$CORE

But if digital collectibles are divided into fractionalized products and allow investors to obtain corresponding ownership, it would constitute an offering or sale of securities, because this may involve holders expecting profits based on managerial efforts by others, thus subject to SEC regulation.
It should be noted that: this document collectively refers to various digital products labeled as “Coin” or “Token” as “Crypto Assets,” rather than calling them “cryptocurrencies” or “digital currencies,” fundamentally denying these products the attribute of currency. In fact, except for stablecoins pegged to fiat currency, which essentially become on-chain tokens linked to fiat, other crypto assets can only be considered special digital assets, and cannot truly be currencies, nor should they be called “tokens.” It’s over.