SEC and CFTC Issue New Regulatory Guidance: Most Crypto Assets Are Not Securities

Odaily News: The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released a new 68-page regulatory guidance on Tuesday, clearly stating that most digital assets are not securities, aiming to provide a clearer regulatory framework for the market.

SEC Chairman Paul Atkins stated at the Washington DC Blockchain Summit: "We are no longer the 'securities and everything commission'." He pointed out that this interpretive guidance will help market participants better understand how federal securities laws apply to crypto assets.

The new guidance proposes a classification system for crypto assets, including categories such as stablecoins, digital commodities, and "digital tools," and notes that these assets are generally not considered securities. Simultaneously, the document also explains under what circumstances non-security crypto assets might be deemed securities, and clarifies the applicability of activities like mining, protocol staking, and airdrops under securities laws.

This regulatory stance marks a stark contrast to the previous attitude of U.S. regulators. During the Biden administration, former SEC Chairman Gary Gensler repeatedly stated that most crypto assets were securities and initiated enforcement actions against multiple crypto companies.