Changelog

Listed by editorial exception at the owner's direction, moved from reviewed (awaiting evidence). On the recorded evidence the methodology is not met: no operating company, US headquarters or US registration is established, and no founders or US operations are recorded. A December 2025 Bloomberg Businessweek report said the site's only listed address was a UPS store in West Palm Beach, Florida, and a fund prospectus states no centralized company is responsible for the token's governance.

Disclosed the Decentralized Cloud Foundation (Cayman Islands), operator of akash.network; pathway changed to foundation carve-out. San Francisco HQ removed: Overclock Labs describes itself as a fully distributed global team.

Removed investors Multicoin Capital and OKEx Blockdream Ventures (not found in documented AKT funding rounds; Blockdream is the investment arm of the OKX exchange and not shown to be US-based) and unsourced Trail of Bits and Atomic Crypto Audit audits.

Suspended pending registry or legal-document evidence of Overclock Labs' US headquarters and Delaware registration.

Principal contributor's legal name corrected to Overclock Labs, Inc.; Delaware incorporation evidenced by its 2018 SEC Form D, and its Akash Console terms of service added as evidence of its role.

Added Overclock Labs, Inc.'s Texas Comptroller record, whose only address is a private mailbox in Austin; suspension reason updated to name the missing headquarters, founder and operations evidence.

Corrected structure: the Algorand Foundation moved from Singapore to Delaware (January 2026, Algorand Foundation US, Inc.) and took over protocol development and IP from Algorand Technologies (March 2026); Algorand, Inc. is no longer the principal contributor. Removed unsourced investors, audits and the "no SEC enforcement" note.

Delisted under the twelve-month relocation rule: the US operating structure began 2026-01-14; eligible for re-evaluation from 2027-01-14.

Listed after the 2026-09-14 coverage review: AMP was created by Flexa, a Delaware corporation with US headquarters, US state money-transmitter licences and SEC Crypto Task Force engagement.

Review opened to confirm Flexa's current legal name (Flexa Network, Inc. vs Flexa Inc.) and headquarters city (New York vs Chicago).

Founder roles corrected: Mo Shaikh stepped down as CEO in December 2024 and Avery Ching is now CEO (previously listed as CEO and CTO respectively); unsourced lead-investor and audit claims removed. Legal entity identified as Matonee Inc. (Fortune), with Delaware incorporation supported by its SEC Form D and New York registration.

Suspended: Tests 1 and 4 are evidenced for Aptos Labs (Matonee Inc.), but no founder, regulator, filing, or legal-document evidence supports Test 2 or Test 3.

Unsupported claim that Offchain Labs received a Wells Notice in early 2024 removed (no supporting evidence found);"Polychain (lead, Series A)" and other unsourced investor and audit claims removed; August 2026 SEC Crypto Task Force meeting added.

Suspended: no registry, filing, or legal-document evidence of Offchain Labs' US headquarters (Test 1) or state of incorporation (Test 4).

Added the offshore Avalanche Foundation entities (BVI and Cayman) and moved the listing to the foundation carve-out; Sekniqi's role corrected from COO to Senior Advisor and Yin's Chief Protocol Architect title removed; "SEC working groups" replaced with the documented April 2025 SEC Crypto Task Force meeting; unsourced audits and investors removed.

Review opened to confirm Ava Labs' principal-contributor status for the offshore Avalanche Foundation and its state of incorporation from a filed document.

Entity corrected: SmartContract Chainlink Limited SEZC is a Cayman Islands company that holds the Chainlink trademark, not the US operating company. Chainlink Labs Inc. (Delaware) is recorded as the principal contributor, and the Chainlink Foundation is added. The unsourced San Francisco HQ, investor claims (a16z, Coinbase Ventures), and audit claims (Trail of Bits, Sigma Prime) were removed pending evidence.

Suspended: no strong-class evidence of a US headquarters for Chainlink Labs (Test 1).

Listed after the 2026-09-14 coverage review: Chia Network Inc. is a Delaware corporation headquartered in South San Francisco, led by US-based founder Bram Cohen.

Removed unsupported "SEC settled with Compound Treasury in 2022" claim (no Compound entity appears on the SEC crypto enforcement list); Geoffrey Hayes no longer CTO (left July 2024); Celsius litigation (S.D.N.Y.) added; audits limited to those listed in Compound III docs; unsourced investor annotations removed. Compound Foundation's development role now sourced to its own forum reports; its planned Delaware non-profit status is recorded as a plan only, since no registry record was found.

