SEC Staff Issues No-Action Letter Treating Canton Coin as a Digital Commodity
The SEC’s Division of Corporation Finance has granted no-action relief to Canton Coin (CC), saying its staff will not recommend enforcement action over the token’s programmatic issuance, according to The Block and The Defiant.
The division characterized CC as a digital commodity, citing the network’s utility and the lack of a controlling central party, according to The Defiant.
According to Cointelegraph, the no-action letter specifically covers CC earned by running infrastructure and applications on the network, but it stops short of being a binding ruling on the token’s legal status.
Cointelegraph reported that CC rose Canton’s CC rises 4% as SEC staff view it as ‘digital commodity’.
following the news.
- SEC’s Division of Corporation Finance will not recommend enforcement over CC’s minting process, per The Block.
- Staff view relies on network utility and absence of a central controlling party, per The Defiant.
- The relief applies to CC earned through running infrastructure and applications, not a formal legal determination, per Cointelegraph.
Sources: The Defiant, The Block, Cointelegraph
This article is for information only and is not financial advice.
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