SEC issues guidance on applying securities laws to crypto assets
- —Liquid staking receipt tokens may qualify as digital commodities if value derives from supply and demand
- —Buybacks of non-security tokens in a functional system alone are not "managerial efforts"
- —Maintaining, securing and improving a functional network generally is not "managerial efforts" under Howey
- —Secondary trading platforms are not automatically deemed promoters under Rule 405
Why it matters: The guidance reduces regulatory uncertainty for DeFi protocols, liquid staking and token buyback programs in the US.
Source: Bitcoin Sistemi