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Hi. Eric here.

On Tuesday, Paul Atkins gave the crypto industry a late Christmas gift.

The Securities and Exchange Commission chair issued a landmark interpretation of federal securities laws, providing long-sought clarity on which blockchain-based assets count as securities and which ones don’t.

“The SEC’s persistent failure to provide clarity in this question is over,” Atkins, a longtime crypto supporter, said in a speech at the DC Blockchain Summit.

Vitally, the new taxonomy considers Bitcoin, Ether, Solana and XRP to be digital commodities and not securities.

It’s a huge win for the crypto lobby. For years, the…