SEC and CFTC Detail New March 17 Framework Showing Most Crypto Assets Are Not Securities

On March 17, the U.S. Securities and Exchange Commission released an interpretive framework, coordinated with the Commodity Futures Trading Commission, describing how federal securities laws apply to different categories of crypto assets and activities. The guidance states that most crypto assets are not themselves securities, introduces a taxonomy for digital commodities, stablecoins, digital collectibles, digital tools, and digital securities, and outlines how rules affect actions like airdrops, staking, protocol mining, and token wrapping. It is presented as an initial step toward a broader market structure, while lawmakers continue working on comprehensive digital asset legislation.