US SEC-CFTC Joint Rule Rewrites Crypto: Why It Matters

The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have jointly released a 68-page interpretive rule that establishes a formal taxonomy for crypto assets under federal securities law. This rule, the first of its kind, supersedes previous guidance and clarifies which crypto assets are considered securities and which are not, marking a turning point after a decade of regulatory ambiguity. The rule categorizes crypto assets into five groups: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, with the first three explicitly deemed non-securities. Notably, Bitcoin, Ether, Solana, XRP, and other major cryptocurrencies are classified as digital commodities. The rule also introduces a framework for determining investment contract status over time, and provides guidance on staking, mining, wrapping, and airdrops, generally clearing them as non-securities transactions. However, centralized platforms offering guaranteed staking yields or exercising discretion over staked assets remain subject to securities regulations. This rule represents a shift from regulation by enforcement to regulation by framework, and is open for public comment.

(Source：BeInCrypto)