U.S. SEC Division of Corporate Finance Updates Crypto FAQ: If the crypto system is already functional, there is no central controlling entity, and the issuer announces a repurchase of non‑security tokens, this generally does not constitute a commitment to satisfy the “efforts of others are necessary” prong of the Howey test. Under the same assumptions, statements about staking receipts and network maintenance also are not necessarily treated as investment contracts.
You must read the limiting conditions. First, this is an employee FAQ without legal force, and a change in leadership can revise it. Second, if the network is not yet up and running, and the repurchase is packaged as a return, there is still a risk of crossing the line. Third, if there is a central party with operational, economic, or voting control, you cannot use “it is already live” as a shield.
Regulatory sentiment is relatively warm, but this is not a ticket you can buy immediately. Don’t have centralized projects issue exemption letters to themselves.
#SEC称去中心化代币回购通常非投资合约 $BTC $ETH $QNT
You must read the limiting conditions. First, this is an employee FAQ without legal force, and a change in leadership can revise it. Second, if the network is not yet up and running, and the repurchase is packaged as a return, there is still a risk of crossing the line. Third, if there is a central party with operational, economic, or voting control, you cannot use “it is already live” as a shield.
Regulatory sentiment is relatively warm, but this is not a ticket you can buy immediately. Don’t have centralized projects issue exemption letters to themselves.
#SEC称去中心化代币回购通常非投资合约 $BTC $ETH $QNT
