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

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On April 3, the United States Securities and Exchange Commission (SEC) has issued a no-action letter to TurnKey Jet, confirming that the TKJ tokens issued during the startup’s initial coin offering (ICO) 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…

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