The U.S. Securities and Exchange Commission has taken another step toward a more permissive crypto stance, but it has not given the entire industry a blanket approval. Instead, the agency’s latest moves show a narrower change: more clarity on how some crypto assets are treated and more room for certain crypto interfaces to operate without immediate broker-dealer registration.

That shift has fueled claims that the SEC has issued a new “green light” for cryptocurrencies. However, the current record points to a more limited reality. The agency has clarified that federal securities laws apply to digital securities, while many other crypto assets may fall outside that category. At the same time, the SEC has continued to stress…