U.S. SEC and CFTC Release New Compliance Framework for Token Sales

ChainCatcher report, according to DeFiPrime, the SEC and CFTC jointly issued Interpretive Release 33-11412, classifying most native tokens of decentralized networks as digital commodities, and explicitly stating that staking, LSDs, wrapped tokens, and compliant airdrops do not constitute securities offerings. Building on this, the article proposes three previously unfeasible fundraising and treasury models: first, Liquid Genesis Staking Pools (LGSP), which leverage ETH, SOL, and other staked assets with dual incentives from LSD yields and protocol tokens; second, Commodity Pre-Participation Agreements (CPA), which grant future network participation rights in exchange for contributions of work or capital, rather than preselling tokens; and third, Separation-Accelerated Revenue Rights (SARR), which tie decreasing revenue shares to decentralized milestones, designing the “separation principle” as an income mechanism to incentivize teams to accelerate decentralization. The author notes that all three models are built using existing smart contract components and, in simulations, can sustain long-term protocol treasuries and team expenses.