The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly issued interpretive guidance that provides long-awaited clarity on the regulatory status of cryptocurrencies under federal securities laws. The guidance, approved by CFTC Chair Rostin Behnam and SEC members including Chair Paul Atkins, Hester Peirce, and Mark Uyeda, establishes a formal "token taxonomy" for digital assets.
SEC Chair Paul Atkins stated that one of the most significant aspects of the guidance is the recognition that "most crypto assets" should not be considered securities outright. The document clarifies how activities including staking, protocol mining (such as Bitcoin mining), airdrops, and wrapping will be assessed under existing legal frameworks. It also notes that investment contracts may expire over time under certain circumstances.
Atkins emphasized the importance of this development: "After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms." He added that the guidance "acknowledges what the former administration refused to recognize—that most crypto assets are not themselves securities."
The guidance follows an application to the Office of Information and Regulatory Affairs (OIRA) earlier in March 2026. While interpretive guidance doesn't constitute a change in law, it provides critical signals to markets about how regulators plan to enforce existing statutes and serves as "an important bridge for entrepreneurs and investors" while Congress works on bipartisan market structure legislation.
