SEC Staff Call Canton Coin a ‘Digital Commodity’ in Letter on Network Rewards

The weight here sits less on the label than on its basis: the staff view leans on representations Digital Asset made about how the Canton network operates, not on a standalone rule or formal action. That makes it a useful but narrow data point for token issuers weighing how the March taxonomy applies to reward-based designs, and a reminder that such comfort may be representation-dependent. Whether similar letters extend beyond Canton, and how much reliance counterparties place on staff-level views, is the open question.