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Detailed Explanation of SEC Chairman's Cryptocurrency Asset Classification: NFTs, Utility Tokens, and Digital Tools Are Not Securities
BlockBeats News, November 13th, U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins today elaborated on his cryptographic "Token Classification Framework" plan to clearly distinguish which cryptocurrencies are considered securities. In the SEC's press release, Paul Atkins mentioned his current views on various types of crypto assets, summarized as Atkins only emphasizing tokenized products as securities, with non-fungible tokens (NFTs), network tokens (ETH, SOL), and "functioning" "digital tools" (such as identity verification) not being considered securities. His views are detailed as follows:
"Digital Commodities" or "Network Tokens" are not securities. Their value is fundamentally related to the programmatic operation of a "fully functional" and "decentralized" cryptographic system and arises from it, rather than from the expected profits of others' key managerial efforts;
"Digital Collectibles" are not securities. These assets are intended for collecting and/or use by individuals, may represent or confer rights to digital expressions or references to art, music, videos, trading cards, in-game items, or internet memes, personalities, current events, or trends. Buyers of digital collectibles do not expect to profit from the daily managerial efforts of others;
"Digital Tools" are not securities. These crypto assets have practical functions, such as memberships, tickets, certificates, ownership proofs, or identity badges, and buyers of digital tools do not expect to profit from the daily managerial efforts of others;
"Tokenized Securities" are currently and will continue to be securities. These crypto assets represent ownership of financial instruments listed in the "securities" definition, which are maintained on a cryptographic network.
Paul Atkins stated that this list is not exhaustive and will be further refined in the future.
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