Canton’s CC rises 4% as SEC staff view it as ‘digital commodity’
SEC staff’s no-action letter covers CC earned by running infrastructure and applications, but is not a binding ruling on its legal status.
SEC staff’s no-action letter covers CC earned by running infrastructure and applications, but is not a binding ruling on its legal status.
Canton Network’s native cryptocurrency rose 4% on Wednesday after the US Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued a no-action letter stating it views the token as a “digital commodity.”
Canton Coin (CC) traded at $0.098 at 10:27 am UTC, but was still down roughly 4.2% over the past week, according to CoinMarketCap.
In its Tuesday letter, SEC staff accepted the explanation that CC’s value comes from how the network operates and demand for the token, rather than a central team’s efforts to generate profits for holders.