# Сопутствующие статьи по теме Securities

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

Regulatory Clarity for Tokenized Securities: Which Hot Projects Won't Pass the SEC's Scrutiny?

The U.S. SEC has issued new guidance clarifying the regulatory treatment of tokenized securities, emphasizing that the use of blockchain does not change the fundamental nature of securities obligations. The guidance distinguishes between two main types of tokenized securities: those led by the issuer (where blockchain is used as a technical upgrade to record ownership registry, without altering rights or regulatory requirements) and those created by third parties (which may not confer direct ownership rights and introduce additional risks such as custody or counterparty risk). The SEC stresses that regardless of the technology used, any asset that meets the definition of a security or derivative remains subject to existing federal securities laws. This move aims to address market confusion, particularly around unauthorized “tokenized stocks” that mimic equity without issuer involvement—such as certain products offered by platforms like Robinhood in Europe or third-party claims of tokenized equity in companies like OpenAI. In contrast, compliant initiatives—such as those by Kraken, NYSE, or DTCC—focus on integrating tokenization within existing regulatory frameworks, ensuring issuer participation and clear accountability. The guidance reinforces that tokenization is not a shortcut to bypass securities laws but must align with legal and economic substance.

Odaily星球日报01/30 03:36

Regulatory Clarity for Tokenized Securities: Which Hot Projects Won't Pass the SEC's Scrutiny?

Odaily星球日报01/30 03:36

The Year Token Economics Were Debunked

The year 2025 is portrayed as a turning point where the fundamental economic model of crypto tokens was invalidated. The passage of regulatory frameworks like the CLARITY Act in the US forced projects to choose between being classified as a security (under the SEC) or a commodity (under the CFTC), with most falling into the former category. This led to a crisis of "coin rights" (币权). A key trend emerged: traditional financial institutions began acquiring crypto companies, but only for their technology and talent, explicitly excluding the associated tokens from deals. Examples include Circle's acquisition of Interop Labs (without the AXL token) and similar moves by Kraken and Coinbase. This shattered the investor narrative that buying a project's token was equivalent to owning equity, as tokens held no legal claim to a company's assets or profits. Simultaneously, major DeFi protocols like Aave and Uniswap faced internal conflicts. Aave's developers were accused of diverting front-end fees from the community treasury, while Uniswap had to implement complex legal structures to distribute fees to token holders without attracting SEC scrutiny. This highlighted a core dilemma: providing token dividends risked being classified as a security, while avoiding regulation meant tokens remained valueless. The article concludes that the crypto industry is being assimilated into traditional finance, but this "fusion" means value is flowing toward legally recognized entities—companies, equity, and licenses—rather than to token holders. Tokens, like American Depositary Shares (ADS), may remain as tradable rights, but they lack the legal protections and claims of traditional equity, marking the end of an era for the original token economy promise.

marsbit01/21 06:06

The Year Token Economics Were Debunked

marsbit01/21 06:06

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