The SEC and CFTC say most crypto assets aren’t securities, map out a token taxonomy and paths out of “investment contract” status, but shift enforcement toward DeFi interfaces.
Summary
- SEC and CFTC issue joint guidance stating that “most crypto assets are not themselves securities,” and create a formal token taxonomy for the U.S. market.
- The interpretation explains how non-security tokens can enter and later exit “investment contract” status, and explicitly addresses airdrops, protocol staking, mining and wrapped assets.
- Lawyers say the move delivers “the most significant regulatory clarity crypto has received in the US in over a decade,” but warn DeFi…
