The U.S. Securities and Exchange Commission released interpretive guidance on crypto assets under federal securities laws, declaring that most crypto assets are not securities. The guidance groups digital assets into five categories—digital commodity, digital collectible, digital tool, stablecoin, and digital security—and notes that only digital securities fall under SEC jurisdiction. Bitcoin and Ethereum are expected to be treated as digital commodities, while NFTs, meme coins, and in-game items are likely to be categorized as digital collectibles.
The guidance determines that digital commodities will be assessed based on whether value derives from the system’s programming rather than the entrepreneurial efforts of others. SEC Commissioner Paul Atkins said the guidance ends more than a decade of uncertainty and will provide market participants with a clear standard while Congress advances its market-structure legislation. In a separate statement, CFTC Chair Michael Selig said the agency would enforce the Commodity Exchange Act in alignment with the SEC’s interpretation, emphasizing that a clear and rational rulebook would help foster a thriving U.S. crypto industry.
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