; or (II) an activity with respect to which the organization is exempt from such registration; or (iii) a person or group of persons seeking to knowingly evade the requirements imposed on a digital asset issuer, a related person, an affiliated person, or any other person registered (or required to be registered) under the securities laws, the Financial Innovation and Technology for the 21st Century Act, or the Commodity Exchange Act. (25) Decentralized system With respect to a blockchain system to which a digital asset relates, the term decentralized system means the following conditions are met: (A) During the previous 12-month period, no person— (i) had the unilateral authority, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, to control or materially alter the functionality or operation of the blockchain system; or (ii) had the unilateral authority to restrict or prohibit any person who is not a digital asset issuer, related person, or an affiliated person from— (I) using, earning, or transmitting the digital asset; (II) deploying software that uses or integrates with the blockchain system; (III) participating in a decentralized governance system with respect to the blockchain system; or (IV) operating a node, validator, or other form of computational infrastructure with respect to the blockchain system. (B) During the previous 12-month period— (i) no digital asset issuer or affiliated person beneficially owned, in the aggregate, 20 percent or more of the total amount of units of such digital asset that— (I) can be created, issued, or distributed in such blockchain system; and (II) were freely transferrable or otherwise used or available to be used for the purposes of such blockchain system; (ii) no digital asset issuer or affiliated person had the unilateral authority to direct the voting, in the aggregate, of 20 percent or more of the outstanding voting power of such digital asset or related decentralized governance system