The SEC publishes new guide on commercialization of digital assets.
The Securities and Exchange Commission of the United States (SEC) presented a guide that seeks to help issuers, investors, marketers, owners and investors to determine if the cryptoactives of their interest qualify or not as a financial value, according to the federal laws of That country.
The guide, published on the official website of the SEC this April 3, was prepared by the agency’s FinHub team. It is an effort to help those seeking to comply with federal securities laws, according to the SEC. In this way, ideas are provided so that stakeholders can analyze the characteristics of digital assets and determine if they are offered and sold as an investment contract, which would enter the classification of “financial value”.
In case these assets are classified as a value, the regulator points out, it will be necessary to comply with a series of requirements for the launch and commercialization of this type of asset, which includes its registration with the competent agencies. In that sense, the document explains to the public that the term financial value includes investment contracts and other instruments, such as bonds and transferable shares. Although it also applies to digital assets that respond positively to the guidelines established in the Howey Test.
According to this test, which arose in 1946, a cryptoactive is a financial value if it meets the following criteria: there is an investment of money, it is part of a common enterprise and there is a reasonable expectation of gains derived from the efforts of others.
On this subject, the SEC clarifies to the public that according to the results of the Test any digital asset can qualify as a value, although it is necessary to analyze the particularities of each case separately. Therefore, the classification also depends on the nature of the cryptoactive, including the rights it intends to convey and how it is offered, sold or resold (considering secondary market sales).
In any situation, the agency recommends having the legal advice of a lawyer. However, he linked to his website a form through which people or companies can ask questions and ask for advice on the subject.
Given that doubts may arise in the evaluation process, the SEC mentions a series of elements to be taken into account when analyzing digital assets. These are characteristics that, when present, make the Howey Test less likely to be met. To determine its existence, it is recommended to consider the following: if the digital asset and the network where it is issued are developed and operational, and if the possessors of the cryptoactive can use it immediately for the planned functionality in the network.
To the above is added to assess whether the creation and structure of the cryptoactive is designed and implemented to meet the needs of users, instead of feeding speculation related to its value or the development of its network. Likewise, it is advisable to take into account if the perspectives of revaluation of the price of the cryptoactive are limited. For this it is observed whether the offer is of fixed value or there is a probability that the price will degrade over time.
In addition, the possibilities of maintaining the digital asset for long periods as an investment are studied, as well as its ability to function as a fiduciary currency, acting as a substitute for money or being used to make payments in a wide variety of contexts.
Under these premises, the SEC and other federal entities have so far agreed that most cryptoactives, not including bitcoin and ether, are financial values and should be regulated as such.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.