SEC’s Shift on Tokens Makes a Clearer Path to Crypto Compliance
The Securities and Exchange Commission has begun drawing a clearer line between blockchain tokens that are securities and those that aren’t. For the first time in years, it’s possible to launch a compliant token in the US without treating enforcement risk as a material cost of doing business or relocating entire operations overseas.
This shift in clarity is already influencing how teams design, launch, and, most importantly, communicate about tokens.
Functional tokens aren’t inherently securities. As demonstrated in the latest no-action letters to DoubleZero and Fuse from the SEC’s Division of Corporation Finance, tokens fall outside the securities laws as long as they aren’t marketed, explicitly or implicitly, as speculative…
