Eight years unlisted, Vault12 says SEC safe harbor still leaves exchanges exposed
Summary
Vault12, which raised $17.45 million for its 2018 Vault Guardian Token sale, says the SEC’s proposed token safe harbor may not give exchanges enough certainty to list tokens. Although Vault12 says it completed or abandoned its white-paper commitments, VGT has never traded on a centralized exchange. The proposal would let issuers end a token’s investment-contract status after meeting conditions and filing a transition report, but the SEC could later challenge whether those conditions were met. Vault12 recommends a 60-day period for SEC objections, after which a valid certification would become conclusive for the agency, except in cases such as fraud or material misstatements.
