U.S. regulators’ first joint guidance on applying securities laws to different types of crypto tokens failed to provide enough impetus to lift bitcoin (BTC), the largest, above $75,000.

The interpretive guidance from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which doesn’t carry the weight of a formal rule, classified crypto tokens into five distinct categories: digital commodities, digital collectibles, digital tools, stablecoins and digital securities, and removed a major source of market uncertainty.

The stance marks a shift from the existing case-by-case enforcement, making it clear which tokens are considered securities and which are not, and is expected to give issuers and…