Table of Contents As filed with the Securities and Exchange Commission on February 10, 2026 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Clear Street Group Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 6211 86-2376416 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) ...

Core Insights - The Depository Trust & Clearing Corporation (DTCC) plans to issue tokenized securities on the Canton Network, marking its first step in a long-term roadmap towards digital asset integration [1][3] - DTCC will hold the securities for safekeeping, emphasizing Wall Street's efforts to leverage blockchain technology for financial efficiencies while adhering to existing regulations [2] - DTCC will co-chair the Canton Foundation alongside Euroclear, indicating a significant leadership role within Canton's decentralized governance structure [2] Tokenization and Market Impact - DTCC's CEO stated that this initiative aims to create a framework for high-value tokenization use cases, which will eventually expand to other networks and assets [3] - The U.S. Securities and Exchange Commission recently approved a three-year pilot for DTCC, allowing the issuance of tokens on both public and private blockchains [3] - The Canton ecosystem currently manages $6 trillion in assets and includes over 600 participating institutions, highlighting its substantial market presence [4] Privacy and Compliance Features - Canton Network is designed with configurable privacy and institutional-grade compliance, allowing users to see only the transaction aspects that are relevant to them [5] - This privacy feature contrasts with most blockchains, where transactions are publicly visible, showcasing Canton's unique approach to transaction confidentiality [5] Industry Sentiment - Industry leaders, such as the CEO of trading firm DRW, view DTCC's announcement as a significant indicator of Wall Street's gradual acceptance of digital assets, suggesting a fundamental shift in market operations [6]

Core Insights - The establishment of the Interbank Market Transaction Reporting Database in Shanghai is a significant development aimed at enhancing financial market transparency and risk management [1][2][4] - The database will aggregate and analyze high-frequency trading data across various financial sub-markets, including bonds, currencies, derivatives, gold, and bills, serving financial institutions and regulatory bodies [1][2] Group 1: Company Formation and Structure - The Interbank Market Data Reporting Database (Shanghai) Co., Ltd. was officially established on December 13, with a registered capital of 600 million RMB [1] - The company is jointly funded by seven entities, including the Shanghai Gold Exchange and the China Interbank Market Dealers Association, with contributions varying from 15 million to 100 million RMB [1][2] Group 2: Leadership and Expertise - Xu Zhong, an economist with extensive experience in financial research and market infrastructure, is appointed as the chairman of the company [2] - The financial officer, Tang Yingwei, has a strong background in the bill market and has been involved in the transition from paper-based to electronic systems [2] Group 3: Importance and Challenges - The database is viewed as a crucial infrastructure for building a strong financial system and promoting high-quality financial development, with its core value being the enhancement of transparency and systemic risk prevention [2][3] - Challenges such as data quality issues and the lack of standardized reporting mechanisms need to be addressed to maximize the database's effectiveness in risk monitoring and market services [3]

Core Insights - Intercontinental Exchange (ICE) has evolved from an electronic marketplace for energy markets to a leading financial infrastructure provider through strategic acquisitions [1] Group 1: Company Overview - ICE was founded in 2000 with the aim of increasing transparency in over-the-counter energy markets [1] - The company focuses on identifying undervalued stocks while balancing risk and reward [1] Group 2: Investment Philosophy - The investment strategy emphasizes limited risks with decent to high upside potential by understanding ownership [1] - Simplicity in investment ideas is highlighted as a key principle, with a contrarian approach being favored [1]

Company Overview - TIS has been a long-standing provider of Japan's financial infrastructure [1] - TIS is now scaling globally with AvaCloud [1] Technology and Platform - The Multi-Token Platform, built on Avalanche (@avax), extends TIS's infrastructure on-chain [1] - The platform enables regulated stablecoins and tokenized assets for institutions worldwide [1]

Core Viewpoint - Shanghai Clearing House has established itself as a leading global financial infrastructure, particularly in foreign exchange clearing and RMB asset management, contributing significantly to the development of Shanghai as an international financial center [1][5]. Group 1: Financial Infrastructure - Shanghai Clearing House has built six major platforms to support the construction of Shanghai as an international financial center, making it the largest foreign exchange clearing platform globally [1]. - It serves as a key bond issuance platform with a bond custody volume nearing 50 trillion yuan [1]. - The clearing house is also a major platform for over-the-counter clearing of bulk commodities and has extensive cross-border connectivity [1]. Group 2: Unique Role and Standards - The unique role of Shanghai Clearing House as a financial infrastructure is highlighted by its internationality, safety, and leadership [5]. - It has established a global network interconnected with major international infrastructures, enhancing the participation of international institutions in Shanghai's financial market [5]. - The risk control standards set by Shanghai Clearing House have become global benchmarks, aligning with international standards, regulations, and ESG criteria [5]. Group 3: Product and Channel Development - Shanghai Clearing House has introduced the "Yulan Bond" as a cross-border financing brand, facilitating domestic institutions in raising funds abroad, with the first non-financial enterprise "Yulan Bond" launched in November last year [6]. - It has supported nearly 900 billion yuan in "Panda Bonds" financing within the domestic market [6]. - The clearing house has established cross-border dual-channel custody pathways, with "Northbound" and "Southbound" custody balances reaching 340 billion yuan and 580 billion yuan, respectively, by the end of September [6].

Blockchain Integration - Consensys is supporting SWIFT in early-stage blockchain prototyping [1] - SWIFT is adding a blockchain-based digital ledger to its technology stack [1] Global Finance Impact - SWIFT's move is pivotal for global finance [1] - The integration aims for instant, always-on cross-border payments at unprecedented scale [1]

We're proud to share that Consensys is supporting SWIFT with early-stage prototyping as the global financial infrastructure adds a blockchain-based digital ledger to its technology stack.@swiftcommunity's move is a pivotal one for global finance, beginning with instant, always-on cross-border payments at unprecedented scale. 👇 ...

Partnerships & Initiatives - MNT-Halan's United Arab Emirates unit is partnering with Lean Technologies to expand credit access [1] - The initiative targets small businesses and individuals [1]

Company Activity - Lightning Labs CEO Ryan Gentry files for a $200 million SPAC named Bitcoin Infrastructure Acquisition Corp [1] Target Industry - The SPAC targets digital financial infrastructure companies [1] Board Members - Board members are from DeFi Dev Corp and Nakamoto (Kindly) [1]