US SEC Releases No-Action Letter Confirming TurnKey Jet ICO Tokens Are Not Securities

In the letter, the regulator specifies that it considered that the platform will be fully developed and operational at the time the tokens are sold, and the funds won’t be used to develop the platform. It also mentions that the tokens will be immediately usable and have been marketed for their utility, not potential profits.Other reasons cited are that the price of the tokens during the sale will be fixed at one dollar, each token will be granting one dollar worth of service and that the company will only purchase them at a discount unless a court orders it to liquidate them. The SEC also notes that since TKJ transfers will be limited to TKJ wallets only and cut out from wallets external to the platform, it does not consider the tokens to be securities.At the beginning of the current month, news broke that the SEC is also looking to hire a crypto specialist attorney advisor for its Division of Trading and Markets who will reportedly be tasked with establishing a plan for dealing with crypto and digital asset securities.

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