Stellar Development Foundation, Hedera, Aptos Labs, Ava Labs, Cardano Foundation and Chainlink Labs filed a joint letter with the SEC on October 20. They want Regulation Crypto Assets to include an operative definition of “digital commodity” and state explicitly that such assets are not themselves securities. They argue that this clarification would give their tokens a more durable status, because an interpretation or preamble can be changed without a full notice-and-comment process. The proposal, advanced after the CLARITY Act failed in the Senate by 49 votes to 50, includes fundraising exemptions of $5 million over four years for young projects and $75 million over 12 months for others. If the SEC adopts the change, XLM, HBAR, APT, AVAX, ADA and LINK will become non-securities written into a federal rule for the first time, although no publication timetable has been announced.
Source: Read the original article
