Programmatic sales refer to automated processes for executing transactions based on predefined rules and algorithms. In financial markets, this involves using software to manage and conduct sales activities with minimal human intervention. It enables efficient execution of trades and large-scale asset distribution. This method optimizes operational efficiency and can reduce transaction costs.
Context
In the digital asset space, programmatic sales are increasingly utilized for managing large distributions of tokens, particularly by projects or foundations. These automated sales can be structured to control market impact and ensure fair access. The implementation of smart contracts for programmatic sales provides transparency and immutability to the distribution process.
The SEC settlement formalizes the judicial distinction for secondary market digital asset sales, structurally clarifying the Howey test's retail application.
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