General information only. CryptoRegHub provides summaries for informational purposes and does not constitute legal or compliance advice. Always verify with official sources and consult qualified legal counsel before making compliance decisions.
CryptoRegHub provides plain-English summaries of crypto regulations for informational purposes only. This does not constitute legal, compliance, or financial advice. Regulations change frequently — always verify information with official sources and consult qualified legal counsel before making any compliance decisions.
On 17 March 2026, the SEC and CFTC jointly issued Release No. 33-11412, "Application of the Federal Securities Laws to Certain Types of Crypto Assets." This guidance — described as the end of over a decade of regulatory uncertainty — provides a coherent token taxonomy classifying crypto assets into five categories: digital commodities, digital securities, stablecoins, digital collectibles (NFTs), and digital tools (utility tokens for functional use). The guidance was issued one week after the agencies signed a Memorandum of Understanding on 11 March 2026, formalising their commitment to regulatory harmonisation. The SEC confirmed Bitcoin, Ether, Solana and XRP as digital commodities. The CFTC confirmed it will administer the Commodity Exchange Act consistently with the SEC's interpretation, effectively establishing parallel regulatory lanes. A separate formal rulemaking exceeding 400 pages is expected within weeks of the guidance, including safe harbor provisions and additional details.
Applies to all market participants dealing in or issuing crypto assets in the United States, including exchanges, issuers, fund managers, broker-dealers and custodians. The guidance does not retroactively nullify past enforcement actions but provides prospective clarity on asset classification. Funds and fund managers should review financial statements, accounting policies and disclosures based on the new framework.
The five-category token taxonomy: (1) Digital commodities — value driven by automated network mechanics and market supply/demand, not a centralised promoter. Includes Bitcoin, Ether, Solana, XRP. Under CFTC jurisdiction for spot markets. (2) Digital securities — tokens where SEC jurisdiction applies; investment contract lifecycle determines when and how a token crosses into securities territory. (3) Payment stablecoins — GENIUS Act-compliant stablecoins; not securities or commodities. (4) Digital collectibles — NFTs and similar unique, non-fungible tokens for entertainment or cultural purposes; generally not securities. (5) Digital tools — utility tokens used functionally within a blockchain system; not securities when the system is functional. Additionally: protocol staking rewards confirmed as outside securities law when service providers act as agents without discretionary control.
Always refer to official sources to confirm current requirements. CryptoRegHub summaries are for general guidance only.
Significant fines typically up to €1m or equivalent
This summary is for general informational purposes only and does not constitute legal advice. Always verify with official sources and consult qualified legal counsel.