The SEC explains how it's viewing a crypto security: State of Crypto
The SEC and CFTC released guidance clarifying which crypto assets qualify as securities, aiming to reduce uncertainty in the industry.Summary
The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly published interpretive guidance to define how they will categorize crypto assets as securities. This guidance aims to address long-standing uncertainty in the industry, clarifying that digital securities – tokenized assets meeting the Howey Test – will fall under SEC oversight. Other categories, like payment stablecoins and digital commodities, may not be securities unless specific actions are taken by issuers. While considered a positive step, some lawmakers believe market structure legislation is still needed to solidify these definitions and prevent future administrations from altering the guidance. The guidance focuses on transactions and marketing representations, allowing the SEC some enforcement discretion. Additionally, Arizona has filed criminal charges against prediction market provider Kalshi, and there's ongoing debate regarding the regulation of prediction markets and potential conflicts with state laws.
(Source：CoinDesk)