CTF Written Submission

Lilya Tessler, Sidley Austin LLP on behalf of Ava Labs, Inc. and Owl Explains

May 27, 2025
  • The submission proposes a nature of the activity test to determine whether infrastructure providers need to register as securities intermediaries.
  • The test aligns with existing statutory definitions, the Howey framework, and decades of SEC Staff no-action guidance for analogous activities.
  • The submission argues that infrastructure providers should not be misclassified merely because their activities take place on the blockchain or involve crypto assets.

Last Reviewed or Updated: May 27, 2025