under section 43 of the Securities Exchange Act of 1934 on a freely accessible public website. (3) Ongoing disclosure requirements A digital asset issuer that has filed a statement under paragraph (1) to offer and sell a unit of a digital asset in reliance on section 4(a)(8) shall file the following with the Commission: (A) Annual reports An annual report that includes any material changes to the information described under paragraph (2) for the current fiscal year and for any fiscal year thereafter, unless the issuer is no longer obligated to file such annual report pursuant to paragraph (4). (B) Semiannual reports Along with each annual report required under subparagraph (A), and separately six months thereafter, a report containing— (i) an updated description of the current state and timeline for the development of the blockchain system to which the digital asset relates, showing how and when the blockchain system intends or intended to be considered a functional system and a decentralized system