The US SEC has released new guidelines requiring encryption projects to enhance Token information disclosure.

[The SEC Issues New Guidelines, Requiring Crypto Projects to Strengthen Token Information Disclosure] The U.S. Securities and Exchange Commission (SEC) issued a statement on Thursday, recommending that crypto companies involved with securities-type Tokens provide more detailed disclosures. The guidelines emphasize that companies must clearly outline their business models and the specific roles of the Tokens, but do not clearly define which Crypto Assets fall under the category of securities. This non-binding statement indicates that information disclosure should include key content such as whether the company is developing encryption or blockchain networks, development milestones, network usage, and technical architecture (e.g., whether it is based on open source technology). The SEC stated that these recommendations are based on observations of past corporate disclosures, including details on Token holders’ rights, technical specifications, and more. The statement specifically mentions that token assets related to “investment contracts” (i.e., tokens that may constitute securities) require additional disclosure. This guidance is one of the efforts by the SEC to clarify how federal securities laws apply to crypto assets, aimed at laying the groundwork for the subsequent work of its newly established crypto working group. The SEC also emphasizes that this statement does not constitute formal rules and has “no legal effect.”