SEC, CFTC Declare Most Crypto Assets Not Securities in Landmark Guidance
The SEC and CFTC issued joint guidance classifying most digital assets, like stablecoins and digital commodities, as not being securities.Summary
The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly released 68 pages of guidance clarifying that most digital assets are not securities, marking a significant shift from previous enforcement-heavy approaches. SEC Chair Paul Atkins stated this provides clarity, noting that categories like stablecoins, digital commodities, and digital collectibles are not securities. The guidance introduces a "token taxonomy" where only assets mirroring traditional financial instruments, termed "digital securities," remain subject to securities laws. This framework attempts to resolve ambiguity around applying the Howey Test to crypto. Furthermore, activities like protocol mining, staking, and certain airdrops are explicitly deemed not to be securities transactions. CFTC Chair Mike Selig endorsed the interpretation, signaling regulatory harmonization. While this guidance is not formal rulemaking, it signals a new regulatory posture favoring defined boundaries over broad enforcement, though further legislative changes and SEC proposals are anticipated.
(Source：Bitcoin Magazine)