The Securities and Exchange Commission and the Commodity Futures Trading Commission issued an official interpretation Tuesday of how federal securities laws should apply to cryptocurrency assets, taking a more industry-friendly approach than the Biden administration.

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The SEC said it represented a major step in its efforts to provide greater clarity on the treatment of crypto assets. The effort comes even as Congress has struggled to pass legislation of its own, beyond the GENIUS Act governing stablecoins. The CFTC joined in the SEC’s interpretation, although one of the main sticking points in the market legislation under consideration is which regulator will be responsible for crypto oversight.

“After more than a decade…