The US Securities and Exchange Commission and Commodity Futures Trading Commission have released joint guidance outlining how crypto assets will be classified as securities or non-securities.
The framework introduces categories including digital securities, stablecoins, collectibles and commodities, with only certain tokens falling under SEC oversight based on the Howey Test.
“We establish a straightforward taxonomy of crypto assets — most of which are not securities,”
SEC Chair Paul Atkins and commissioners wrote.
The guidance shifts focus from the asset itself to how it is marketed, meaning even non-security tokens could be treated as securities if sold with profit expectations tied to issuer efforts.
Regulators emphasised that jurisdiction remains split, with the SEC overseeing securities and the CFTC expected to regulate non-security crypto assets under commodities law.
Industry participants welcomed the clarity but warned that interpretive guidance could change without formal legislation, leaving long-term regulatory certainty unresolved.
Lawmakers are now pushing for market structure legislation, with potential progress expected in April, though key issues such as jurisdiction, consumer protection and stablecoin rules remain under debate.