On March 17, 2026, the SEC and the CFTC jointly issued an interpretation addressing how the federal securities laws apply to certain 'crypto assets' and related transactions. The interpretation provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. It addresses how a 'non-security crypto asset' may become subject to, and how it may cease to be subject to, an investment contract.
Participants whose activities may implicate both the federal securities laws and the Commodity Exchange Act should be particularly attentive to the interplay between the two regimes. Given that a crypto asset's regulatory status may shift over time as developers fulfill, fail on or abandon the commitments that originally defined its securities law exposure, ongoing monitoring will be essential. Market participants may also wish to consider submitting comments during the open comment period to help shape the final contours of the framework.
