1. Study on the use of a distributed ledger system (a) In general Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall conduct a study on the feasibility, benefits, and costs of using a distributed ledger system in the post-trade clearing and settlement process. (b) Consultation In conducting the study under subsection (a), the Commission staff shall consult with domestic and international stakeholders. (c) Contents of the study The study required under subsection (a) shall include— (1) an identification of the key operational and regulatory challenges and opportunities that could be caused by the use of a distributed ledger system in the post-trade clearing and settlement process; (2) an identification of practices from domestic and international models that use a distributed ledger system in the clearing and settlement process; (3) an identification of the processes and entities that could be disintermediated by the use of such system in such processes; (4) an identification of the potential steps for establishing international standards for, and global continuity of service in the transition to, the use of such system in such processes; (5) an identification of the implications of the use of such system in such processes on— (A) investor protection, capital formation, and market efficiency; and (B) the establishment of international standards