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Although nothing is really "new" regarding this weeks SEC statement about whether or not an offered digital asset qualifies as a security, The Block has pulled some interesting snippets regarding Active Participants and important considerations.
While the following characteristics do not necessarily determine that a digital asset is not a security, according to the SEC, “the stronger their presence, the less likely the Howey test is met:” “The distributed ledger network and digital asset are fully developed and operational.” The holders of the digital asset can immediately use it for its intended functionality The digital asset is “designed and implemented to meet the needs of its users, rather than to feed speculation as to its value or development of its network.”
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