SEC Division of Corporation Finance Says Canton Coin (CC) Is a Digital Commodity

The U.S. Securities and Exchange Commission’s Division of Corporation Finance said in a no-action letter that Canton Network’s native token, Canton Coin (CC), is a digital commodity. According to Foresight News, the division said it would not recommend enforcement action over CC’s programmatic issuance if specified conditions are met. The SEC said CC is closely tied to the Canton Network’s programmatic operation and derives its value from the network’s operation and supply and demand, rather than expectations of profit based on the essential managerial efforts of others. It also said the network has no centralized controlling party.