SEC updates the token guidance
The new guidance includes all the recommendations about securities which can be applied to tokens, the Securities and Exchange Commission (SEC) considers.
The guidance focuses on the points which could help to clear the situation with the issued asset up. So, among the most important are: an income from a sale of tokens; the existence of the central structures in a blockchain which has and performs some functions; and an ability to maintain the virtual currency markets.
Besides, there are expected recommendations for use of Howey test in the document. The authors took some factors as, for example, the dependence of a price on what is do project managers do, the correlation between a token cost on initial sales and its market rate.
One of the most important points of Howey test which is paid a lot of attention to in the SEC recommendations is a reasonable expectation for profits from the actions of the persons concerned. The point is explained in the document on several pages.
Everything written in the document is a common knowledge organized conveniently. SEC is sure that any lawyer with a tokensale experience gave the clients the same advice.
The Commission stated that some projects do not meet the requirements of the regulator for registration of tokens as securities. The organizations will be warned that their activity will not be subjected to prosecution by SEC.