For over a decade, the crypto industry operated without a clear answer to the most basic regulatory question. Is this token a security or a commodity? On March 17, 2026, the SEC and CFTC answered that question for the entire market by publishing a 68-page joint interpretive release that sorts every crypto asset into one of five categories. Not vague guidance or a staff opinion letter that can be quietly walked back. A binding final interpretation signed by both SEC Chairman Paul Atkins and CFTC Chairman Michael Selig at the DC Blockchain Summit.

The framework names 16 specific tokens as digital commodities, defines four additional categories for everything else, and draws clear lines between what the SEC regulates and what falls…