Vault12 warned that the U.S. Securities and Exchange Commission’s (SEC) proposed regulatory safe harbor may not provide enough certainty for centralized exchanges to list older tokens. The company argues that trading platforms need assurances against potential future challenges from the regulator.
The company, which specializes in crypto wallet backup solutions, raised $17.45 million from 38 investors in 2018 through agreements for the future delivery of its Vault Guardian Token (VGT). However, VGT has never been listed on a centralized exchange.
Vault12 said it had fulfilled or formally abandoned every commitment outlined in its original white paper. Even so, the exchanges it approached sought assurances that the SEC would not later determine that the token remained subject to an investment contract.
The Regulation Crypto Assets proposal, introduced in August, includes a mechanism allowing certain tokens to be released from the obligations associated with their original investment contracts. Issuers would have to fulfill or abandon their essential commitments and submit a transition report known as Form TR.
However, the SEC would retain the authority to challenge whether an issuer had met the conditions, potentially leaving securities law obligations in place.
Vault12 proposed establishing a 60-day window for the SEC to raise objections. Once that period expires, properly filed certifications would become binding on the regulator, subject to exceptions such as fraud or material misstatements.
Source: https://www.sec.gov/files/rules/proposed/2026/33-11434.pdf
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