Canton Network’s native token, Canton Coin (CC), jumped about 4% on Wednesday after the US Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued a no-action letter that, in the agency staff’s view, treats the asset as a “digital commodity.” At 10:27 am UTC, CC was trading around $0.098, according to CoinMarketCap, though it remained down roughly 4.2% on the week. The move is notable not just for the price reaction, but because the SEC’s staff explained why, based on the token’s proposed issuance and distribution, it does not anticipate enforcement action tied to the current structure. Key takeaways The SEC staff’s no-action letter indicates it views CC as a “digital commodity,” tied to network usage rather than profits from a central team. The letter suggests the SEC would not recommend enforcement action over CC’s issuance without securities registration, if tokens are created under the conditions outlined by Canton. Canton’s filings emphasize that pa...
Grayscale says the fallout from Binance’s reported $6.3 billion hack may wobble confidence in crypto markets in the short term, but could ultimately push the industry toward more rigorous security standards—especially around how assets are safeguarded by larger investors. In a report published Tuesday, Grayscale head of research Zach Pandl argued that the incident highlights why institutional custody solutions—commonly used through US spot crypto exchange-traded products—matter for risk management during major exchange disruptions. Key takeaways Grayscale views Binance’s hack as a near-term confidence test that could catalyze stronger exchange security practices. According to Grayscale, institutional custody typically relies on state-chartered banks, qualified custodians, offline storage, multi-signature controls, SOC attestations, and insurance. The FBI attributed the Binance attack to North Korea, while North Korean official Kim Yo Jong dismissed the claims as “absurd rhetoric....