The SEC released the interpretation addressing the regulatory treatment of digital assets under federal securities laws. The guidance provides a coherent token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
The interpretation addresses how "non-security crypto assets" may become subject to investment contract analysis and, critically, how they may cease to be subject to such regulation. "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," Atkins said.
The guidance specifically clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of non-security crypto assets. The CFTC joined the interpretation, with Chairman Michael S. Selig stating that CFTC 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," Atkins said. Selig added that "American builders, innovators, and entrepreneurs have awaited clear guidance" and declared that "with today's interpretation, the wait is over."
Both chairmen emphasized their commitment to "workable, harmonized regulations" and fostering an environment where the crypto industry can "flourish in the United States with clear and rational rules of the road." The guidance serves as a bridge while Congress considers bipartisan market structure legislation for digital assets.
The interpretation will be published on SEC.gov and in the Federal Register.