Web3 Foundation’s chief legal officer Daniel Schoenberger argued that Polkadot’s native token DOT has “morphed” and is software, not a security. Therefore, the token should not be subject to federal securities regulations in a Nov. 4 blog post.
He claims that Polkadot’s vision has not contemplated that DOT would be a security and has been in compliance with federal securities laws and has not delivered any digital assets to initial DOT purchasers. Meanwhile, Schoenberger acknowledges the U.S. Securities and Exchange Commission’s (SEC) view that it was likely to consider DOT would be a security at the time of launch.
Federal securities law
The Web3 Foundation has been engaged in talks with the SEC’s Strategic Hub for Innovation and Financial Technology (FinHub) since the enactment of the “Framework for Investment Contract Analysis of Digital Assets” to ensure compliance with federal securities laws in terms of offer and sale, marketing and delivery to initial purchaser
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