Regulatory Considerations for Dapp Development
summary
Coin Center explains how US securities law applies to token sales using the Howey test and concrete legal history (orange grove case). Tokens avoid being securities when sold for utilitarian value, issued after a live product, or when value depends on a broad decentralized ecosystem rather than promoter effort. Advises filing comments (example: ESMA submission), publishing plain‑language policy research, and avoiding phrasing like "initial coin offering" or "profit sharing". Warns promoters and endorsers face enforcement risk if they market unregistered token offerings.
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chapters (6)
- 0:00Introduction
- 2:06About Coin Center
- 5:01Advocacy and Education
- 10:31Securities law explained
- 17:02Compliance framework
- 20:43Risk mitigation
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