The SEC has cleared Doublezero’s tokens, indicating that blockchain -based infrastructure rewards can fall out of the United States Securities Laws.
Summary
- The SEC issued a letter without action that confirms that the Token 2z of Doublezero, used to encourage network participation, does not require record as security.
- Takens Depin reward taxpayers to provide physical infrastructure, distinguishing them from traditional investment offers under the Howey test.
- Commissioner Hester Peirce emphasized that forcing such tokens in Marcos de Securities could suffocate innovation in decentralized networks.
The United States Stock Exchange and Securities Commission has issued a rare Letter without action Confirming that the tokens distributed by Doublezero, a decentralized project of physical infrastructure (Depin), are out of reach of federal values of values.
The letter, published on September 29 by the Finance Division of the SEC Corporation, declared that the agency would not recommend the application if the programmatic transfers of Doublezero of its native token 2z proceed under the conditions described by the company’s lawyer on September 25. shipment.
In that presentation, Doublezero’s legal team explained that the Token 2Z is not designed as an investment vehicle but as a functional reward within its network. “After the launch, the 2Z tokens will be offered and sold to the participants of the network in two ways: (i) as compensation to the network suppliers for their provision of high performance network connectivity, and (ii) as compensation to the resource suppliers for their calculation of the supplier’s payment amounts,” said the presentation.
The Foundation argued that these “programmatic transfers” are an integral part of the operation of the protocol and “is not obliged to register under the Law of Securities”, nor should it be registered as a class of capital values under the Law of Exchange of Securities. “
Why fold tokens fall out of values laws
Depin ProjectsAs Doublezero, they represent a growing innovation sector of Blockchain, the use of tokens incentives to coordinate the contributions of physical resources such as storage, bandwidth, data mapping or energy: 2Z tokens, for example, will be distributed as “programmatic transfers” to participants that provide connectivity or realization of network calculations.
Notary Hester Peirce commented that this structure separates the tokens of the traditional collection models often subject to Howey test—The legal framework used to determine if an asset qualifies as security.
“These tokens are neither actions nor promises of profits of the efforts of others,” he said, instead describing them as “functional incentives” for infrastructure growth. She said to classify them as values ”would suppress the growth of distributed suppliers networks.”
The General Council of Doublezero, Mari Tomunen, echoed his point of view, which indicates: “When the value of the token comes from the work of other network participants, Howey simply does not apply.”
