Sam Bankman-Fried (SBF) has written a set of suggested standards for the crypto industry “while waiting for full federal regulatory regimes,” which were posted on the FTX Policy blog on Oct. 19. The post covers many of the questions facing regulators and operators, with specific reference to the United States at points. In particular, SBF outlined a plan for treating assets in the U.S. in regard to their status as securities or commodities. FTX will implement his plan, SBF wrote.
In the United States, SBF wrote, the FTX legal team will analyze assets using the Howey test, case law and guidance to determine whether an asset is a security or commodity. Non-security assets will be classed as commodities by default. Moreover:
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