Crypto wallet backup firm Vault12, which raised $17.45 million in 2018 by selling its Vault Guardian Token (VGT), has submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) arguing that the agency's proposed safe harbor framework for crypto assets may not be sufficient to encourage centralized exchanges to list tokens. The company stated that despite fulfilling or abandoning all white paper commitments, VGT has never traded on a centralized exchange because exchanges sought assurance that the SEC would not later challenge the token's status. The firm suggests an alternative 60-day window for SEC objections, after which a properly filed certification would become conclusive for the agency, subject to exceptions like fraud.