SEC Releases FAQs on Digital Assets

The staff of the U.S. Securities and Exchange Commission has released new frequently asked questions (FAQs) explaining how the Commission's March interpretive guidance on digital assets applies to token functionality, staking tokens, and investment contracts. The guidance indicates that when a network is functional, services provided to maintain, improve, or develop the network typically do not constitute "key management tasks" under the Howey test. This FAQ reflects the views of the staff and does not have legal effect.

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