Suspended pending official evidence of the Compound Foundation's US registration and principal-contributor role.

Suspension reason updated: no exempt-organization or state registry record for the Compound Foundation was found, and no US primary-operations claim is evidenced.

Story rebranded to DATA Network on 2026-06-25; IP migrated 1:1 to DATA and Story Foundation became The Data Foundation. CoinGecko id story-2 now serves the asset as Data Network (DATA); slug unchanged. Category changed from infra to ai.

Entity corrected to Story Protocol, Inc. d/b/a PIP Labs, with Delaware incorporation unconfirmed. Foundation corrected to The Data Foundation (Cayman Islands). Jason Zhao is no longer listed on PIP Labs' team page. Removed unsourced investor claims (a16z as Series A/B lead, Polychain) and the audit claim (Code4rena).

Suspended: no strong-class evidence of PIP Labs' US headquarters or state registration, and no qualifying Test 2 or Test 3 evidence.

Removed unsupported "ex-AWS" founder backgrounds and CEO/CTO titles, and the unverified "Drift Labs, Inc. (Delaware)" / New York HQ claims; added the Cayman Drift Foundation, the April 2026 exploit and the Velocity DEX rebrand.

Delisted: Cayman foundation with no documented US principal contributor; founders not established as US persons.

Series C lead corrected to Paradigm (was a16z); Cayman entity dYdX International Ltd added as terms counterparty; unsupported Brooklyn HQ replaced by the EDGAR San Francisco address; dead Operations subDAO source and unsourced audit/background claims removed. The dydx.xyz disclaimer was wrongly cited as support for dYdX Labs' role and is now noted as contrary evidence; the June 2025 dYdX Trading Inc. announcement added as project evidence of its development role.

Suspended pending official evidence that dYdX Trading Inc. is the principal contributor and of current US headquarters and operations.

Added dYdX Trading Inc.'s Colorado foreign-corporation record (Delaware; status Delinquent) and recorded the dydx.xyz legal disclaimer as evidence contrary to its development role. Antonio Juliano recorded as a US person at founding from his San Francisco address on the 2017 Form D.

Name updated to EigenCloud (prev. EigenLayer); removed unsourced "a16z (lead, Series B)" and other investor/audit annotations, the unverified geo-block note, and the unsupported Delaware registration for Eigen Labs.

Suspended pending official evidence of Eigen Labs, Inc.'s US registration and headquarters.

Recorded github.com/Layr-Labs as an official repository; Eigen's terms of service publish the protocol's smart contracts there.

Eigen Labs, Inc. recorded as a Delaware corporation from its Colorado foreign-corporation registration; Seattle headquarters corroborated by GeekWire and CoinDesk; Sreeram Kannan recorded as CEO.

Removed the unsupported claim that the Filecoin Foundation is a Cayman Islands entity; its privacy policy gives a registered address in Middletown, Delaware, and its formation jurisdiction is unestablished.

Protocol Labs is no longer described as principal contributor: it completed a transition to a decentralized innovation network in July 2024 and FilOz now maintains Lotus. Reg D 506(c) described as an exemption, not a registration.

Audits corrected to the official audit list: Trail of Bits removed (not listed); Sigma Prime scope corrected; NCC Group, ConsenSys Diligence, Least Authority and Oak Security added. Unsourced investor lead annotations removed.

Suspended pending evidence of a US principal contributor and of the Filecoin Foundation's formation jurisdiction.

Protocol Labs recorded as Protocol Labs, Inc., a Delaware corporation (SEC EDGAR), from its current legal page and filings; it is not recorded as principal contributor.

Listed after the 2026-09-14 coverage review: issued by Gemini Trust Company, LLC, a NYDFS-chartered New York trust company in a New York-headquartered group.

Corrected entity from "Hedera, LLC (Texas)" to Hedera Hashgraph, LLC (Delaware LLC, d/b/a Hedera Council); HQ updated to Las Vegas, NV per current Terms of Use; Swirlds Labs renamed Hashgraph (July 2024); founder titles updated; removed unsourced SEC-review claim and ABDK audit.

Helium Foundation corrected from Cayman Islands to Decentralized Wireless Foundation Inc, a US 501(c)(6) located in Jackson, Wyoming.

Disclosed SEC v. Nova Labs (SDNY, filed January 17, 2025; consent judgment April 23, 2025, $200,000 civil penalty).

