SEC Staff Grants Canton Coin No-Action Relief for Token Minting

The relief matters less for Canton Coin itself than for the reasoning: staff leaned on network utility and the absence of a controlling central party, which is the kind of functional test other token issuers have long wanted in writing. Because no-action relief is staff-level and fact-specific, it offers a template rather than a rule, and its durability beyond this token's facts is the open question. How broadly similar utility tokens read this signal, and whether the reasoning gets formalized, is worth watching.