Registros de decisão · ADR-013
ADR-013: Legal neutrality: the standard does not classify the token
The standard takes no position on whether a batch token is a security, a commodity or a document of title; it ships the enforcement surface every classification needs and leaves policy to hooks and counsel.
- ID do documento
- ADR-013
- Data
- 2026-09-21
- Fonte
- docs/adr/ADR-013.md
| Field | Value |
|---|---|
| ID | ADR-013 |
| Subject area | Legal |
| Status | Accepted |
| Date | 2026-09-21 |
| Owners | A-REX Contributors |
| Related requirements | C-04 (SDD §3) |
| Supersedes / superseded by | — |
Context
The earlier documentation argued "commodities, not securities, therefore no compliance stack". That is wrong as a matter of law. Howey itself concerned citrus groves; classification in the United States depends on how an interest is offered, not on the underlying asset. MiCA treats fractions of a unique asset as fungible crypto-assets. In Latin America the same lot can be an electronic warehouse receipt, a CPR or a crypto-asset depending on the instrument and the regulator.
Issue
Should the standard assert a legal classification for tokens issued with it?
Assumptions
- Classification depends on the offer, the rights and the jurisdiction, not on the interface.
- Every plausible classification needs freeze, forced transfer, eligibility and pause.
Constraints
- The standard must be usable in several jurisdictions at once.
Alternatives considered
| Alternative | For | Against | Outcome |
|---|---|---|---|
| Assert a classification | Simple message | False in some jurisdictions; exposes adopters to liability | Rejected |
| Ship the enforcement and eligibility surface; leave policy to hooks and counsel | Supports every outcome | Adopters must obtain their own classification | Accepted |
Decision
The documentation states neutrality. The interfaces provide freeze, forced transfer, eligibility, pause and complete events; policies that depend on classification (who may hold, how much, when) are hooks.
Argument
A standard cannot know how each issuer will offer its tokens. Providing the controls every regime requires, and no regime-specific policy, is the only position that stays true everywhere.
Consequences
Positive
- One standard serves regulated securities, warehouse receipts and unregulated inventory tokens.
- No false legal statement in the documentation.
Negative
- Issuers bear the cost of classification per jurisdiction.
Obligations it creates
- The regulatory chapter maps the main regimes with dated sources.
- Issuers settle classification with counsel before offering tokens.
Implementation and evidence
| What | Where |
|---|---|
| Whitepaper | Regulatory Compliance chapter (sources verified September 2026) |
| Enforcement surface | ADR-003, ADR-012 |