SEC Clarifies Securities Laws for Crypto Assets

SEC Press Releases

Published March 17th, 2026

Detected March 18th, 2026

Summary

The SEC, joined by the CFTC, issued an interpretation clarifying the application of federal securities laws to crypto assets. The guidance provides a token taxonomy and addresses how crypto assets may become subject to or cease to be subject to investment contracts, impacting various crypto transactions.

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What changed

The Securities and Exchange Commission (SEC), in conjunction with the Commodity Futures Trading Commission (CFTC), has issued a significant interpretation clarifying the application of federal securities laws to crypto assets. This guidance introduces a token taxonomy for digital commodities, collectibles, tools, stablecoins, and securities. It also addresses how non-security crypto assets can become subject to, or cease to be subject to, investment contracts, and clarifies the treatment of airdrops, protocol mining, staking, and asset wrapping.

Market participants, including innovators, issuers, and investors, are advised to review this interpretation to understand the regulatory landscape and jurisdictional boundaries between the SEC and CFTC. While this interpretation provides clarity, it is non-binding guidance. The document is intended to serve as a bridge for entrepreneurs and investors as Congress considers comprehensive market structure legislation. No specific compliance deadline is mentioned, but understanding the interpretation is crucial for entities operating in the crypto space.

What to do next

Review the SEC/CFTC interpretation on crypto asset securities laws
Update internal policies regarding crypto asset classification and transactions
Consult legal counsel on specific crypto asset activities

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Press Release

SEC Clarifies the Application of Federal Securities Laws to Crypto Assets

For Immediate Release

2026-30 Washington D.C., March 17, 2026 —

The Securities and Exchange Commission (SEC) today issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. This is a major step in the Commission’s efforts to provide greater clarity regarding the Commission’s treatment of crypto assets, and complements Congressional endeavors to codify a comprehensive market structure framework into statute. The Commodity Futures Trading Commission (CFTC) joined the interpretation to provide guidance that the CFTC and its staff will administer the Commodity Exchange Act consistent with the Commission’s interpretation.

“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,” said SEC Chairman Paul S. Atkins. “It also acknowledges what the former administration refused to recognize – 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.”

“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,” said CFTC Chairman Michael S. Selig. “With today’s interpretation, the wait is over. Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road. Today’s joint agency action reflects a shared commitment to developing workable, harmonized regulations for the new frontier of finance.”

The Commission interpretation:

Provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
Addresses how a “non-security crypto asset”—which is a crypto asset that itself is not a security—may become subject to, and how it may cease to be subject to, an investment contract.
Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset. Market participants—from innovators and issuers to individual investors—should review this interpretation to better understand the regulatory jurisdiction between the SEC and CFTC. The interpretation will be published on SEC.gov and in the Federal Register.

Last Reviewed or Updated: March 17, 2026