[1]

Securities Act of 1933, Section 2(a)(1).

15 U.S.C. § 77b(a)(1). Federal statute providing the definitional framework for "security" including "investment contract." Forms the statutory basis for Howey test analysis of ST22 token classification.

[2]

Securities Act of 1933.

15 U.S.C. § 77a

et seq.

Federal statute governing securities offerings and registration requirements. Establishes registration obligations that do not apply to ST22s pursuant to non-security classification.

[3]

Securities Exchange Act of 1934, Section 10(b).

15 U.S.C. § 78j(b). Federal antifraud provision prohibiting manipulative and deceptive devices. Informs distinction between legitimate compliance and theatrical measures constituting fraud.

[4]

SEC Division of Corporation Finance Staff Statement on Meme Coins.

February 27, 2025.

PRIMARY AUTHORITY.

Staff clarification that meme coins purchased for entertainment, social interaction, or cultural purposes—with value derived from collective sentiment rather than business operations—are NOT securities. Foundational authority for ST22 non-security classification.

[5]

Framework for "Investment Contract" Analysis of Digital Assets.

SEC Division of Corporation Finance, April 2019. Comprehensive SEC framework applying Howey test to digital assets. Provides analytical foundation for ST22 structural defenses and prong-by-prong compliance analysis.

[6]

SEC v. W.J. Howey Co.

, 328 U.S. 293 (1946).

SEMINAL AUTHORITY.

Supreme Court decision establishing four-prong test for investment contract: (1) investment of money, (2) in common enterprise, (3) with reasonable expectation of profits, (4) derived from efforts of others. Primary legal standard for ST22 non-security classification and Howey Shield defensive framework.

[7]

United Housing Foundation, Inc. v. Forman

, 421 U.S. 837 (1975). Supreme Court clarification that "profits" under Howey means capital appreciation from development of initial investment or participation in earnings—not price appreciation from external market forces alone. Supports defeat of Prong 3 (expectation of profits).

[8]

Landreth Timber Co. v. Landreth

, 471 U.S. 681 (1985). Supreme Court affirmation that economic realities test applies to novel instruments; form disregarded for substance. Supports characterization of ST22 as non-traditional collectible instrument requiring genuine structural defenses.

[9]

SEC v. Glenn W. Turner Enterprises, Inc.

, 474 F.2d 476 (9th Cir. 1973). Ninth Circuit modification of Howey's "solely" requirement; profits need only derive "primarily" or "substantially" from efforts of others. Establishes modern Prong 4 standard supporting limited post-launch managerial efforts defense.

[10]

SEC v. Telegram Group Inc.

, 448 F. Supp. 3d 352 (S.D.N.Y. 2020).

CRITICAL WARNING.

Southern District of New York holding that disclaimers alone are not dispositive of securities classification; economic reality controls over contractual language. Supports rejection of theatrical compliance measures; requires genuine architectural defenses rather than documentation theater.

[11]

Regulation D — Rules Governing Limited Offer and Sale of Securities.

17 C.F.R. § 230.501-508. SEC regulations providing exemptions from registration for private placements. Alternative compliance pathway if ST22 classification were to change; informs OTCM Protocol Security Token Offering structure.

[12]

Bank Secrecy Act (BSA).

31 U.S.C. § 5311

et seq.

Federal statute requiring financial institutions to assist in detecting money laundering.

[13]

BSA/AML Implementation Regulations.

31 C.F.R. § 1010. Treasury regulations implementing Bank Secrecy Act AML requirements.

[14]

OFAC Sanctions Administration Regulations.

31 C.F.R. § 500-598. Treasury regulations governing economic sanctions and prohibited transactions.

[15]

FinCEN SAR Filing Requirements.

31 C.F.R. § 1020.320. Requirements for filing Suspicious Activity Reports with Financial Crimes Enforcement Network.

[16]

Customer Identification Program Requirements.

31 C.F.R. § 1020.220. KYC requirements for financial institutions under Bank Secrecy Act.

[17]

Solana Documentation — Architecture Overview.

Solana Foundation. Official documentation describing Solana blockchain architecture and consensus mechanisms. Available: https://docs.solana.com

[18]

SPL Token-2022 Program Specification.

