In an official statement, regulators emphasized that the new interpretation is intended to eliminate more than a decade of uncertainty in the market. SEC Chairman Paul Atkins noted that the document gives market participants a clearer understanding of how crypto assets are evaluated under existing federal securities regulations.
When is a token considered a security?
At the core of the guidance is a new token classification framework. Regulators distinguish several categories:
stablecoins, digital commodities, NFTs, and so-called “digital tools.”
Under the general rule, these types of assets are not treated as securities if they are integrated into a functioning blockchain system and derive their value from supply and demand, as well as their utility within the network.
However, the SEC also clarified the conditions under which a token may still qualify as an investment contract. This applies when an issuer raises capital while promoting expectations of profit based on its own managerial or operational efforts.
Closer alignment between SEC and CFTC
The guidance also includes clarifications on airdrops, mining, and staking. Regulators stressed that digital commodities are not considered securities if they are “intrinsically linked to the programmatic function of a crypto system.”
The publication reflects a growing level of coordination between the SEC and the CFTC. The two agencies recently signed a cooperation agreement, marking a broader shift in the U.S. approach to crypto regulation and oversight.
Conclusion
The new SEC and CFTC guidance establishes a more transparent regulatory framework for the crypto industry. Clear distinctions between token types reduce legal uncertainty and could accelerate institutional adoption of digital assets in the United States.
