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.B: Recognise when an asset separates from the investment contract and disclose completion of promised efforts

What does INT-IV.B require?

Interpretation Section IV.B: an asset separates from the investment contract once the issuer has fulfilled its promised essential managerial efforts (even if non-essential work continues) or when purchasers can no longer reasonably expect them, for example after a widely disseminated announcement abandoning the project; separation does not cure an earlier unregistered offering or misstatements, which remain actionable; the Commission encourages issuers to describe promised efforts in detail with timelines, milestones and resources and to disclose publicly when they are complete.

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