Even before the arrival of President Donald Trump and his friendly regulators with cryptography, the United States Stock Exchange and Securities Commission had a cryptography defender, Commissioner Hester Peirce, who maintains that a decision this week to grant Doublez a call a letter of non -action represents the type of space that he has wanted to offer to persuade Blockchain.
The SEC personnel agreed to the startup request that the agency did not pursue any registration complaint for tokens issued for the specific objectives of the decentralized physical infrastructure network of Doublezero (Depin). Commissioner Peirce suggested that this open door for deposit efforts maintain the SEC out of the business in which it should not be.
“Instead of relying on centralized corporate structures to coordinate the activity, the projects enlist the participants to provide real world capabilities, such as storage, telecommunications bandwidth, mapping or energy, through open and distributed peer networks,” he said in a statement. The activity does not trigger the Howey test of the Supreme Court, the evidence that decides what falls within the jurisdiction of the SEC, because these projects “assign tokens as compensation for the work done or the services provided, instead of as investments with an expectation of profits of the business or management efforts of others.”
The SEC uses letters without action to make clear what activities does not intend to carry out with application actions, so a letter to a single company can indicate to the entire space what is the current position of the agency. But to harvest the benefits, the activity must remain strictly within the limits described in the SEC letter.
“The line between tokens and the values ​​law is being clarified,” said Austin Federa, co -founder of Doublezero, in a statement to Coindesk. “The founders who once spent innumerable hours (and legal dollars) in this question can now focus on construction.”
Doublezero sought to encourage infrastructure suppliers for network connectivity, such as large technology companies that control surplus fiber networks, compensating them with tokens, in this case, the 2Z native of the protocol.
“Treating tokens as values ​​would suppress the growth of distributed suppliers networks of services,” said Peirce. “Blockchain technology cannot achieve its maximum potential if we force all activities to the existing financial market frames.”
The agency’s action praised the defenders of decentralized finances (DEFI). “The letters without action are one of the most pragmatic tools to navigate the regulatory uncertainty in Crypto, and the issuance of the SEC of cards without action shows that constructive participation with the regulators is possible,” said Amanda Tuminelli, executive director of the Educational Foundation, in a posting blog by the Doublezero with the regulators.
The SEC has been following an aggressive course of pro-Crypto policy actions under President Paul Atkins. Earlier this week, he said in a round table event at the agency headquarters in Washington to establish clear rules for the digital asset sector is “work one” for the SEC. Before Atkins arrived, Peirce directed the agency’s cryptographic working group and was already working on policy statements to clarify the expectations of the regulator for the industry.
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