US financial regulator clarifies crypto asset regulation
20 March 2026 US
Image: Yusif/stock.adobe.com
The US Securities and Exchange Commission (SEC) has issued an interpretation outlining which types of cryptocurrencies are classified as securities and how a non-security digital asset could fall under specific criteria to become an investment contract.
Under the SEC’s interpretation — which the US Commodity Future Trading Commission (CFTC) has joined — crypto tokens are grouped into five categories including digital commodities, digital tools, stablecoins, and digital securities.
The SEC has specified that the federal securities legislation only pertains to digital securities.
The regulator dictates that securities laws could apply to a ‘non-security’ crypto asset if an issuer provides it by encouraging investment in a common enterprise from which a buyer could expect to gain proceeds.
The guidance also confirms protocol mining or staking, and the wrapping non-security crypto assets do not constitute offers or sales of securities.
The Commission says it marks a key step in providing improved clarity concerning its treatment of crypto assets, and improves Congressional efforts to organise a sweeping market structure framework into statute.
Paul S. Atkins, SEC Chairman, comments: “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.
“It also acknowledges what the former administration refused to recognise — that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end.
“This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.”
Michael S. Selig, CFTC Chairman, adds: “For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws. With today’s interpretation, the wait is over.”
Under the SEC’s interpretation — which the US Commodity Future Trading Commission (CFTC) has joined — crypto tokens are grouped into five categories including digital commodities, digital tools, stablecoins, and digital securities.
The SEC has specified that the federal securities legislation only pertains to digital securities.
The regulator dictates that securities laws could apply to a ‘non-security’ crypto asset if an issuer provides it by encouraging investment in a common enterprise from which a buyer could expect to gain proceeds.
The guidance also confirms protocol mining or staking, and the wrapping non-security crypto assets do not constitute offers or sales of securities.
The Commission says it marks a key step in providing improved clarity concerning its treatment of crypto assets, and improves Congressional efforts to organise a sweeping market structure framework into statute.
Paul S. Atkins, SEC Chairman, comments: “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.
“It also acknowledges what the former administration refused to recognise — that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end.
“This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.”
Michael S. Selig, CFTC Chairman, adds: “For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws. With today’s interpretation, the wait is over.”
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