SEC, CFTC Declare Most Crypto Assets Not Securities in Landmark Guidance
U.S. regulators took a decisive step toward reshaping crypto oversight yesterday, with the Securities and Exchange Commission and the Commodity Futures Trading Commission jointly issuing new guidance that states most digital assets are not securities. that Bitcoin mining rewards are labeled under “protocol mining” as not securities. pic.twitter.com/7AefkMpoCk
The CFTC endorsed the interpretation and aligned its approach with the SEC, signaling closer coordination between the two regulators. CFTC Chair Mike Selig said the joint effort reflects a broader push toward regulatory “harmonization” and provides a clearer path for market participants.
The announcement stands in contrast to the approach taken under former SEC Chair Gary Gensler, whose tenure was defined by enforcement actions against major crypto firms and a view that many tokens qualified as securities. Industry participants often criticized that strategy as “regulation by enforcement,” arguing it created uncertainty and limited innovation.
The new guidance acknowledges those concerns, stating that prior efforts did not fully address the unique characteristics of digital asset markets. It positions the taxonomy as a foundation for a more tailored regulatory framework that can support both compliance and technological development.
More crypto proposals are coming
Despite its scope, the interpretation does not carry the force of formal rulemaking. Atkins said the SEC plans to introduce additional proposals in the coming weeks, including an “innovation exemption” aimed at giving crypto firms more flexibility while maintaining investor protections.
Lawmakers in Congress are also working on legislation to establish a comprehensive market structure for digital assets. Regulators indicated that statutory changes will be needed to make the new approach permanent.
For now, the guidance sends a clear signal that U.S. regulators are redefining their stance on crypto. By narrowing the definition of what constitutes a security and outlining specific categories, the SEC and CFTC have moved to provide the clarity that industry participants have sought for years.
The shift may reshape how crypto businesses operate in the United States, with regulators emphasizing defined boundaries over broad enforcement.
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