The US Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a joint interpretation clarifying how crypto assets are treated under federal law.
The key takeaway: most crypto assets are not considered securities. This guidance also explains how activities like airdrops, staking, mining, and wrapping non-security tokens are treated.
The interpretation introduces a token classification framework, giving a clear “taxonomy” for different digital assets, including:
- Digital commodities
- Digital collectibles
- Digital tools
- Stablecoins
- Digital securities
SEC Chairman Paul Atkins said this move acknowledges what past administrations didn’t: most crypto assets are not securities. He added that the only crypto assets that remain under securities laws are traditional securities that have been tokenized.
This joint interpretation is one of the first coordinated steps by the SEC and CFTC since signing a memorandum of understanding. It aims to provide legal clarity, reduce regulatory confusion, and support institutional adoption and innovation in the US crypto market.
Until now, unclear rules and fragmented oversight caused market uncertainty and a number of high-profile enforcement actions. This guidance is expected to create a more predictable environment for digital asset businesses and investors.
