SEC Interpretation Reclassifies Most Crypto Assets as Non-Securities
Most crypto assets are no longer classified as securities under a new federal interpretation. The SEC and CFTC issued the guidance on March 17, 2026, acknowledging that the majority of these assets do not fall under federal securities laws. The interpretation establishes a token taxonomy for digital securities, stablecoins, digital tools, digital collectibles, and digital commodities. It further clarifies the conditions under which a non-security crypto asset may become or cease to be subject to an investment contract. The guidance also defines the application of federal securities laws to protocol staking, protocol mining, airdrops, and the wrapping of non-security crypto assets. This action follows a March 11, 2026, Joint Memorandum of Understanding and a Joint Harmonization Initiative designed to coordinate policymaking, examination, and enforcement between the two agencies.
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