The merged CLARITY Act runs on one invented term: the ancillary asset, a token sold with a securities offering that is not itself a security. Here is where the concept came from, exactly how it works, why a16z tried to kill it, and what it means for every token you hold.
Summary
- An ancillary asset is the CLARITY framework’s central category: an intangible, commercially fungible asset, distributed in connection with the purchase and sale of a security through an investment-contract arrangement, that is not itself a security.
- The definitional cut is what the token does not give you: no debt or equity claim, no dividends or interest, no liquidation rights. A token conferring those…
