"After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets. We're not the 'securities and everything commission' anymore."
"The 68-page interpretation, released Tuesday, outlines how federal securities laws apply to cryptocurrencies and introduces a formal classification system for different types of tokens. The move marks a shift in tone and policy from prior years, when regulators often relied on enforcement actions and broad interpretations of securities law."
"According to the agencies, stablecoins, digital commodities, and 'digital tools' are not securities. Digital collectibles, including tokenized representations of art, media, or cultural items, also fall outside securities classification."
U.S. regulators released a 68-page joint interpretation establishing how federal securities laws apply to cryptocurrencies. The guidance introduces a token taxonomy categorizing digital assets into distinct types. Stablecoins, digital commodities, digital tools, and digital collectibles are classified as non-securities. Only digital securities—assets mirroring traditional financial instruments like equities or debt issued on blockchain—remain subject to traditional securities laws. SEC Chair Paul Atkins characterized this as a return to clarity and statutory limits after more than a decade of regulatory uncertainty, signaling a shift from enforcement-based approaches to formal classification systems.
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