> For the complete documentation index, see [llms.txt](https://dataroom.tmines.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://dataroom.tmines.com/regulatory-and-compliance.md). # Regulatory & Compliance ### Classification — Wyoming Digital Assets Act Tokens are **digital securities by operation of law** under the Wyoming Digital Assets Act, Wyo. Stat. §§ 34-29-101 et seq. (Article 1 — automatic classification). Article 2 "Digital Asset Registration" is a public title-of-record filing, **not** securities registration. ### Federal framing SEC/CFTC Release Nos. 33-11412 / 34-105020 (91 FR 13714) define five crypto-asset categories and split tokenized securities into issuer-tokenized and third-party-tokenized. The company's instruments are **issuer-tokenized**. ### Offering exemptions * **Regulation D Rule 506(c)** — verified accredited investors (verification, not self-certification). * **Regulation S** — non-U.S. persons. * **Rule 144** resale after the applicable holding period. ### Venue Accredited status cures the **offering** side; it never cures the **venue** side. Secondary trading of security tokens for U.S. persons is routed only through a registered ATS or broker-dealer — never an unregistered peer-to-peer venue. An unregistered matching engine for security tokens violates Exchange Act Section 5 regardless of investor eligibility (*In re EtherDelta*, Release No. 34-84553). ### Record-keeping Where a registered Transfer Agent is used, it is an SEC-registered Transfer Agent under Exchange Act § 17A. **In this section:** classification memo · exemption analysis · venue and transfer-restriction summary · AML/KYC program. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://dataroom.tmines.com/regulatory-and-compliance.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.