Safe Harbor

Token Safe Harbor Proposal 3.0

March 14, 2025
  • The proposal seeks to exempt qualifying transactions in decentralized autonomous tokens or utility tokens from the registration requirements and certain other formalities of the securities laws.
  • It clarifies that risk-capital-raising sales of tokens to investors remain investment contracts and must be either registered or exempt from registration.
  • The proposal revises provisions relating to decentralization tests to apply to smart contract systems and layers rather than just pure blockchain networks.
     

Last Reviewed or Updated: April 3, 2025