Series D lead corrected to Tiger Global and Andreessen Horowitz (co-leads); Khosla Ventures and co-founder Sean Carey and Shawn Fanning entries removed pending sources; novalabs.io source removed (unrelated Italian company).

Amir Haleem stepped down as Nova Labs CEO in June 2026 and became chairman (Mario Di Dio is CEO); Nova Labs sold Helium Mobile to Noble Mobile on June 2, 2026.

Nova Labs, Inc. recorded as a Delaware corporation headquartered in San Francisco (SEC complaint, January 2025; EDGAR lists former name Helium Systems, Inc.), and SEC Crypto Task Force engagement (July 2025 meeting and written submissions) added as Test 3 evidence.

Review opened to confirm Nova Labs' current physical headquarters and its continuing role in Helium after the Helium Mobile sale.

Entity corrected from "Bee Maps, Inc." to Hivemapper, Inc. (Delaware, d/b/a Bee Maps); HQ corrected from Burlingame to the San Francisco address in its terms of service; Cayman Islands Hivemapper Foundation disclosed and pathway changed to foundation carve-out.

Investors corrected: Solana Ventures removed (Solana co-founders invested individually); Spark Capital removed pending a source; Pantera Capital added from the October 2025 $32M funding.

Added Test 3 evidence: Hivemapper co-signed written input on DePIN token regulation to the SEC Crypto Task Force, published on sec.gov in June 2025.

Review opened to confirm which Hivemapper entity signed the SEC Crypto Task Force submission and to seek further evidence of US primary operations.

Listed after the 2026-09-14 coverage review: principal contributor Injective Labs Inc. is a Delaware corporation headquartered in New York City, with SEC Crypto Task Force engagement on the regulator's record.

Review opened to establish the Injective Foundation's jurisdiction and confirm Injective Labs' continuing role as principal contributor.

Entity name corrected to "Kava Labs Inc" as given in the terms of use; the founders' operational roles, Ripple/Lemniscap/Arrington investor claims, and Quantstamp/CertiK audit claims removed pending evidence; Delaware incorporation now supported by Kava Labs Inc.'s Colorado foreign-corporation registration.

Suspended: Tests 1 and 4 are evidenced for Kava Labs Inc, but no founder, registry, regulator, filing, or legal-document evidence supports Test 2 or Test 3.

Listed after the 2026-09-14 coverage review: operated and token issued by Elliot Technologies, Inc., a Delaware corporation based in Miami, Florida, founded and led by US-raised CEO Vladimir Novakovski.

Review opened to confirm Elliot Technologies' principal office with a primary document.

Listed after the 2026-09-14 coverage review: core developer Metallicus, Inc. is a Delaware corporation headquartered in San Francisco with US court records.

Review opened to replace litigation-based Test 3 evidence with Metallicus's state licence records and to confirm METAL issuance and stewardship.

Listed after the 2026-09-14 coverage review: MTL was created by Metallicus, Inc., a Delaware corporation headquartered in San Francisco, with US court records of its token sales.

Review opened to replace litigation-based Test 3 evidence with Metallicus's state licence records and to confirm Metal DAO's legal form.

Corrected Mina Foundation from "US 501(c)(3)" to Swiss (redomiciled to Geneva, December 2023); o1Labs recorded as principal contributor after the 2025 transfer of engineering and protocol development; Evan Shapiro no longer holds a Foundation role; removed unsourced founder, audit and investor claims. O(1) Labs Operating Corporation's Delaware incorporation and San Francisco principal place of business added from Oregon and New York registry records.

Suspended: Tests 1 and 4 are evidenced for O(1) Labs Operating Corporation, but no founder, registry, regulator, filing, or legal-document evidence supports Test 2 or Test 3.

Principal contributor corrected from NEAR Inc. (San Francisco) to NEAR One Limited (UK, London), the protocol R&D team spun out of Pagoda, which wound down its operations; removed unsourced HQ, audits and investors.

Delisted: principal contributor NEAR One Limited is UK-registered and the NEAR Foundation is Swiss; no US operating entity or principal contributor remains.

Corrected "SEC-regulated subsidiaries issue tokenized products": USDY and Ondo Stocks are issued by Ondo Global Markets (BVI) Limited under Regulation S; added the Cayman Ondo Foundation and the SEC probe closure; removed unverified Pinku Surana CTO role and unsourced investor annotations. Ondo Finance Inc.'s EDGAR address is now recorded in full (a PMB, from a 2022 Form D); Ondo Foundation's Cayman status, address and governance role and Ondo Finance's core-contributor role sourced to the 21Shares Ondo ETF S-1/A; April 2025 SEC Crypto Task Force meeting added.

