SEC and CFTC issue long-awaited crypto guidance
Mar 19th 2026
The SEC and CFTC released a joint interpretation that defines five token categories and says securities laws apply only to digital securities, while SEC chair Paul Atkins proposed a startup safe harbor and plans to seek public comment on broader crypto rule changes.
- SEC and CFTC published a joint interpretation that classifies crypto tokens into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
- The SEC said federal securities laws apply only to tokens it deems digital securities.
- A token that is initially a non-security can become a security if it is offered as an investment in a common enterprise with an expectation of profit by purchasers.
- SEC chair Paul Atkins said most cryptocurrencies are not securities and proposed a fit-for-purpose startup safe harbor to ease token sales and fundraising.
- Atkins said the SEC will publish a proposal on crypto safe harbors for public comment in the coming weeks and will include an innovation exemption for new business models.
- The guidance and safe harbor proposal are part of a broader effort to update capital markets rules to accommodate crypto and blockchain trading.
Articles
- US financial regulator issues long-awaited cryptocurrency guidance www.theguardian.com
- US Regulators Unveil Plans to Ease Capital Rules for Big Banks www.bloomberg.com
- US regulators unveil plans to cut Wall Street capital requirements by 4.8% www.ft.com
- US moves to soften capital rules: ‘Big banks can declare mission accomplished’ www.theguardian.com
- SEC urged to restrict Chinese companies’ access to US capital markets www.ft.com