Elon Musk

JPMorgan

Aptos

For years, crypto’s biggest question in Washington was a simple one: is a token a security or not? In March, the <a href="https://www.thestreet.com/crypto/tag/securities-and-exchange-commission" rel="noopener noreferrer nofollow">Securities and Exchange Commission (SEC)</a>, the main U.S. regulator for stocks and investment products, gave an answer.
The agency’s March 17 interpretation named APT, the native token of the <a href="https://www.thestreet.com/crypto/tag/aptos" rel="noopener noreferrer nofollow">Aptos blockchain</a>, a “digital commodity.”&nbsp;
That puts <a href="https://www.thestreet.com/crypto/markets/aptos-cuts-apt-supply-growth-by-70-after-token-overhaul-report-finds" rel="noopener noreferrer nofollow">APT</a> in the same bucket as Bitcoin and Ether, not with stocks. Aptos is a layer-1 <a href="https://www.thestreet.com/crypto/tag/blockchain" rel="noopener noreferrer nofollow">blockchain</a>, meaning a base network that apps are built on, and it was originally incubated at <a href="https://www.thestreet.com/crypto/tag/meta" rel="noopener noreferrer nofollow">Meta</a>.
Now Aptos Labs, the core developer behind the network, wants to make sure that answer sticks.
<a href="https://www.thestreet.com/crypto/markets/jpmorgans-31-year-old-report-embraces-once-mocked-asset" rel="noopener noreferrer nofollow">Related: JPMorgan expects Bitcoin to outperform gold and stocks</a>
<h2 id="aptos-labs-signs-on-for-clarity">Aptos Labs signs on for clarity</h2>
Aptos Labs has joined Chainlink Labs, Hedera, Ava Labs, the Stellar Development Foundation and the <a href="https://www.thestreet.com/crypto/tag/cardano" rel="noopener noreferrer nofollow">Cardano Foundation</a> in a joint comment letter to the SEC.&nbsp;
All six organizations build or support major blockchain networks.
The letter responds to Regulation Crypto Assets, a proposed rule the SEC published in the Federal Register on August 21.&nbsp;
It praises the agency’s work, saying the March interpretation “has given builders a much-needed regulatory framework.”
<blockquote>
 Aptos <a href="https://x.com/AptosLabs/status/2112922141905793398" rel="noopener noreferrer nofollow">echoed that view on X</a>. “We’re grateful for the SEC’s work to bring clarity to builders, from its March interpretation to proposed Regulation Crypto Assets,” the network said.&nbsp;
</blockquote>
It added that the letter is part of Aptos Labs’ ongoing work with policymakers globally.
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<h2 id="moving-digital-commodity-into-the-rulebook">Moving "digital commodity" into the rulebook</h2>
The group’s request concerns where the “digital commodity” category currently sits.&nbsp;
The letter notes that it appears only in the proposal’s preamble, the explanatory section at the start. It doesn’t appear in the rule text that carries legal force.
The signatories argue that putting it in the rule would turn the SEC’s interpretive position into “a durable rule” and reduce regulatory uncertainty. They ask for four changes.
The first is a formal definition of “digital commodity” that confirms such assets are not securities.&nbsp;
The letter’s proposed wording describes a token that gets its value from a working <a href="https://www.thestreet.com/crypto/tag/blockchain" rel="noopener noreferrer nofollow">blockchain</a> and from supply and demand, rather than from a company’s efforts to generate profits.
The request covers the whole category, not any single token. <a href="https://www.thestreet.com/crypto/tag/aptos" rel="noopener noreferrer nofollow">Aptos Labs</a> and the other signatories say the letter focuses on digital commodities because that category matters most to the layer-1 networks they represent.
For Aptos and its peers, a classification written into the rule would be harder to undo than one set out only in guidance.
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.
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Aptos Labs and five blockchain groups ask SEC for clearer crypto rules

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