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"Speech by the Chair of the U.S. SEC: Four Classifications of Tokens" (Translated by Foresight News) U.S. SEC Chair Paul Atkins elaborated on the latest developments of the "Project Crypto" initiative in his speech, proposing the establishment of a token classification system based on the Howey test, categorizing crypto assets into four types: digital goods (or network tokens), digital collectibles, digital tools, and tokenized securities.



He emphasized that most crypto assets are not securities themselves, but may constitute investment contracts during the issuance phase, and investment contracts can become invalid after performance or termination. Atkins pointed out that the SEC will delineate regulatory boundaries based on economic substance and is considering establishing exemptions and tailored issuance systems for crypto assets to promote innovation while protecting investors. Read more:
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