Review opened on the foundation carve-out: Ondo Finance Inc.'s headquarters and its principal-contributor link to the ONDO token.

Ondo Finance Inc.'s New York headquarters corroborated by two independent press reports (CoinDesk, July 2026; Finance Magnates, December 2025); the 2022 Form D private mailbox is not relied on. Principal-contributor evidence strengthened with the S-1/A statement that Ondo Chain development is largely driven by Ondo Finance. Nathan Allman recorded as founder; Ondo's team page lists Ian De Bode as Acting CEO and President.

Jinglan Wang corrected from "ex-CEO" to current CEO of OP Labs; "Paradigm (lead, Series A)" and other unsourced investor and audit annotations and the San Francisco HQ removed pending evidence; July 2025 SEC Crypto Task Force meeting added.

Suspended: no registry, filing, or legal-document evidence of OP Labs PBC's US headquarters (Test 1).

Listed after the 2026-09-14 coverage review: issued by Paxos Trust Company, N.A., an OCC-chartered trust bank with its main office in New York, NY.

Issuer corrected to Paxos Trust Company, N.A. (OCC conversion of the former NYDFS-chartered trust company); attestor corrected to KPMG LLP (since February 28, 2025); 2025 NYDFS penalty and $22M compliance commitment disclosed; unsubstantiated investor annotations (Edison Partners "lead, Series A", Declaration Partners "Series D") and the unsourced bar-list reconciliation scope removed.

Review opened to confirm final OCC conversion status and assess the Cayman Islands ultimate parent (Kabompo Holdings, Ltd.) disclosed by the OCC.

Issuer corrected to Paxos Trust Company, N.A. (OCC conversion of the former NYDFS-chartered trust company); attestor corrected to KPMG LLP (since February 28, 2025); 2025 NYDFS penalty and $22M compliance commitment disclosed; unsubstantiated investor annotations (Edison Partners "lead, Series A", Declaration Partners "Series D") and unsourced FinCEN/BitLicense claims removed.

Review opened to confirm final OCC conversion status and assess the Cayman Islands ultimate parent (Kabompo Holdings, Ltd.) disclosed by the OCC.

Listed after the 2026-09-14 coverage review: Cayman foundation and BVI token offeror with Plume Network, Inc. (Delaware, New York) as US principal contributor engaging the SEC Crypto Task Force.

Review opened to confirm Plume Network, Inc.'s principal-contributor role and its relationship to Kimber Labs, Inc.

Entity corrected from "Douro Labs, Inc." to Douro Labs LLC, a Delaware limited liability company. The Chicago, IL headquarters was removed as unsourced; LinkedIn lists Porto, Portugal. Removed unsourced investor claims (Multicoin lead of a Series A, Jane Street, Sequoia, Wintermute) and audit claims (Halborn, OtterSec).

Suspended: no strong-class evidence of a US headquarters for Douro Labs (Test 1); available evidence points to Porto, Portugal.

Render Network Foundation's Cayman Islands basis confirmed; OTOY principal-contributor claim marked unsubstantiated; Trail of Bits audit and Multicoin Capital / Solana Ventures investor claims removed for lack of non-aggregator sources; RNDR recorded as a prior ticker.

Suspended pending evidence that OTOY, Inc. is the principal contributor and registry or legal-document evidence of OTOY's US headquarters and registration.

otoy.com recorded as a project domain. OTOY, Inc.'s Los Angeles headquarters added from its October 2025 privacy policy, which also states that Render Network stewardship passed to the Render Network Foundation in 2022; the Foundation's product role and Jules Urbach's OTOY CEO role sourced to a 2026 SEC Form 10-K.

Listed after the 2026-09-14 coverage review: issued by Standard Custody & Trust Company, LLC, a NYDFS-chartered New York trust company headquartered in New York.

Principal contributor corrected from Solana Labs to Anza Technology, Inc. (Agave client maintainer since the January 2024 spin-out); removed the claim that SEC litigation over SOL is ongoing (SEC v. Coinbase and SEC v. Binance were both dismissed in 2025); removed unsourced audits, investors and founder roles. Anza's San Diego address removed as headquarters evidence after the Texas Comptroller record showed it is a private mailbox.

Suspended: no physical US headquarters (Test 1) or US state of incorporation (Test 4) is evidenced for Anza Technology, Inc. by registry, filing, or legal documents, and Tests 2 and 3 are unestablished.

