# Сопутствующие статьи по теме SEC

Новостной центр HTX предлагает последние статьи и углубленный анализ по "SEC", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

RWA Utility Tokens, Stop Kidding Yourselves

The article, written by lawyer Shao Jiadian, critically examines the common claim by RWA (Real World Asset) token projects that their tokens are "utility tokens" rather than securities. The author argues that regulatory bodies globally do not classify assets based on their self-proclaimed labels but on their actual economic function and structure. The core argument is that most so-called "utility RWA tokens" involve users investing money into a common asset pool managed by the project, with the expectation of profits derived from the project's efforts (e.g., dividends, revenue sharing from assets like real estate or equipment). This structure meets the criteria of an "investment contract" and is therefore treated as a security in major jurisdictions like the U.S., EU, Switzerland, and Hong Kong. Two key legal cases are cited as evidence: 1. **DeFiMoney Market (DMM):** Its fixed-yield token and "governance" token were both deemed securities by the SEC because investors' profits came from a managed asset pool. 2. **Unicoin (2025):** An asset-backed token promising returns from real estate and equity was charged by the SEC as an unregistered securities offering and fraud. The author highlights an inherent conflict: utility tokens emphasize *use* and *consumption*, while RWA tokens are fundamentally linked to *assets* and *returns*. Any token offering profit-sharing, dividends, or redeemable cash flows will be viewed as a security by regulators. The conclusion is stark: projects are not avoiding securities laws out of ignorance but to circumvent the stricter requirements of a regulated securities offering. The only viable paths to avoid securities classification are: 1. Purely functional tokens with no profit expectation. 2. Private offerings strictly for accredited investors. 3. Operating under specific regimes like Dubai's VARA that regulate security-like tokens as virtual assets. Ultimately, any RWA token offered to the public that is tradable and promises returns will almost certainly be treated as a security. The choice for projects is not between utility and security labels, but between "long-term compliance" and "short-term gambling."

marsbit12/25 03:13

RWA Utility Tokens, Stop Kidding Yourselves

marsbit12/25 03:13

Is RWA Entering the 'Equity Era'? The Backstory Behind Securitize, Ondo, and Coinbase's Simultaneous Moves

RWA is entering an "equity era," marked by a significant shift in focus from major players Securitize, Ondo, and Coinbase toward equity tokenization (Equity RWA). This synchronized move is not coincidental but is driven by clear regulatory direction. In December 2025, SEC Chairman Paul Atkins stated that the U.S. financial markets would migrate to blockchain within two years, a sentiment echoed by Nasdaq's plans for on-chain stock trading. Industry consensus is converging on an on-chain capital market future, with leaders from Maple Finance and Binance emphasizing RWA's potential to bridge blockchain with real-world assets. While private credit and U.S. Treasuries currently dominate RWA due to their regulatory clarity and stability, large institutions are now progressing toward equities. Each platform offers a distinct approach: Ondo provides tokenized stocks with liquidity directly backed by Nasdaq and NYSE-listed shares, targeting non-U.S. investors. Securitize is developing a fully compliant, native on-chain equity model where tokens represent direct shareholder rights. Coinbase is integrating stock trading into its platform, aiming to create a unified financial super-app for diverse assets. This collective pivot signals that on-chain equity is transitioning from an exploratory concept to a structurally significant component of the future financial system, representing a major milestone in RWA's evolution.

marsbit12/24 12:08

Is RWA Entering the 'Equity Era'? The Backstory Behind Securitize, Ondo, and Coinbase's Simultaneous Moves

marsbit12/24 12:08

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