; and (iii) distributed among network participants in an automated fashion to concurrently update network participants on the state of the public ledger and any other functions; and (B) composed of source code that is publicly available. (22) Blockchain protocol The term blockchain protocol means any executable software deployed to a blockchain composed of source code that is publicly available and accessible, including a smart contract or any network of smart contracts. (23) Blockchain system The term blockchain system means any blockchain or blockchain protocol. (24) Decentralized governance system (A) In general The term decentralized governance system means, with respect to a blockchain system, any rules-based system permitting persons using the blockchain system or the digital assets related to such blockchain system to form consensus or reach agreement in the development, provision, publication, management, or administration of such blockchain system. (B) Relationship of persons to decentralized governance systems Persons acting through a decentralized governance system shall be treated as separate persons unless such persons are under common control. (C) Exclusion The term decentralized governance system does not include a system in which— (i) a person or group of persons under common control have the ability to— (I) unilaterally alter the rules of consensus or agreement for the blockchain system; or (II) determine the final outcome of decisions related to the development, provision, publication, management, or administration of such blockchain system; (ii) a person or group of persons is directly engaging in an activity that requires registration with the Commission or the Commodity Futures Trading Commission other than— (I) developing, providing, publishing, managing, or administering a blockchain system; or (II) an activity with respect to which the organization is exempt from such registration