On March 23, 2026, the Securities Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) published guidance in the Federal Register regarding “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.” Perhaps frustrated by the lack of progress in a distracted Congress on moving a digital marketplace infrastructure bill forward, the two agencies that had been divvying up oversight of digital assets in previous years, came together to produce joint guidance that will help provide clarity to the marketplace on crypto use cases that fall within each of their jurisdictions.