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SEC and CFTC Release First-Ever Crypto Classification Framework 

SEC and CFTC Release First-Ever Crypto Classification Framework 

On March 17, 2026, the Securities and Exchange Commission and the Commodity Futures Trading Commission jointly released interpretive guidance that, for the first time, formally classifies crypto assets into five distinct categories. Law firm Jones Day published a detailed breakdown of what the guidance means and why it matters. The guidance, Jones Day explains, represents the SEC’s first formal Commission-level effort to define which crypto assets fall under federal securities law and which do not.

The five categories are digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Of those five, only digital securities are automatically treated as securities under federal law. Everything else…

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