# 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.

Ripple presses SEC to lock in XRP’s post-lawsuit status

Ripple has formally requested the SEC's Crypto Task Force to adopt a legal framework that would exempt tokens like XRP from securities law once the original fundraising obligations end. The company argues that securities regulations should only apply during the initial sale where a direct legal relationship exists between issuer and buyer, not to secondary market trading. This approach aims to prevent what Ripple calls the "zombie promise" problem, where outdated issuer statements bind later buyers. Instead, mature crypto markets should be governed by commodity-style rules. The proposal aligns with Ripple's ongoing legal defense against the SEC's claim that XRP is a security. The timing is significant as U.S. crypto regulation evolves, with Congress preparing new legislation and the SEC shifting toward formal rulemaking. If adopted, this framework could permanently exclude XRP and similar tokens from SEC securities oversight.

ambcrypto01/12 18:41

Ripple presses SEC to lock in XRP’s post-lawsuit status

ambcrypto01/12 18:41

DTCC Is Not Tokenizing Stocks: What's Really Changing?

The article clarifies a key distinction in securities tokenization: DTCC's recent SEC approval tokenizes *security entitlements* within the existing indirect holding system, not the underlying shares themselves. This "digital twin" model modernizes the current infrastructure (e.g., enabling 24/7 settlement, reducing collateral needs) but preserves its core structure, including netting efficiency and intermediary layers. In contrast, a separate "direct ownership" model tokenizes the actual shares on a blockchain, enabling true self-custody, peer-to-peer transfers, and DeFi composability, but sacrifices the liquidity and efficiency of the centralized system. The author argues these are complementary, not competing, paths: DTCC's upgrade optimizes the existing market for institutions, while direct ownership enables new functionality for investors seeking autonomy. The real winner is investor choice, as both models will coexist, driving competition and innovation.

marsbit01/04 08:09

DTCC Is Not Tokenizing Stocks: What's Really Changing?

marsbit01/04 08:09

Pump.fun Lawsuit Annual Review: Mysterious Informant, Internal Records, and Answers Yet to Be Revealed

Summary: In January 2025, investors filed lawsuits against meme coin launchpad Pump.fun and its founders in a New York court, alleging the platform sold unregistered securities after they suffered losses (one plaintiff lost $231, another $242,000). The cases were later consolidated. The lawsuit expanded significantly in July 2025, with plaintiffs accusing Pump.fun, Solana Labs, Solana Foundation, and Jito Labs of operating as a coordinated "racketeering enterprise." Core allegations include selling unregistered securities, operating an illegal gambling operation, enabling wire fraud through misleading "fair launch" claims, facilitating money laundering (including for the Lazarus Group), and a complete lack of investor protections (KYC/AML). A major turning point came when a confidential informant provided plaintiffs with approximately 15,000 internal messages from Pump.fun, Solana, and Jito, allegedly revealing detailed technical coordination and discussions on MEV exploitation for insider advantage. The plaintiffs are preparing a Second Amended Complaint incorporating this evidence, due by January 7, 2026. Amid the legal battle, Pump.fun's weekly trading volume has plummeted over 80% from its January peak. The case raises fundamental questions about decentralization and fairness in the crypto ecosystem.

深潮12/23 04:02

Pump.fun Lawsuit Annual Review: Mysterious Informant, Internal Records, and Answers Yet to Be Revealed

深潮12/23 04:02

Understanding Tokenization: Distinguishing the DTCC Model from the Direct Ownership Model

The article clarifies the key differences between two distinct tokenization models in the securities market: the DTCC model and the direct ownership model. The DTCC model, recently approved by the SEC, involves tokenizing "security entitlements" within the existing, multi-layered intermediary system. It creates a digital twin of these rights on a blockchain to improve operational efficiency, enable 24/7 transfers between institutions, and reduce costs, all while preserving the core benefits of the current system, such as netting and centralized liquidity. Crucially, it does not tokenize the underlying shares themselves, and ownership remains indirect. In contrast, the direct ownership model tokenizes the shares themselves, recording ownership directly on the issuer's share registry. This approach enables self-custody, peer-to-peer transfers, and full composability with on-chain DeFi applications. While this model sacrifices the efficiency of netting and leads to fragmented liquidity, it offers unprecedented functionality and disintermediation. The article concludes that these are not competing visions but complementary paths serving different needs. The DTCC model modernizes the core of the public markets for institutional scale and stability, while the direct ownership model fosters innovation at the edge. The ultimate winner is investor choice, as both paths will coexist, offering a broader market interface with more options for all participants.

