The fourteen standing lines
What each architecture does to the covenant
v0.18 §11.4 puts these in the publisher’s certificate. entity_structure_v0.19 restores line 1 to its v0.17 strength at the publisher because the holdings sit at the parent. A listing-primary SKU, and a USD bonded SKU, do not need to amend any of them. A DFY rail breaks six. V19 amends five and breaks none. P5 is not drawn as its own column: bonded-DFY is that column.
On the active path
14 hold
Amended
0
Broken
0
| # | Line | USD | DFY rail | Listed | V19 |
|---|---|---|---|---|---|
| 1 | No token held, issued, priced, accepted, referenced Listed path: DFY is the venue’s wrapper unit; CSAI’s SKUs stay USD. Bonded-DFY: CSAI prices and accepts DFY. That is the token that exists outside the design. | hold | break | hold | amend |
| 2 | USD fees, fixed, never negotiated A listing licence at a USD list is the same line. A DFY list is a token price. NetCo’s D63 share is a fixed published percentage — the only amendment on V19. | hold | break | hold | amend |
| 3 | Impersonal, scheduled Read A listed underlier is the strongest form of an impersonal Read. A Read payable in DFY makes CSAI the buyer of last resort of a token its own efforts drive. | hold | break | hold | hold |
| 4 | IOSCO statement and fallback with every settlement licence A DCM listing will ask for this packet whether the network is bonded or open. A DFY rail does not write the statement. | hold | hold | hold | hold |
| 5 | Derived-data agreements before first settlement licence Publisher must exist before week 5 (entity_structure_v0.19 §5). Live F2 already settling makes this late on every path. | hold | hold | hold | hold |
| 6 | Venue warranty on U.S. persons Listing-primary makes this a DCM/ATS problem, not a CSAI problem — still required in the licence. A harbor does not replace it. | hold | hold | hold | hold |
| 7 | No governance through any token Hold only if DFY carries no vote. The 86.8% holding is an insider-supply failure, not a vote, and is still fatal to any mature-system claim. | hold | hold | hold | hold |
| 8 | Frozen rule; pre-registration The book is the pre-registration record. Live FN-F-v1 is a versioned instrument, which is the right form. | hold | hold | hold | hold |
| 9 | No virtual-asset service by any party Accepting DFY for a Freeze or a Read is a virtual-asset service. A Q4 harbor, if it exists, covers listed tokenized wrappers — not CSAI as a DFY merchant. | hold | break | hold | amend |
| 10 | No fee intermediation (B1) Direct pay can be in DFY without recreating OpCo, which is why bonded-DFY is not quite P5. P5 also broke this line. | hold | hold | hold | hold |
| 11 | No market for W created or referenced A DFY rail puts a DFY price in CSAI’s documents. Listed path: venues list wrappers; CSAI’s list stays USD and carries no DFY venue. | hold | break | hold | amend |
| 12 | No intermediary between W payer and payee Vacuous if there is no W. A DFY rail must still settle peer to peer. Keep the line; do not fill it with a router. | n/a | hold | n/a | hold |
| 13 | No front-end, relayer or hosted wallet (Storm line) Live /network is a console, not a wallet. A DFY rail that needed a hosted wallet would break this; the design forbids it on every path. | hold | hold | hold | hold |
| 14 | No custody of W or deposits by CSAI A DFY bond is virtual-asset custody. The three holders still need a licence for exactly that. USD bonds do not. | hold | break | hold | amend |
Publisher exclusion
A listed, impersonal, scheduled print sold at a USD list to every venue is the form Lowe and the IOSCO principles were written for. A Freeze licence that is a condition of register() is closer to an admission fee. Both can be held inside line 3. A Read payable in DFY cannot: CSAI becomes the buyer of last resort of a token its own efforts drive. That is the fourth Howey prong, conceded, and the exclusion is gone.
Status on these levers: clean.
VASP / money-transmission load
vasp_v0.17 tested every leg. Direct pay, USD contract bond, no front-end, no W market: no party performs a virtual-asset service. A listing licence paid in USD does not reopen it. A DFY rail does — accepting DFY for fees is a virtual-asset service; a DFY bond is virtual-asset custody. A Q4 harbor, if it exists, covers listed tokenized wrappers, not CSAI as a DFY merchant. NetCo’s primary sale and vault also reopen it, which is why V19 is a licensed operator, and why it is parked.
Load on these levers: none.
Line 3 during a financing
business_plan_v0.18 §11.5. A prospective investor asking for the Read during diligence gets the published product at the published USD price, or gets nothing. Not a free trial, not an early feed, not a sample of this week’s states, and not a DFY side letter. The public registry states, the reference implementation, the test vectors and the book are free. Diligence is conducted on those. The same sentence applies to F2: the freeze is public; the listing licence is not a side letter.