What investors might want to consider

First, it should be noted that this guidance is not a new law, but rather a statement of how the commissions interpret existing law. It is binding on the SEC and CFTC staff in that they must administer the law consistently with this interpretation, and that it carries persuasive weight in any enforcement or litigation context. Additional rule change proposals, as well as the CLARITY Act (currently being debated in the Senate), could turn the details from this guidance into law. But it remains to be seen whether they are passed.

As such, investors should not buy crypto expecting that future values will go up based on this release alone. And in general,…