Principal contributor corrected from Hiro Systems to Stacks Labs (Cayman, operating since October 2025); the cited SEC file number 024-11051 (which belongs to an unrelated company) removed; the misdated "2017 Reg A+" investor annotation and the unsourced Reg A+ claim removed pending an EDGAR citation;Hiro's address corrected to Jersey City, NJ per its terms; unsourced investor and audit claims removed.

Delisted: core protocol development moved from US companies to Stacks Labs, a Cayman structure, so the foundation carve-out no longer applies.

Removed FTX Ventures (not found in funding records; FTX group entities are non-US) and Solana Ventures from investors, the unsourced Kudelski Security audit, and the unsubstantiated Boca Raton HQ and Delaware incorporation; co-founders other than Michael Wagner removed pending sources.

Suspended pending registry or legal-document evidence of ATMTA, Inc.'s US headquarters and state of incorporation, and identification of the ATLAS token issuer.

ATMTA, Inc. recorded as a Delaware corporation (terms of service; New York DOS record) with a Las Vegas notice address. The Star Atlas Foundation, a Cayman Islands foundation operating the governance site for the Star Atlas DAO, is disclosed, and the pathway changed to foundation carve-out with ATMTA as principal contributor.

Added ATMTA, Inc.'s Colorado foreign-corporation registration (Delaware; Good Standing), which gives its Las Vegas principal office; suspension reason updated to the unidentified ATLAS issuer and missing founder and operations evidence.

Entity corrected from "US 501(c)(3) non-profit" to a Delaware non-profit corporation; SDF states it is not a charity. Unsourced claims removed: the 2014 SEC review, NCC Group audits, the Stripe $3M investor annotation (dead source link) and the IBM World Wire partnership. McCaleb's unsourced "CTO at founding" title replaced; he is currently listed on SDF's leadership team and board.

Review opened: only a P.O. box address is published for SDF; physical headquarters evidence needed.

Suspended: SDF's only published address is a P.O. box, so there is no strong-class evidence of a physical US headquarters (Test 1).

Founders corrected from four to five (George Danezis, Chief Scientist, added); Sam Blackshear's August 2026 departure recorded; the claim that a16z led the Series B removed as misattributed; unsourced audit, investor, and geo-blocking claims removed. Colorado registry record (Delaware, Palo Alto principal office) and Mysten Labs' 2025 SEC Crypto Task Force written input and meeting added as evidence.

Review opened: Test 3 rests solely on SEC Crypto Task Force engagement, Test 2 is unestablished, and the Sui Foundation's jurisdiction lacks evidence.

Corrected Yaniv Tal as "CEO, Edge & Node": Edge & Node's leadership page now lists Rodrigo Coelho as CEO and none of the co-founders. Entity name corrected to Edge & Node Ventures, Inc., with Delaware incorporation unconfirmed. The Graph Foundation's jurisdiction changed from Switzerland (unsourced) to unknown; its website terms use Cayman Islands law. Removed unsourced audit claims (OpenZeppelin, Trail of Bits) and investor claims (Multicoin, Coinbase Ventures, Framework).

Suspended: no strong-class evidence of Edge & Node's US headquarters or state registration; founders no longer in operational roles; principal-contributor status unclear.

San Jose, CA headquarters, previously unsourced, is now sourced to the address in Theta Labs' Theta EdgeCloud privacy policy (last updated March 2025); the 2018 SEC Form D/A gave Cupertino. Delaware incorporation confirmed from the Form D/A. Added thetaedgecloud.com, which Theta Labs owns and operates, as an official domain. Removed the Form D as Test 3 evidence, since a notice filing is not regulatory engagement. Removed unsourced investor claims (Sony Innovation Fund, Samsung NEXT, DCM) and the audit claim (ChainSecurity) pending evidence.

Review opened: current HQ, founders' current roles, and reported 2025 former-employee litigation are unverified; T1/T3 rest on 2017–2018 filings.

Suspended: Test 3 rested only on Theta Labs' own Form D filings, which are not regulatory engagement, and Test 2 is not established.

Series B lead corrected to Polychain Capital (was Paradigm); dead SEC-update source replaced with the Wells-notice and closure posts; DUNI (Wyoming DUNA) governance entity added; unsourced audit and Series A annotations removed. Headquarters evidence corrected: the New York arbitration venue in the Terms of Service and the 2020 SEC business address no longer count as headquarters evidence, and the API Terms notice address is a private mailbox. The New York City headquarters now rests on Labs' own blog corroborated by CoinDesk. Delaware incorporation added from SEC EDGAR, the NY Department of State, and the API Terms. Added Uniswap Labs' July 2026 written input to the SEC Crypto Task Force.

