The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued 68 pages of interpretive guidance, clarifying that stablecoins, digital commodities, and digital tools are not considered securities under current regulations. According to NS3.AI, this guidance offers the industry clearer direction in the short term. However, the absence of comprehensive market structure legislation from Congress remains a significant issue. This legislative gap is crucial because agency interpretations can be more easily altered than statutory laws when there is a change in administration.