SEC and CFTC Issue Joint Guidance on U.S. Crypto Regulatory Framework

The SEC and CFTC issued joint guidance clarifying regulatory boundaries for crypto assets in the U.S., with officials calling it a major step toward legal clarity for the industry. The document explains how existing securities laws apply to crypto assets and seeks to align oversight responsibilities between the two agencies while supporting innovation through clearer rules. Officials said the guidance states that most crypto assets are not classified as securities and clarifies under what conditions certain assets may be treated as investment contracts, as well as how an asset considered an investment contract can later fall outside that status.