The U.S. Crypto Framework Is Taking Shape—But Not Through Law

U.S. crypto firms must operate under SEC and CFTC interpretive guidance without the legal certainty of enacted legislation or final rules. In March 2026, the SEC issued an interpretive release aligning crypto assets with the proposed Clarity Act framework. The release classified digital commodities, collectibles, and tools as non-securities, while tokenized securities remain subject to SEC regulation. The SEC and CFTC jointly recognized that some digital assets can evolve from securities to commodities over time. The interpretive release filled regulatory gaps ahead of expected passage of the Clarity Act. The Clarity Act, which would assign jurisdiction over hybrid crypto assets to the CFTC, remains stalled in the Senate Banking Committee. The bill's delay centers on whether stablecoin issuers can offer interest payments, a provision seen as potentially diverting funds from traditional bank savings accounts. No formal crypto regulatory framework exists in the U.S. as of March 2026, only anticipated alignment through agency guidance.