The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have formally submitted regulatory guidance to the White House, marking a significant step toward clarifying oversight of the cryptocurrency industry. According to Bloomberg, the SEC submitted a "Commission Interpretation on Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets" to the White House Office of Information and Regulatory Affairs (OIRA) on March 3, 2026. This document is currently in the pre-rule review stage.
The core of the SEC's guidance is the development of a token taxonomy framework aimed at categorizing digital assets based on their design and intended use. This classification system is intended to clarify which tokens fall under the SEC's securities oversight versus the jurisdiction of other agencies like the CFTC. Commission-level interpretations, such as this one, carry significant authority and do not require a full commission vote before release, meaning they could quickly influence regulatory approaches.
Simultaneously, the CFTC has submitted its own measure for White House review, focusing on establishing clearer regulatory standards for prediction markets. CFTC Chairman Michael Selig indicated the agency plans to release an advanced notice of proposed rulemaking to address oversight of these markets and differences between federal and state enforcement.
This regulatory push underscores a growing urgency in Washington to establish rules for the expanding digital asset market. SEC Chairman Paul Atkins has emphasized that while dedicated legislation from Congress is ideal, regulators may proceed with interpretations when legislative progress stalls. A crypto market structure bill has been delayed in the Senate, partly due to disputes over stablecoin reward programs between banking groups and crypto firms.
The outcome of the White House review could reshape the market structure, imposing new compliance obligations on exchanges, token issuers, and investors depending on how tokens are classified.
