The SEC and CFTC have issued new regulatory guidance stating that most crypto assets are not considered securities.

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released a new 68-page regulatory guidance on Tuesday, clarifying that most digital assets are not securities and aiming to provide a clearer regulatory framework for the market. SEC Chairman Paul Atkins stated at the DC Blockchain Summit in Washington, D.C., “We are no longer the ‘securities and everything commission.’” He noted that this interpretative guidance will help market participants better understand how federal securities laws apply to crypto assets. The new guidance proposes a classification system for crypto assets, including categories such as stablecoins, digital commodities, and “digital tools,” and states that these assets are generally not considered securities. The document also explains under what circumstances non-securities crypto assets may be considered securities and clarifies the applicability of activities such as mining, staking, and airdrops under securities laws. This regulatory stance contrasts sharply with previous attitudes of U.S. regulators. During the Biden administration, former SEC Chairman Gary Gensler repeatedly stated that most crypto assets were securities and initiated enforcement actions against several crypto companies.