EURSIs Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) a security?
#60 by market cap · Last updated Oct 19, 2026 (evidence re-checked)At a glance
Likely security-type risk- ConfidenceLowMedium-HighHigh
- US exchange accessNot on Coinbase US list
- Regulator (if enacted)SEC
- Evidence4 sources · 1 official
Is Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) a security?
Unclear. The issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.'
This token is treated as a security, so US securities laws already apply to it. Whether you can buy or hold it depends on the issuer's own eligibility rules, so check the issuer's official documents before acting.
What should I do if my token is "security risk"? →
Why this status
- R4: the issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.'
- This is a security by design, not a finding of wrongdoing. These products are usually only for eligible (often non-US or accredited) investors.
Decentralisation ("mature blockchain" test): Issuer-controlled fund share (centralized by design).
Evidence (4 sources)
1 official
- BackgroundThird-partyOct 19, 2026 · CoinGecko
Project description: SAFO (Spiko Amundi Overnight Swap Fund) is a tokenized UCITS fund launched by Spiko and Amundi, Europe's largest asset manager.
CoinGecko: Spiko Amundi Overnight Swap Fund (EUR) ↗ - Exchange listingThird-partyAbsent / not foundOct 19, 2026 · Coinbase
EURSAFO does not appear on Coinbase's 'US (incl. NY) Trading Assets' list (other US platforms not checked).
Coinbase Digital Asset Disclosures: 'US (incl. NY) Trading Assets' list ↗ - BackgroundThird-partyOct 18, 2026 · Ketju Research
Research memo: Spiko SICAV is an AMF-authorized French UCITS fund company. The token at an allowlisted address is the fund share itself, and US persons can't buy it. Third-party summary of the prospectus.
Ketju research memo: Spiko SICAV ↗ - RegulatorOfficial sourceMar 23, 2026 · Federal Register (SEC & CFTC)
SEC interpretation: 'A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain.' Tokenized securities remain securities.
SEC interpretation (with CFTC guidance): Application of the Federal Securities Laws to Certain Types of Crypto Assets, Release 33-11412 ↗
Rules by country
Likely security-type risk (ClarityCheck estimate, medium-high confidence). The CLARITY Act is not law, so today the SEC's and CFTC's existing frameworks apply.
Under MiCA, trading in the EU runs through authorised crypto-asset service providers (CASPs). We haven't yet checked token-specific MiCA white paper filings for EURSAFO. ESMA register ↗
The UK's new FCA cryptoasset regime starts on Oct 25, 2027. Firms can apply from Sept 30, 2026 until Feb 28, 2027. There's no token-by-token classification list; the rules apply to the firms that offer the token. FCA ↗
EURSAFO questions
Is Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) a security?
There's a strong basis for treating it as a security: The issuer's own documents describe the token as a share or note in an investment fund or product offered under securities laws (or securities-law exemptions). The SEC states that 'a security is a security regardless of whether it is issued... onchain.' Not legal advice.
Can I buy EURSAFO on US exchanges?
US access: Not on Coinbase US list. Availability can differ by state and by exchange. See our exchange safety checker.
What would the CLARITY Act change for EURSAFO?
This token is treated as a security, so US securities laws already apply to it. Whether you can buy or hold it depends on the issuer's own eligibility rules, so check the issuer's official documents before acting.
How reliable is this EURSAFO status?
Confidence is Medium-High. It comes from fixed rules applied to 4 cited sources (checked Oct 19, 2026), not from opinion. Statuses can change as courts, regulators and Congress act.
Change log
3 entries
- Status reviewEvidence-based review: status set to 'Likely security-type risk' (Medium-High confidence) using ClarityCheck rules. Replaces earlier illustrative demo data.
- Research memo: Spiko SICAV is an AMF-authorized French UCITS fund company. The token at an allowlisted address is the fund share itself, and US persons can't buy it. Third-party summary of the prospectus. Source ↗
- SEC interpretation: 'A security is a security regardless of whether it is issued, or otherwise represented, offchain or onchain.' Tokenized securities remain securities. Source ↗
Snapshot Oct 19, 2026 · Prices by CoinGecko