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Venus is a decentralised money market on BNB Chain and several other networks, offering collateral-backed lending and borrowing at interest along with VAI, a dollar-pegged token minted as debt against your collateral. XVS is its governance token. The asset is non-compliant because lending at interest is not one feature of Venus but the whole of it. XVS fails on two counts: it gives holders control over and benefit from that business, and more directly, staking it pays you a share of the interest Venus collects, while the Venus Prime programme raises your own borrowing and lending rates on top. The token has no use outside this ecosystem. This is a settled ruling based on complete information rather than a provisional one, so it would only change if the protocol itself changed.
Token