Why centralized exchanges decline to note tradition crypto tokens without specific SEC resistance
Vault12 raised$17.45 million selling VGT in 2018 and states it fulfilled or dropped every guarantee, yet the token has actually never ever traded on a central exchange. 
Oct 21, 2026, 8:12 a.m. EDT
- Vault12 states exchanges desire guarantee the SEC will not later on challenge a token’s exit from securities guidelines before noting it.
- The company raised $17.45 million selling VGT in 2018 and states it satisfied or dropped every guarantee, yet the token has actually never ever traded on a central exchange.
- Vault12 desires filings to end up being definitive if the SEC does not object within 60 days, a repair it states would offer exchanges certainty to list.
The provider of a cryptocurrency token that has actually never ever traded on a significant exchange has actually provided an early test of the U.S. Securities and Exchange Commission’s(SEC )proposed safe harbor structure.
Crypto wallet backup company Vault12, backed by Winklevoss Capital and Naval Ravikant, alerted that the SEC’s proposed token safe harbor might leave exchanges reluctant to list tokens since of the threat of a later regulative obstacle.
The safe harbor becomes part of the SEC’s Regulation Crypto Assets propositionreleased in August to develop conditions under which a token would no longer go through its initial financial investment agreement.
Vault 12 raised $17.45 million from 38 financiers through arrangements for future tokens in 2018 and detailed how Vault Guardian Token (VGT) has actually never ever traded on a central exchange, it stated in in a remark letter on Tuesday
The letter provides concerns about the SEC’s proposed course for older crypto jobs to move their tokens out of securities treatment.
Vault12 states its 2018 token sale fits that course nearly precisely: it has actually satisfied or officially deserted every dedication in its white paper, yet its token has actually never ever been noted. Its issues echo a remark letter from market group The Digital Chamber, which Vault12 states it supports.
Exchanges Vault12 approached about noting VGT desired guarantee that the SEC would not later on challenge the token’s status, according to the letter. The business argued that the proposed safe harbor does not offer adequate certainty for them to continue.
The SEC’s proposed Regulation Crypto Assets would develop exemptions for token fundraising and a conditional safe harbor for ending a financial investment agreement connected with a token. To utilize the safe harbor, companies would need to finish or completely stop assured vital supervisory efforts, make no brand-new such dedications and have no intent of doing so.
They would likewise submit a shift report, called Form TR, describing their conclusion, according to the SEC’s proposition
Vault12 stated exchanges thinking about a VGT listing consistently raised the very same concern: “How do we understand the SEC will not later on state VGT is still based on the old financial investment agreement?”
The SEC’s proposition states the firm might challenge whether a company satisfied the safe harbor’s conditions. If an accreditation was incorrect, the regulator might conclude that the financial investment agreement had actually not ended and securities-law requirements continued to use.
The proposition likewise states the safe harbor would not avoid other celebrations from asserting that a token went through a financial investment agreement or was otherwise a security.
Vault12 recommended an alternative 60-day window for SEC objections, after which an appropriately submitted accreditation would end up being definitive for the company, based on exceptions consisting of scams or product misstatements.
AI Disclaimer: Parts of this short article were created with the support from AI tools and evaluated by our editorial group to guarantee precision and adherence to our requirements. For additional information, see CoinDesk’s complete AI Policy.
Discover more from PMN S.P.O.R.T.S - A PRIME MEDIA NETWORK BRAND
Subscribe to get the latest posts sent to your email.
