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Homepage > News > Finance > SEC hints at future regulatory framework under new guidance The United States Securities and Exchange Commission (SEC) has provided some clarity on how the rules governing securities registration and disclosure apply to digital asset offerings in a guidance statement released on April 11. Authored by the SEC’s Division of Corporation Finance, the statement intends to present the Division’s views during the ‘pendency’ of a more comprehensive and clear regulatory framework for digital assets announced in January. Presented as a selection of practical examples from recent digital asset security registrations, the guidance has no legal effect, and it makes clear that its contents have neither been approved nor disapproved by the SEC. Regardless, the examples cited will be useful to issuers preparing to register a digital asset offering and may offer a clue as to the focus of any future framework. For example, long-standing rules require that issuers seeking registration provide a narrative description of the material aspects of their business. The guidance provides examples of what qualifies as a ‘material aspect’ in a digital asset context based on disclosures made to the SEC in recent registrations: Matters that specifically relate to the material aspects of the issuer’s current or proposed business rather than non-specific digital asset networks and technologies They address the current stage of the businesses development as distinct from plans for the future Is consistent with the issuer’s public statements and promotional materials In the same vein, the statement discusses how the requirement to disclose factors that could make an investment in any securities offering speculative or risky might apply to digital assets. It says that “the content and scope of an issuer’s disclosure will depend on the nature of the security and the issuer’s business, and may include factors that address the development and implementation of the issuer’s business and the particular characteristics of the security, such as its features, price volatility, limited rights of holders, valuation and liquidity risks, technological risks, cybersecurity risks, business, operational and network risks, and…

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Filed under: News - @ April 18, 2025 1:23 pm