Stuart Alderoty (@s_alderoty): Let’s hope these principles won’t need repeating in 2025 and beyond:

Let’s hope these principles won’t need repeating in 2025 and beyond: 1.The SEC only has jurisdiction over security transactions. 2.Selling a gold bar with a contractual right, title, or interest in my gold mine? Likely a security transaction. 3.Selling that same gold bar without post-sale rights or obligations? Just an asset sale—the SEC can’t police it. 4.The SEC’s reach doesn’t expand based on a self-serving view of who it thinks is more ‘deserving’ of disclosures. 5.A token is never a security, although it can be the subject of a security transaction. 6.The notion that a token can ‘evolve’ from a security to a non-security is a made-up fallacy with no footing in the law.