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US Securities Regulator Issues Long-Awaited Crypto Guidance
- Tuesday, the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission issued joint 68-page guidance asserting most cryptocurrencies are not securities.
- SEC Chairman Paul S. Atkins had long signalled the taxonomy plan, promising pro-crypto guidance since late last year as the SEC prepared proposals after partnering closely with the CFTC.
- The guidance details a four-part token taxonomy covering stablecoins, digital commodities, digital tools, and digital securities, applying the Howey Test to define securities and excluding digital collectibles.
- Regulatory harmonization positions both agencies to alter market compliance, as the CFTC signed on to the taxonomy and a fact sheet clarifies when digital commodities are not securities.
- Despite the guidance, lasting change hinges on legislation, as Paul S. Atkins warned only Congress can guarantee permanence, in stark contrast to prior Biden approach.
64 Articles
64 Articles
SEC Issues Long-Awaited Crypto Guidance, Says Most Tokens Not Securities
U.S. financial regulators have issued an interpretation clarifying how federal securities laws apply to crypto assets, setting up a significant shift in policy and providing long-sought guidance to the digital asset industry. The move, announced jointly by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on March 17, introduces a formal framework for classifying different crypto tokens and lays out…
U.S. Securities and Exchange Commission (SEC) Rules Bitcoin Is Not a Digital Product Securities. The U.S. securities authorities have issued an interpretation classifying cryptocurrencies, such as Bitcoin and Ethereum, as digital products and stating that they do not qualify as securities. On the 17th (local time), the U.S. Securities and Exchange Commission (SEC) [issued] a [relevant] crypto asset and... containing this interpretation.
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