{
  "type": "ZkVmReceipt",
  "system": "risc0",
  "receiptFormat": "groth16-bn254",
  "imageId": "sha256:a1a0bc89b5b1febaeda3519f6dbade0fa5ac16beeb143c4e1b01689573567bc6",
  "seal": "KhUZgVlwTXtfhjJK3ftPLdwXHJQsmLmdhQRkG/AVe5gCKaj7qIuFjzlwRc8nOnDBdAg7HBfyRec0pqA/rLCR5iqc8b5fkti4qrjjcAqHmFHl/YyeRefsSMMemi5tGMSqKjEvhY67nhmxMpmSyGK4lzPW7fxirN66GwDj7SpzzVcBySvo1a6jsESnYRyEJUYcFIzvjo9mI0XXdttAKXpOTRyCCbrIYD2byHf2VI5LEJ4a1rM0F+f1kgYBlKSmEZzsE6TfqL+dVppMS2bnbE/RLsdIeELs5BIctoiTXEtO6dwlikp6ZTuwTmfyirGiNfyges/m96VH2Id82OCniiSPvA==",
  "journal": {
    "chaingraph_version": "0.4.0",
    "kernel_digest": "sha256:2fd5b0a6674a558949495837e3105a855ebde50c43c0441c61008f9a10204f44",
    "output": {
      "applicable_regime": "Other: Verify applicable central-bank, deposit-insurance, and e-money/stablecoin legislation in this jurisdiction.",
      "capital_accounting_note": "Classification unclear or misidentified — capital and accounting treatment depends on reclassification result. Stablecoin/EMT = MiCA Art. 48+ regime (EU) or GENIUS Act (US). Verify with current guidance.",
      "classification": "DEPOSIT_TOKEN_MISCLASSIFIED",
      "classification_grade": "F",
      "note": "Educational deposit-token compliance validator. A deposit token is a bank liability, NOT a reserve-backed e-money instrument. Distinct from Wave 8 Canton tokenized-asset layer and from Tempo/Arc stablecoin tools. Not legal, capital, or accounting advice.",
      "remediation_checklist": [
        {
          "action": "Confirm at-par-on-demand redemption with issuer legal counsel.",
          "issue": "Redemption basis is unclear — verify with issuer legal counsel.",
          "test": "redemption"
        },
        {
          "action": "Confirm on-balance-sheet classification with issuer. If segregated-reserve: token is a stablecoin/EMT, not a deposit.",
          "issue": "Segregated-reserve structure is characteristic of a reserve-backed stablecoin (e.g. MiCA EMT), not a bank deposit.",
          "test": "liability"
        },
        {
          "action": "Restrict token holders to allowlisted wholesale counterparties or recategorise as EMT.",
          "issue": "Open / unrestricted holders — not consistent with a bank deposit token; assess as e-money token or stablecoin.",
          "test": "eligibility"
        }
      ],
      "status_asof": "2026-06-20 — verify US deposit law, MiCA EMT Arts. 48+, UK RLN model, and FDIC/FCA/EBA guidance against current primary sources",
      "test_results": {
        "eligibility": {
          "note": "Open / unrestricted holders — not consistent with a bank deposit token; assess as e-money token or stablecoin.",
          "result": "FAIL"
        },
        "insurance": {
          "note": "No deposit insurance — verify regulatory treatment and investor disclosure.",
          "result": "INFO"
        },
        "liability": {
          "note": "Segregated-reserve structure is characteristic of a reserve-backed stablecoin (e.g. MiCA EMT), not a bank deposit.",
          "result": "FAIL"
        },
        "redemption": {
          "note": "Redemption basis is unclear — verify with issuer legal counsel.",
          "result": "UNCLEAR"
        }
      },
      "token_class": "unclear"
    }
  }
}