The U.S. Securities and Exchange Commission issued broad guidance towards the crypto industry on Tuesday, with SEC Chair Paul Atkins declaring that “most crypto assets” would not be considered securities.

The guidance provides distinctions between which types of assets do not meet the definition of securities and what would make an asset meet that definition as an investment contract.

It also notes that protocol mining (as on Bitcoin) and staking, along with crypto airdrops—or tokens sent to a protocol’s users and contributors—do not meet that definition.

“After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal…