SEC and CFTC say most crypto assets are not securities
U.S. regulators have released their first joint clarification on how federal laws apply to crypto assets
18.03.2026 - 08:35
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Главное:
- SEC and CFTC issued joint guidance on the legal status of crypto assets.
- BTC, ETH, SOL, XRP, memecoins, NFTs and utility tokens are not considered securities by regulators.
- Securities laws mainly apply to investment contracts and tokenized assets.
The U.S. Securities and Exchange Commission (SEC) has published official guidance on how federal securities laws apply to crypto assets. The document was prepared in cooperation with the Commodity Futures Trading Commission (CFTC).
According to the regulators, crypto assets themselves are generally not considered securities. These include digital commodities, collectible tokens, and utility tokens that derive value from protocol functionality and market demand.
Examples listed in the document include BTC, ETH, SOL, XRP, ADA, LINK, DOGE, AVAX and several other cryptocurrencies.
How regulators classified crypto assets
The SEC presented a new classification of digital assets. It outlines several categories: digital commodities, digital collectibles, digital instruments, stablecoins, and digital securities.
At the same time, the regulator emphasized that a crypto asset may fall under securities law if it is sold as an investment contract — for example, with promises of profit based on the efforts of a team or issuer.
The SEC also clarified how the law applies to mechanisms such as airdrops, mining, staking, and wrapped tokens. According to the regulator, these processes alone do not make a crypto asset a security.
Previously, the SEC and CFTC often interpreted the status of crypto assets differently. The new joint guidance is intended to help market participants better understand the boundaries of regulation and the division of authority between the two agencies.
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