Review opened to confirm Uniswap Labs' current headquarters address with an official document.

Listed after the 2026-09-14 coverage review: issued and custodied by BitGo Bank & Trust, N.A., an OCC-chartered trust bank with its main office in Sioux Falls, South Dakota.

World Liberty Financial, Inc. jurisdiction recorded as Delaware, consistent with its MiCA white paper and SEC EDGAR registration (see the WLFI record).

Issuer and parent re-sourced to Circle's FY2025 10-K, its Exhibit 21 and OCC records; issuer address of record recorded as Boston, MA (group HQ New York). Removed the BlackRock "lead" annotation (the 2022 announcement names no lead), the unsourced Goldman Sachs and General Catalyst entries and the "49 states" licence count. Deloitte is now recorded only as Circle's financial-statement auditor, because primary sources do not name the reserve attestor. Added the OCC national trust bank charter and Circle New York Trust. Issuer's Delaware formation also confirmed by its New York DOS foreign registration; its March 5, 2025 SEC Crypto Task Force meeting added as regulatory engagement; co-founder P. Sean Neville added from the 10-K (non-executive director, not an operational role); filing and regulator documents dated.

Review opened to confirm the current USDC issuing entity given the planned move to a New York trust company, and whether the issuer's Boston suite address is a physical office.

Listed after the 2026-09-14 coverage review: World Liberty Financial, Inc., a Delaware corporation headquartered in Miami, operates the protocol and governance process, and the token counterparty is a Florida LLC.

Review opened to reconcile the issuing entity (Delaware Inc. vs Florida LLC) and confirm the current head office address.

Alex Blania corrected from "(US)" to a German national living in San Francisco. Entity names corrected: "Tools for Humanity, Inc." to Tools for Humanity Corp (Delaware, per SEC Form D/A) and "Worldcoin Foundation" to World Foundation. Added World Assets Limited (BVI, WLD issuance), World Chain LLC (Cayman), and the Munich GmbH entities. Removed the unsourced claim that a16z led the 2023 round, other unsourced investor and audit claims, and the stale US-eligibility note. Removed the SEC Form D/A as Test 3 evidence, since a notice filing is not regulatory engagement.

Review opened: Test 3 relies on an SEC Form D/A filing as regulatory engagement; engineering location and recent US regulatory posture are still to be documented.

Suspended: Test 3 rested only on Tools for Humanity's own Form D/A, which is not regulatory engagement, and Test 2 is not established.

Custodian corrected from BitGo Trust to the BitGo and BiT Global joint venture (Hong Kong-based, BitGo a minority shareholder), following the 2024 custody move. BitGo HQ corrected to Sioux Falls, SD per its S-1/A principal executive office, and its trust subsidiary's OCC conversion approval added. BitGo founders and investor entries removed as not pertaining to the WBTC custodian; the Goldman Sachs round was Series B, not Series C. The custodian also carries the token-issuer role, since the WBTC whitepaper assigns the mint keys to the custodian.

Delisted: the custodian that decides eligibility under the wrapped-asset rule is a non-US joint venture (BiT Global, Hong Kong).

Listed after the 2026-09-14 coverage review: XPR Network is built by Metallicus, Inc., a Delaware corporation headquartered in San Francisco with US court records.

Review opened to replace litigation-based Test 3 evidence with Metallicus's state licence records and to confirm XPR issuance and stewardship.

SEC posture corrected: there was no 2024 settlement. Final judgment imposed a $125,035,150 penalty and an injunction, and the cross-appeals were dismissed in August 2025 with the judgment left in effect. The dead SEC source link was replaced. Entity and HQ re-sourced to OCC records; OCC trust bank conditional approval and Ripple Markets DE LLC licensing added. Unsourced items removed: the FinCEN MSB claim for Ripple Labs, investor annotations (including non-US SBI Holdings), founder Arthur Britto, and McCaleb's departure year.

Listed after the 2026-09-14 coverage review: XY Labs, Inc. is a Delaware corporation headquartered in San Diego (SEC Regulation A filings, 2025–2026) and the XYO token's issuer and principal developer.

Review opened to confirm the Test 3 basis (2016–2018 SEC Regulation A review) after XY Labs' April 2026 exit from Regulation A reporting.

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