Knowing how primary and secondary markets work is key to understanding how stocks, bonds, and other securities are traded. There are some key differences. https://t.co/jyQhZHGssw ...

According to Eleanor Terrett, the updated Senate Banking Committee market structure bill includes the following changes: staking, airdrops, and pre-enactment tokens are excluded from securities classification unless fraudulent (Section 101); decentralized physical infrastructure networks (DePIN) are exempt from securities laws (Section 504); DeFi, self-custody, and developer protections are retained (Sections 501, 505, 506); and a formal SEC-CFTC coordination framework is established (Sections 701, 702). ht ...

Regulatory Landscape - SEC Chair Paul Atkins stated that only a "very few" crypto tokens are securities [1] - Atkins emphasized that a token itself is "probably not" a security [1] - The SEC's "Project Crypto" aims to modernize securities laws and move U S markets on-chain [1] - Industry calls for a framework to "future proof" crypto markets against regulatory issues [1]

Regulatory Landscape - SEC Chair Paul Atkins believes 'very few' crypto tokens are securities [1] - The aim is to future-proof crypto against regulatory mischief [1]

Cryptoassets Landscape - Industry suggests that approximately 99% of cryptoassets are not classified as securities [1]

Regulatory Guidance - SEC发布了关于流动性质押活动的指导意见[1] - 流动性质押不构成证券交易，符合SEC之前的PoS指导意见，因为没有企业家/管理活动[1] - LSTs（流动性质押代币）不是证券[1] Market Implications - 行业期待在ETF中看到LSTs[1]

Tokenized Assets & Securities - Tokenized assets are similar to ETFs, representing a basket of securities, requiring rules for disclosure and issuance to accommodate tokenization's special features [2] - The industry emphasizes the need for a level playing field and certainty in navigating tokenized securities [2] - The industry anticipates markets will adapt to blockchain trading, ensuring investors get the best price with transparent valuation [3][4] - The industry forsees new forms of securities meshing with existing rules to accommodate open and public pricing [4] - The industry acknowledges the potential for all securities to be tokenized [5] Regulatory Adaptation & Innovation - The SEC is helping the industry adapt rules for immobilizing securities and book entry, similar to the creation of the Depository Trust and Trading Corporation (DTCC) [7] - The SEC aims to accommodate technological development and innovation, avoiding impediments [8] - The SEC is re-evaluating the Howie test's applicability to digital assets, considering new rules that comply with the law and address the current situation [10][12] - The SEC will consider revoking archaic laws that stifle innovation and entrepreneurship, particularly those not applicable to digital-oriented companies [13][14] - The SEC is working to ensure that declaration forms accommodate the unique aspects of new products, clarifying their purpose and innovation [15] ETF Deliberation - The SEC's postponement of the Truth Social Bitcoin ETF decision is part of the normal internal deliberation process [16] - The SEC cautions that a temporary pause does not necessarily indicate the ultimate outcome for the ETF [16]

Regulatory Landscape - SEC Chairman Paul Atkins states that most crypto assets are not securities [1]

Regulatory Landscape - SEC 主席 Paul Atikins 表示，大多数加密资产不是证券 [1]

Regulatory Perspective - SEC Chair believes crypto stablecoins will lower costs and risks in the market [1] - On-chain stablecoins enable instantaneous settlement for securities [1]