marsbit12/22 12:36

Understanding Tokenization: Distinguishing the DTCC Model from the Direct Ownership Model

marsbit12/22 12:36

Valuation at $1.25 Billion Post-SPAC Listing, Securitize to Issue "Real Equity" On-Chain Stocks

Securitize, a leading RWA (Real World Assets) platform, plans to launch native on-chain equity products by Q1 2026. Unlike synthetic or beneficiary tokenized stock models, Securitize will issue legally recognized shares directly on the blockchain, recorded on the issuer’s official cap table. Token holders will possess full shareholder rights, including dividends and voting. Valuing at $1.25 billion post-SPAC merger (ticker: SECZ), Securitize has already tokenized over $3 billion in assets through partnerships with major institutions like BlackRock (notably its $1.7B BUIDL fund), Apollo, KKR, and VanEck. Its investor base includes Coinbase, Morgan Stanley, BlackRock, and ARK Invest. The company aims to bridge TradFi and DeFi through compliant, regulated digital securities infrastructure, positioning itself as a key player in the institutional adoption of on-chain finance.

marsbit12/19 08:43

Valuation at $1.25 Billion Post-SPAC Listing, Securitize to Issue "Real Equity" On-Chain Stocks

marsbit12/19 08:43

SEC flags Bitcoin miner hosting services as subject to securities laws

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Bitcoin mining firm VBit and its founder, Danh Vo, alleging fraud and misappropriation of approximately $48 million in investor funds. The SEC claims that VBit’s third-party mining agreements qualify as securities under the Howey test, arguing that purchasers expected passive income and relied entirely on VBit’s efforts for profits. The agency also accused VBit of operating outside industry standards by pooling hashrate under its control and failing to provide transparency to investors. However, industry experts, such as Blockware Intelligence’s Mitchell Askew, argue that legitimate hosted mining services—where clients buy hardware and electricity without profit-sharing or pooled capital—do not constitute securities. The case reflects lingering enforcement approaches from the Biden administration, though the SEC under Trump has been perceived as more industry-friendly. The outcome may not broadly impact the hosted mining sector, as legitimate operations are considered distinct from investment contracts.

cointelegraph12/19 03:25

SEC flags Bitcoin miner hosting services as subject to securities laws

cointelegraph12/19 03:25

Former SEC counsel explains what it takes to make RWAs compliant

Former SEC counsel Ashley Ebersole explains that regulatory engagement, not technology, has been the main constraint for real-world asset (RWA) tokenization. While the SEC initially took an enforcement-heavy approach after its 2017 DAO Report, the agency is now more open to dialogue. Compliant RWA models, such as tokenized equities that confer actual shareholder rights through regulated intermediaries, are feasible. However, challenges remain due to jurisdictional fragmentation—securities laws vary globally, and structures valid in the U.S. may not comply in the E.U. or Asia. Yield-bearing tokens also face scrutiny, as passive returns often trigger securities regulations. Despite these hurdles, growing institutional interest and regulatory shifts are enabling more compliant RWA products to advance.

