SEC Urges Detailed Crypto Token Disclosures
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The U.S. Securities and Exchange Commission (SEC) has issued a new staff statement urging crypto companies issuing or dealing with tokens that may be securities to provide detailed disclosures. The statement was published ahead of the SEC’s second roundtable, which will focus on trading, as part of an effort to provide greater clarity on the application of federal securities laws to crypto assets. The nonbinding guidance recommends companies be precise about their business operations and the role their tokens play in those ventures. However, the statement did not delve deeply into which cryptocurrencies are being defined as securities.
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