SEC and CFTC issue joint interpretation sorting crypto assets by securities status

On March 17, 2026, the SEC issued an interpretive release on how federal securities laws apply to crypto assets, and the CFTC joined it. The release sorts crypto assets into four categories. Digital commodities, digital collectibles, digital tools and certain payment stablecoins are not treated as securities, while the analysis of other tokens depends on the facts and circumstances.

• Issued March 17, 2026 with the CFTC joining
• Four categories of crypto assets
• Digital commodities, collectibles, tools and certain payment stablecoins are not securities
• Other stablecoins still need a facts-and-circumstances analysis