cointelegraph12/17 13:46

Former SEC counsel explains what it takes to make RWAs compliant

cointelegraph12/17 13:46

Compliance Guide for Utility Token Issuance

"Functional Token Issuance Compliance Guide" This guide outlines the legal framework for issuing utility tokens, emphasizing that regulatory risk depends not on the token's description, but on its economic reality. A token's classification as a security is determined by market behavior and investor expectations, not technical promises, as seen in cases like Telegram's TON. Projects fall into two main categories with different compliance paths: Infrastructure projects (e.g., Bitcoin, Celestia) often use fair launches for lower risk, while Application-layer projects (e.g., DeFi, GameFi) require careful legal structuring due to higher regulatory scrutiny. Key stages and actions are detailed: * **Testnet Phase:** Separate development (DevCo) and token/ecosystem (Foundation) entities. Use equity + token warrants for fundraising, not direct token sales, to avoid triggering securities laws prematurely. * **Mainnet Launch (TGE):** This is a high-risk phase. Ensure clear disclosure of token utility, allocation, lock-ups, and conduct KYC/AML. Avoid marketing that promises profit. Public airdrops and sales are closely watched. * **DAO Stage:** Achieve true decentralization by relinquishing team control to community governance (e.g., Uniswap DAO). This "verifiable exit" is crucial for reducing securities risk. The core compliance challenge is proactively demonstrating the token is *not* a security by emphasizing its functional use, avoiding profit promises, and progressively decentralizing. Compliance is a continuous process, not a one-time approval. A robust legal structure is the essential foundation for a sustainable project.

marsbit12/17 02:11

Compliance Guide for Utility Token Issuance

marsbit12/17 02:11

The Game Between Tokens and Equity: Revealing the Fundamental Conflict Behind Token Economics

The article "The Dark Side of Altcoins" by Crypto Dan explores the fundamental conflict between company equity and token holders in crypto projects. It argues that most projects are essentially companies with tokens, creating a structural conflict where equity (backed by VCs and boards) inevitably captures value at the expense of token holders. This leads to tokens trending toward zero despite project success. Hyperliquid is highlighted as an exception because it avoided VC equity financing, directing all economic value to the protocol instead of a corporate entity. The piece explains that tokens cannot legally function like stocks without being classified as securities, triggering regulatory issues. The ideal structure involves no company revenue capture, value accrual to token holders via mechanisms like buybacks, and DAO-controlled economic decisions. However, true alignment requires no corporate structure at all, akin to Bitcoin or Ethereum. The core issue is structural: tokens fail due to design flaws like VC funding, private sales, unlock schedules, or company revenue retention. Solutions require investors to stop funding flawed models and support projects like Hyperliquid that prioritize tokenholder alignment through thoughtful design.

比推12/11 19:00

The Game Between Tokens and Equity: Revealing the Fundamental Conflict Behind Token Economics

比推12/11 19:00

The Dark Side of Altcoins

The article "The Dark Side of Altcoins" argues that most cryptocurrency tokens inevitably fail due to a fundamental structural conflict between company equity and token holders. Most crypto projects are essentially traditional companies with equity-held founders, VC investors, and profit motives, which later issue a token. This creates irreconcilable incentives: equity seeks to capture value (revenue, profit, control) for the company and shareholders, while tokens need value (fees, buybacks, governance) to accrue to the protocol and holders. Equity almost always wins, leading to token value drainage. The piece highlights Hyperliquid as a rare success because it avoided VC equity financing entirely. Without a board or pressure to deliver value to shareholders, it could direct all economic value to its protocol and token. Legally, tokens cannot function like stocks without being deemed unregistered securities (if they offer dividends, ownership, etc.), which would trigger severe regulatory crackdowns. The optimal structure is one where the company holds no equity, captures no revenue, and all value flows to token holders via protocol mechanisms, with a DAO governing economic decisions. However, the only way to eliminate all conflict is to become a fully decentralized protocol like Bitcoin or Ethereum, with no company, no equity, and neutral, autonomously running infrastructure. The core issue is structural, not market conditions. Tokens are mathematically destined to fail if the project had VC rounds, private token sales, investor unlock schedules, or allows the company to capture revenue. Success requires value directed to the protocol, no VC equity, aligned founder/tokenholder incentives, and an economically irrelevant company. The solution is for investors to stop funding poorly designed projects. The future of the industry depends on capital flowing to projects with sound tokenomics, like those pioneered by Hyperliquid, MetaDAO, and Street.

深潮12/11 10:13