Solana Program Library. Technical specification for Token-2022 standard including transfer hooks. Available: https://spl.solana.com/token-2022

[19]

Solana Transfer Hook Interface.

Solana Labs. Implementation guide for SPL Token-2022 transfer hook functionality.

[20]

Anchor Framework Documentation.

Coral. Smart contract development framework for Solana. Available: https://anchor-lang.com

[21]

Solana RPC API Reference.

Solana Foundation. API documentation for Solana RPC node interaction.

[22]

Uniswap V3 Core Whitepaper.

Uniswap Labs, 2021. Technical specification for concentrated liquidity AMM design.

[23]

Constant Product Market Maker Theory.

Buterin, V.

et al.

Mathematical foundation for x*y=k automated market maker formula.

[24]

Raydium Protocol Documentation.

Raydium. Solana-based AMM and liquidity protocol. Available: https://docs.raydium.io

[25]

Jupiter Aggregator Documentation.

Jupiter. Solana DEX aggregator technical documentation. Available: https://docs.jup.ag

[26]

Orca Whirlpools Documentation.

Orca. Concentrated liquidity implementation on Solana. Available: https://docs.orca.so

[27]

Chainalysis Reactor Documentation.

Chainalysis. Blockchain analytics platform for AML compliance and investigation.

[28]

TRM Labs Risk Assessment Methodology.

TRM Labs. Machine learning risk scoring for cryptocurrency transactions.

[29]

FATF Virtual Asset Guidance.

Financial Action Task Force, 2021. International AML/CFT standards for virtual assets and service providers.

[30]

OTCM Protocol Technical Whitepaper v2.0.

OTCM Protocol, Inc., 2025. Primary technical specification document for protocol architecture.

[31]

CEDEX Comprehensive Analysis.

OTCM Protocol, Inc., 2025. Detailed technical analysis of Centralized-Decentralized Exchange infrastructure.

[32]

OTCM Liquidity Pool Unified Architecture.

OTCM Protocol, Inc., 2025. Technical specification for four-mechanism capital accumulation system.

[33]

SPL Token-2022 Transfer Hooks Implementation Guide.

OTCM Protocol, Inc., 2025. Implementation documentation for 42-point security architecture.

[34]

Issuers Portal Compliance Gateway Specification.

OTCM Protocol, Inc., 2025. Technical and regulatory framework for issuer onboarding.

[35]

Confidential Private Placement Memorandum.

OTCM Protocol, Inc., 2025. Offering documentation for accredited investor securities offering.

[36]

OTC Meme Protocol Analysis — SEC Crypto Task Force.

OTCM Protocol, Inc., 2025. Regulatory compliance analysis prepared for SEC engagement.

[37]

The Alesia Doctrine — OTCM Protocol Strategy.

OTCM Protocol, Inc., 2025. Strategic framework documentation using historical military analogy.

[38]

Global Perpetual Market Infrastructure Specification.

OTCM Protocol, Inc., 2025. Long-term vision document for international market expansion.

[39]

Share Custody Protocols.

OTCM Protocol, Inc., 2025. Empire Stock Transfer integration and custody verification procedures.

[40]

Quantstamp Smart Contract Audit Methodology.

Quantstamp. Formal verification and security audit procedures for blockchain protocols.

[41]

Certora Prover Documentation.

Certora. Symbolic execution and formal verification tools for smart contracts.

[42]

Halborn Security Assessment Framework.

Halborn. Penetration testing and security assessment methodology for DeFi protocols.

[43]

SEC Staff Statement Limitation.

The SEC Staff Statement on Meme Coins (February 27, 2025) expressly provides:

"This statement represents the views of the Division of Corporation Finance. It is not a rule, regulation, guidance, or statement of the Commission. The Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law; and it creates no new or additional obligations for any person."

[44]

Document Disclaimer.

This References compilation supports the OTCM Protocol Technical Whitepaper and does not constitute legal advice. Legal authorities are current as of December 2025 and may be superseded by subsequent regulatory developments or judicial decisions. Consultation with qualified securities counsel is strongly recommended for all compliance decisions.