The SEC has issued a landmark interpretation clarifying how federal securities laws apply to crypto—finally bringing long-awaited structure to the industry.
Key takeaways:
- Most crypto assets are not securities, but transactions involving them still can be
- A new token taxonomy defines categories like digital commodities, collectibles, tools, stablecoins, and securities
- Investment contracts can “end”, meaning assets may evolve out of securities classification over time
- Clearer guidance on staking, airdrops, mining, and token wrapping
- Alignment between the SEC and CFTC signals a more unified regulatory framework
This marks a shift from regulation-by-enforcement to defined rules of the road—with major implications for investors, builders, and fraud investigations.
