SEC Division of Corporation Finance staff said that, in their view, Canton Coin meets the definition of a “digital commodity.” Staff said that unregistered programmatic minting by Canton validators and application providers would not lead them to recommend enforcement action. The SEC emphasized that the letter expresses an enforcement position, not a legal conclusion, and is based on the facts as represented by Canton. The relief came after the launch last week of a tokenization service using Canton and DTCC’s private network. Morgan Stanley said Tuesday that it was among the service’s earliest bank users.