SEC signals a narrower registration path for tokens — and a wider one for enforcement
Staff commentary points to a disclosure regime built around control and ongoing effort, leaving most 2021-era launches outside it.
InfoKoin Policy Desk1 min readen
Commission staff have begun describing a registration route for token issuers that is far narrower than the industry lobbied for, hinging on whether an identifiable group retains control and continues to perform essential work.
The test that matters
If a project can show credible decentralisation of both control and effort, disclosure obligations taper. If it cannot — and most cannot — the token stays inside the securities perimeter and the exchange listing it inherits that problem.
What issuers should expect next
Expect the practical pressure to land on intermediaries first. Enforcement follows custody and listing decisions because that is where the records are.
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