Hey, it’s Marc,

For the first time ever in their combined 183 years of existence, the SEC and CFTC published a joint document agreeing on what crypto actually is.

They named 16 specific tokens as commodities. They said staking isn't a security. And they formally acknowledged that a security can stop being a security.

That last part is the one that changes everything. [RELEASE]

The Signal: Most crypto tokens aren’t securities by default, and their regulatory status depends on how they’re used, and can change over time.

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