The Securities and Exchange Commission has moved to clear up some of the regulatory confusion over digital assets by publishing a framework for analysing whether they are offered and sold as investment contracts and, therefore, are securities.
Published by the SEC's FinHub unit, the framework is described as not "exhaustive" but a tool to help market participants assess whether federal securities laws apply to the offer, sale or resale of a particular digital asset.
The framework represents staff views, and is not a rule or regulation but market participants involved in offering, selling, distributing, marketing, buying, trading, holding or storing digital assets are being encouraged to consult it.