Securities
ESMA (European Securities and Markets Authority)
ESMA's central role in implementing MiCA through 30+ technical standards, coordinating national competent authorities, and authorizing the DLT Pilot Regime.
Howey Test
The four-part legal test derived from a 1946 US Supreme Court case that determines whether a transaction constitutes an 'investment contract' and therefore a security subject to SEC regulation.
Regulation S (US Offshore Securities Exemption)
How Regulation S exempts offshore token sales from SEC registration requirements, including compliance requirements and resale restrictions.
SEC (Securities and Exchange Commission)
The SEC's role in crypto and tokenized securities regulation, from the Howey Test framework through the Gensler enforcement era to the Atkins reform agenda.
Security vs Commodity: The Classification That Determines Everything
The foundational US regulatory classification dispute that determines whether a crypto asset falls under SEC or CFTC jurisdiction, with fundamentally different compliance implications for each outcome.