SEC and CFTC Outline New Compliance Playbook for Token Sales

ChainCatcher, citing DeFiPrime, reports that the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have jointly issued Interpretive Release 3311412. The release characterizes most native tokens of decentralized networks as digital commodities, and states that staking, liquid staking derivatives (LSDs), wrapped tokens, and compliant airdrops are not securities offerings. Against that backdrop, the article lays out three fundraising and treasury structures it argues were previously impractical. The first is Liquid Genesis Staking Pools (LGSP), which use staked assets such as ETH and SOL and combine incentives from LSD yield with protocol token rewards. The second is Commodity PreParticipation Agreements (CPA), where contributors provide labor or capital in exchange for future network participation rights, rather than purchasing tokens in advance. The third is SeparationAccelerated Revenue Rights (SARR), which link a declining share of revenues to decentralization milestones, applying a "separation principle" designed to motivate teams to accelerate decentralization. The author says all three models can be assembled from existing smart contract building blocks and, in simulations, are able to support long-term protocol treasuries and ongoing team costs.