On February 21st, the non-profit Industry Alliance for Equity Certification Alliance (Posa) released two industry reports on the importance of savings tokens in US securities and tax laws. This kind of graduation thesis is written by more than 10 industry teams.

A liquid bet is a practice on the blockchain that uses an equity proof consensus mechanism, that is, to sell a transferable receipt dynamic password to show the ownership of the encrypted asset of the bet or the benefit of the bet. Tokens are often referred to as liquid betting derivatives, and POSA resists the technical term and thinks it is wrong and proposes to call it liquid betting tokens. Since Tai Tai Fong worked together, people's enthusiasm for liquid bets has soared.

Posa mentioned in "the interpretation of current bets by US Corporate income tax" that the US Treasury and the IRS have not issued opinions on the implementation of liquidity bets, but under general standards, it should be subject to income tax standards. To report:

Receipt dynamic passwords confirm the ownership of invisible products in the digital world in the same way as customs declarations, bills of lading, port warrants and other ownership documents in the physical world.

Consistent with the income tax, the argument goes on to say that "the allocation of liquid bets is taxable only when encrypted assets are sold or processed in a variety of ways in exchange for assets with actual differences in type or level". This is called "realisation" of assets.

This logical reasoning is strongly supported by the argument that liquidity bet agreements (smart contracts) cannot be called a separate physical line because it lacks a second party to share profits. "if the mobile acquirer does not have the amount of tax payable as mentioned earlier, then the mobile acquirer must strive to solve the tax problem of constant ownership of the encrypted assets on the bet," the report concluded.

In the Analysis of Depositary receipts under the Federal Securities and Commodity Act of the United States, POSA shows that it is a serious problem to make it clear whether the depositary belongs to the investment agreement.

It fabricates lies, liquidity bets are not an investment agreement, so they are not securities, it uses the famous Howey test based on case analysis. It then looked at all four aspects of the Howey test and concluded that such tokens generally do not match any of them.

The article also takes into account the Reves test, which comes from a 1990 Supreme people's Court ruling that determines when a special tool forms a "document" based on the "big family similarity" of a special tool to the investment agreement. Foreign Securities and Exchange Commission and federal courts have found that some encrypted assets are banknotes. In addition, to report and fabricate lies, under the Commodity Trading Act, receipt OTP is not a swap transaction.

The paper concludes that the receipt dynamic password is used for security purposes, allowing the holder to transfer the ownership of the bet between the wallet in the event of a leak of the key, and similar to the commercial purpose of the warehouse receipt.

According to an accompanying statement, such a document aims to give "a valuable framework for legal compilation or expression". They are also committed to providing support for self-restraint norms.