Federal securities law comprises a body of statutes and regulations in the United States governing the issuance, trading, and disclosure of securities. Its primary purpose is to protect investors and maintain fair, orderly, and efficient markets. Key statutes include the Securities Act of 1933 and the Securities Exchange Act of 1934. This legal framework provides investor safeguards.
Context
The application of federal securities law to digital assets is a dominant theme in cryptocurrency news and regulatory debates. Legal challenges and enforcement actions often center on whether a particular digital asset qualifies as a security. Compliance with these laws is a significant concern for blockchain projects and digital asset platforms. Regulatory clarity in this area remains a pressing issue.
The Staff's NAL provides a critical, non-enforcement path, affirming that programmatic network incentives are not securities when sufficiently decentralized.
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