the SEC (Thailand) U.S., following the CFTC's issuance of an official advisory for crypto

US attitudes towards digital assets: What Thai investors should know

What's this about?

The US Securities and Exchange Commission (SEC) has updated its guidance on the application of securities laws to "certain types of digital assets and related businesses" following a similar move by U.S. commodity regulators last week.

This update is a correction to the March issue of SEC's Frequently Asked Questions ( FAQ ), stating that the interpretation of the latest law on digital assets has no legally binding "legal or enforcement effect whatsoever, does not amend or change applicable laws and does not create any new or additional obligations for any person".

Why is this important?

The key issue is interpreting the "Howey test", a standard that SEC uses to consider whether an asset entering the network constitutes an investment contract and therefore a security.

Under the new guidelines, token issuers can carry out a buyback program for customers if "the crypto system is functioning effectively and there are no centralized parties", which such cases may not be considered as "expressions or commitments to undertake necessary managerial efforts" and may not enter into an investment contract under federal securities laws.

The same approach applies to crypto networks, with SEC stating that a system which "actually operates to provide services for the purpose of securing, maintaining, improving or enhancing the performance of such systems or facilitating network impacts" may not always pass the agency's Howey test. Similarly, token receipts from stacking ( staking receipt tokens ) may not be securitized in all cases.

From here to there.

The update of SEC comes after the U.S. Commodity Futures Trading Commission (CFTC) issued guidelines for token issuers in a similar vein, with both agencies releasing responses from officials just days after the Senate failed to pass draft crypto market structure legislation that many hoped would help clarify the role of two regulatory bodies overseeing digital assets.

Chairman Paul Atkins and CFTC chairman Michael Selick have issued statements signaling that both agencies will continue to regulate crypto despite no law from Congress.

The change of leadership that followed.

Commissioner Hester Pearce announced on Friday that she would resign on October 2 after serving at SEC for eight years. She is known in the industry as " crypto Mom" for advocating a policy friendly to digital assets, and is expected to join the faculty of Regent University in Virginia as an assistant professor from November.

When Pierce resigns, the agency's leadership will be left to Atkins and Commissioner Mark Ouida, both Republican commissioners on the five-member bipartisan board. As of Monday, President Donald Trump has not yet announced a replacement for Pierce or two vacant Democratic seats.

What does this mean for Thai readers?

For those who invest or use digital assets in Thailand, the SEC change of attitude is not directly binding on Thailand but signals a direction that may affect the global regulatory environment including guidance from the Office of the Securities and Exchange Commission (Thai: the SEC (Thailand) ).

Increased clarity from the U.S. side may give token issuers and platforms a more reference-oriented approach to product design, but in practice investors in Thailand still have to adhere to the SEC (Thailand) 's core principles including the risks that come with digital assets which are highly volatile.

This article is for informational purposes only and not investment advice.