{
  "id": 15891114,
  "title": "Why centralized exchanges refuse to list legacy crypto tokens without explicit SEC immunity",
  "url": "https://urgent.news/2026/10/21/why-centralized-exchanges-refuse-to-list-legacy-crypto-tokens-without",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-21T12:12:36.000Z",
  "source": {
    "name": "CoinDesk",
    "slug": "coindesk",
    "url": "https://www.coindesk.com/policy/2026/10/21/why-centralized-exchanges-refuse-to-list-legacy-crypto-tokens-without-explicit-sec-immunity"
  },
  "original_language": "en",
  "account": "Vault12, a crypto wallet backup firm backed by Winklevoss Capital and Naval Ravikant, has presented a test case for the SEC's proposed safe harbor framework. The firm's token, Vault Guardian Token (VGT), has never traded on a centralized exchange despite its 2018 token sale meeting many conditions of the safe harbor. Vault12's concerns echo those of industry group The Digital Chamber. Exchanges approached by Vault12 for listing VGT demanded assurances that the SEC would not later challenge the token's status. The SEC's proposal would exempt token fundraising and provide a conditional safe harbor for ending an investment contract associated with a token. However, the proposal raises questions about exchanges' willingness to list tokens without explicit SEC immunity, as issuers would have to provide extensive documentation and file a transition report to use the safe harbor.",
  "summary": "Vault12 raised $17.45 million selling VGT in 2018 and says it met or dropped every promise, yet the token has never traded on a centralized exchange.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}