Crypto markets – and the American people – deserve clarity
The SEC is providing clear guidelines for crypto assets, categorizing most as non-securities and clarifying the application of the Howey test.Summary
The Securities and Exchange Commission (SEC) is shifting its regulatory approach to crypto assets, aiming to provide much-needed clarity to American investors and innovators. For years, the industry has faced uncertainty regarding the application of federal securities laws. The SEC’s new interpretation establishes four categories of crypto assets that are *not* securities: digital commodities, digital collectibles, digital tools, and payment stablecoins. Only “digital securities” – tokenized versions of traditional securities – will remain under existing securities laws. The guidance also clarifies how the Howey test, used to determine if a transaction qualifies as an investment contract, applies to crypto, emphasizing the importance of clear disclosure and the termination of investment contracts once promised efforts are completed. This action is intended to complement bipartisan market structure legislation moving through Congress and allow responsible innovation to flourish while focusing enforcement on fraud and market integrity. The SEC believes this approach will foster a dynamic and trusted capital market, balancing new technologies with strong investor protections.
(Source：CoinDesk)