CTF Written Submission
Consensys Software Inc.
May 11, 2026
- The letter argues that the SEC’s attachment/separation framework for investment contracts applied to non‑security crypto assets is novel, lacks jurisprudential grounding, and cannot feasibly be implemented by third‑party interface providers because issuer‑side facts determining attachment are unknowable by those providers.
- It requests a Commission‑level safe harbor exempting self‑custodial, user‑directed interfaces (e.g., MetaMask) from broker‑dealer registration when facilitating secondary transactions in non‑security crypto assets, even if an investment contract may have “attached” under the Release but not yet “separated.”
- It contends that without such a safe harbor, U.S. interface providers face unworkable compliance obligations that will constrain token interoperability, distort competition relative to offshore providers, and reduce user protection by pushing activity to unregulated venues.
Last Reviewed or Updated: May 11, 2026