Saw Odaily: SEC staff released a set of common questions and answers about crypto assets today, explaining how the March explanatory document maps onto token buybacks, liquidity staking, and network maintenance—making things clearer in a big way.
Uniswap founder Hayden summarized it very plainly: buybacks of commodity-type tokens, by themselves, do not turn them into securities; the liquidity-staking receipts for commodity-type tokens are also not securities. Fox Business added one more point: once a network is up and running, the services involved in maintaining, improving, and developing the network are typically not considered the “essential managerial efforts” in the Howey Test.
The official write-up also notes that this is just the staff’s view and has no legal binding effect. The boundary still comes down to factual determinations, but on the two issues of buybacks and staking—an industry debate that has gone on for a long time—there is finally a more detailed written interpretation.
$UNI #加密监管 #SEC
Uniswap founder Hayden summarized it very plainly: buybacks of commodity-type tokens, by themselves, do not turn them into securities; the liquidity-staking receipts for commodity-type tokens are also not securities. Fox Business added one more point: once a network is up and running, the services involved in maintaining, improving, and developing the network are typically not considered the “essential managerial efforts” in the Howey Test.
The official write-up also notes that this is just the staff’s view and has no legal binding effect. The boundary still comes down to factual determinations, but on the two issues of buybacks and staking—an industry debate that has gone on for a long time—there is finally a more detailed written interpretation.
$UNI #加密监管 #SEC
