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Security Token Offering (STO)

A Security Token Offering (STO) is a token-based fundraising event involving the sale of registered security tokens to accredited investors via private placements. In the United States, because such sales qualify as investment contracts according to the Howey Test, Security Token Offerings must be registered with regulators, including the U.S. Securities and Exchange Commission (SEC). Notably, this does not include sales of tokens not initially marketed as securities but later deemed to be unregistered securities by regulators.