement and would be subject to reporting requirements, according to the group's filing. The filing also proposed relief for blockchain not to be subject to any SEC registration.
"If they are, it will revolutionize investing," Fink said in the letter. "Markets wouldn't need to close. Transactions that currently take days would clear in seconds. And billions of dollars currently immobilized by settlement delays could be reinvested immediately back into the economy, generating more growth."
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