FINRA has added a new encrypted asset page, clarifying that both assets and transactions may constitute securities

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According to an update on the official website of FINRA (Financial Industry Regulatory Authority), it has added a dedicated section on cryptocurrency assets. Although it does not directly mention the term "cryptocurrency securities" (only mentioned in the link to the 2023 SEC Investor Warning), it points out that certain cryptocurrency assets or transactions may meet the definition of securities. The new page provides a detailed introduction to different types of encrypted assets and their buying and selling methods, while listing related risks. It also links to resources from regulatory agencies such as the SEC, CFTC, and FTC. FINRA emphasizes that determining whether a cryptocurrency asset or transaction is a security must be based on the definition of federal securities laws and may use criteria such as Howey Test and Reves Test.

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