ChainCatcher report, according to The Block, the U.S. SEC and CFTC have jointly released a 68-page new guidance clarifying that most cryptocurrencies are not securities. SEC Chair Paul Atkins stated at the Washington Blockchain Summit that this move will provide market participants with clear guidance on how federal securities laws apply to crypto assets. The guidance details the classification of stablecoins, digital commodities, and "digital instruments," all of which are determined to be non-securities, and explains how "non-security crypto assets" may transition into securities, as well as how federal securities laws apply to mining, protocol staking, and airdrops. Digital commodities are defined as assets whose value is intrinsically tied to the programmed operation and supply-demand dynamics of a functional crypto system; digital collectibles are also not considered securities. Atkins remarked, "We are no longer the 'Securities and Everything Else Commission,'" marking a stark contrast to the stance under former SEC Chair Gary Gensler, who viewed most cryptocurrencies as securities. CFTC Chair Michael Selig also attended the summit.
The U.S. SEC and CFTC Release 68-Page Crypto Guidance, Clarifying That Most Digital Assets Are Not Securities
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Summary
The U.S. SEC and CFTC released a 68-page guidance document clarifying that most digital assets are not securities. The guidance covers stablecoins, digital commodities, and "digital tools," all classified as non-securities. It also explains how non-securities may become securities and outlines the application of federal laws to mining, staking, and airdrops. The release comes amid ongoing debates over securities versus commodities classification and provides clarity to liquidity and crypto markets. SEC Chair Paul Atkins noted a shift in approach compared to former Chair Gary Gensler, who broadly classified most crypto assets as securities. CFTC Chair Michael Selig announced the guidance at the Washington Blockchain Summit.
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