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March 18, 2026

Did SEC, CFTC just say most cryptos aren’t securities? Ashish Kumar | usagoldmines.com

The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued a fresh advisory on how securities laws apply to crypto assets. This move gives out one of the clearest signals yet on how regulators are approaching the sector.

The digital assets market has been marred by a lack of clarity and regulation all around the world. However, the progressive steps taken by US watchdogs since Donald Trump took office in the White House has given crypto leaders some hope.

SEC clarifies crypto status

As per the release, the guidance is approved at the Commission level. It lays out how different types of crypto assets and related activities fit within existing legal rules. It even introduced a basic taxonomy and grouping of tokens into categories. The list encompasses digital commodities, collectibles, stablecoins, and digital securities.

SEC Chair Paul Atkins stated that the outlook reflects what many in the industry have argued for years, that most crypto assets themselves are not securities. He also noted that even when a token is part of an investment contract, that classification may not be permanent.

This distinction is important and sort of good news for the industry, which has been dealing with back-to-back legal scrutiny from the watchdogs. The guidance suggests that a token can initially be sold as part of a securities offering but later trade as a non-security asset. However, this depends on how the underlying network evolves.

Atkin mentioned that after more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding. It will imply how the Commission treats crypto assets under federal securities laws. He added that this is what regulatory agencies are supposed to do: draw clear lines in clear terms.

SEC Chair targeted the former administration that refused to recognize that most crypto assets are not securities. Atkins further added that this effort will serve as an important bridge for entrepreneurs and investors. This will move ahead as Congress works to advance bipartisan market structure legislation. He hints that the SEC and CFTC look forward to implementing it in the near future.

Watchdogs tackling staking and mining rules?

The document released addresses common crypto activities that have long sat in regulatory gray areas. These include staking, mining, airdrops and token wrapping. Regulators highlighted that treatment depends on how these activities are structured and whether they involve an investment contract. This is better than taking a blanket approach.

CFTC Chair Michael Selig stated the move is part of a wider initiative to align monitoring between the two agencies. For years, uncertainty around whether a token falls under securities or commodities law has created friction for companies operating in the region.

He added that “With today’s interpretation, the wait is over,” while referring to the lack of clarity that has defined crypto regulation for more than a decade.

This comes in after a submission to the Office of Information and Regulatory Affairs earlier this month. This signaled that both agencies were preparing to get their approach in line. It also comes as Congress continues to debate broader market structure laws. It includes bills that would more clearly divide authority between the SEC and CFTC.

As of now, the new reading stops short of resolving all open questions. The watchdog is still working on separate rulemaking related to crypto asset offerings. This could further shape how tokens are issued and traded in the US.

Coinbase gets long-awaited clarity

Back in 2022, Coinbase filed a formal Rulemaking Petition with the SEC, asking the agency to develop clear, new regulations for the industry. After the commission failed to respond for nine months, the exchange filed a writ of mandamus in April 2023. It just requested a simple “yes” or “no” answer to the petition.

The SEC officially denied the petition in December 2023. Former SEC Chair Gary Gensler stated that existing laws already apply to crypto. He mentioned that the agency has the discretion to set its own rulemaking priorities.

Paul Grewal, CLO of Coinbase, reacted to the new release in an X post. He stated that “2023 me couldn’t have imagined that 2126 me would see such a thing, let alone 2026 me. The healing continues.”

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This articles is written by : Nermeen Nabil Khear Abdelmalak

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