US SEC Digital Assets and Crypto Regulatory Framework
Security status of digital assets (Commission interpretation, March 2026) – US SEC Digital Assets and Crypto Regulatory Framework

US SEC Digital Assets and Crypto Regulatory Framework INT-IV.A: Treat promises of essential managerial efforts as creating an investment contract: register or exempt the offering

What does INT-IV.A require?

Interpretation Section IV.A: a non-security digital asset becomes subject to an investment contract when the issuer induces an investment of money in a common enterprise with representations or promises, made before or with the sale through channels attributable to it (agreements, website, official social accounts, filings, whitepaper), to undertake essential managerial efforts from which purchasers reasonably expect profit; detailed roadmaps with milestones, timeline, personnel and funding weigh toward this; the offering must then be registered or exempt, and secondary sales remain securities transactions while purchasers reasonably expect the promises to stay connected to the asset.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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