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Chainlink Labs (LINK), Hedera (HBAR), Aptos Labs (APT), Ava Labs (AVAX), the Stellar Development Foundation (XLM), and the Cardano Foundation (ADA) jointly asked the U.S. SEC to explicitly codify the non-security status of digital commodities in its rules.
In a comment letter, the six companies and foundations argued the SEC should incorporate into formal rules the crypto classification criteria it released in March to reduce regulatory uncertainty. They specifically asked the agency to clarify that even if a digital commodity is the subject of an investment contract, the asset itself is not a security. They also requested a presumption that secondary-market transactions by third parties would generally not constitute investment contracts if promises related to an issuer’s core business operations are no longer in effect.
The group also stressed that the use or non-use of a safe harbor, a framework that shields qualifying projects from certain investment-contract-related regulations, should not by itself determine whether an investment contract exists. It further asked the SEC to make clear that any new rule would not change existing crypto classifications or alter the scope of oversight by the SEC and the Commodity Futures Trading Commission, or the boundary between their respective authorities.