After years of uncertainty and  restraint on the growth of digital assets in the United States, the Securities and Exchange Commission (SEC) issued a significant interpretive release on March 17, 2026 providing new guidance on how the federal securities laws apply to various types of crypto assets and transactions. The Commodity Futures Trading Commission (CFTC) joined in issuing this release to affirm that it will administer the Commodity Exchange Act consistent with this interpretation.

The guidance establishes a structured framework based on the characteristics, uses and functions of crypto assets and transactions and clarifies the types of crypto assets that are not…