SEC says most crypto assets not securities

The US Securities and Exchange Commission said most crypto assets will not be classified as securities under federal law, marking a shift in regulatory interpretation.

The guidance aims to clarify how different token types are treated, including digital commodities, collectibles, tools, stablecoins and tokenised securities, while defining the SEC’s jurisdiction.

“This is what regulatory agencies are supposed to do: draw clear lines in clear terms,”

Said SEC Chair Paul Atkins.

The agency said the framework would act as a bridge as US lawmakers work on market structure legislation expected to formalise oversight between the SEC and the Commodity Futures Trading Commission.

Under the interpretation, only tokenised versions of traditional securities would remain fully subject to securities laws, while other crypto assets may fall outside that scope depending on their structure.

The notice also clarified how activities such as airdrops, staking, protocol mining and asset wrapping may be treated under federal securities rules.

The development comes amid leadership changes at the SEC, with enforcement director Margaret Ryan stepping down and criticism emerging over the agency’s evolving regulatory stance.