U.S. regulators clarified the classification of cryptocurrencies as securities., 2026/03/18 18:07:09

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have released a joint statement indicating that nearly all crypto assets should not be classified as securities.

The agencies propose to categorize digital assets into four distinct groups:

• Digital securities — tokenized assets. These possess characteristics similar to traditional securities and, therefore, should be regulated by the SEC.

• Digital commodities — including cryptocurrencies. These assets fall under the jurisdiction of the CFTC and are consequently not regarded as securities. Their value is determined by market mechanisms (supply and demand) as well as the functional attributes of the crypto systems in which they operate.

• Digital collectibles — non-fungible tokens (NFTs) that do not hold financial value. They represent rights to collectible cards, events, or similar items. They are not classified as securities, regardless of their issuance or distribution methods.

• Stablecoins — payment assets whose stability is backed by other assets, such as the U.S. dollar. Stablecoins are also excluded from the securities classification. 

The regulators referenced the GENIUS Act, enacted in 2025, which establishes a regulatory framework for so-called “payment stablecoins” and excludes them from the definition of “security.” According to GENIUS, a payment stablecoin is defined as a digital asset used as a means of payment or settlement, with the issuer required to convert, redeem, or buy back their crypto asset for a fixed monetary amount. Stablecoins that are not classified as payment stablecoins, even if issued by a licensed issuer, may fall under the definition of “security” depending on the circumstances, as stated in the joint announcement.

The regulators clarified how a token can attain the status of a security: when the issuer, by offering the token, solicits investment in a common enterprise, and buyers anticipate profits from the issuer’s managerial efforts. This standard is based on the Howey Test, which is designed to determine whether an asset qualifies as a security.

SEC Chair Paul Atkins, speaking at the DC Blockchain Summit in Washington, asserted that the released joint statement should provide much-needed clarity for crypto companies. However, Atkins cautioned that the document does not carry the force of law—any clarifications must be officially approved by Congress.

Last year, the SEC explained that staking in protocols built on networks utilizing the Proof-of-Stake (PoS) consensus method does not constitute a securities offering. In the same year, the regulator clarified that mining on Proof-of-Work (PoW) also does not fall under the securities law.