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In a new blog post, Daniel Schoenberger, the Web3 Foundation’s chief legal officer, tells the SEC that DOT has transformed from a security into software and no longer falls under the regulatory agency’s jurisdiction.
“Over the years, we have developed what we believe is a workable theory of how token morphing may be achieved for an increasingly decentralized project, like Polkadot, and a digital asset that, other than having been offered and sold initially for fundraising purposes, does not, itself, bear security-like characteristics. We have shared this theory many times with the SEC…
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