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> The problem is that they now have clarity and don't like it.

Yes. Any hope for looser rules from Congress went away when Sam Bankman-Fried went to jail. (He's currently complaining about the jail food in Brooklyn.)

If you want to know if the SEC will allow something unusual, you can ask the SEC for a "no-action letter". Three token issuers have obtained such letters.[1] Those are for game tokens, not Make Money Fast schemes.

There's also the route of registering your new thing with the SEC as a security. A few companies did that.[2] The STX token is a registered security. Didn't do much, but it's legal. Registration is no guarantee of success, but it forces enough disclosures and auditing that a "rug pull" is less likely. Enough is on record that the people ripped off know who to go after.

[1] https://www.kramerlevin.com/en/perspectives-search/the-secs-...

[2] https://www.axios.com/2023/03/06/crypto-register-sec-securit...



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