The Securities and Exchange Commission in March issued an interpretive release jointly with the Commodity Futures Trading Commission, clarifying the application of federal securities laws to crypto assets and certain crypto asset transactions.

Classifying crypto assets into five categories, the SEC provided its view on whether the assets would be considered a security and included further guidance on when securities transactions involving crypto assets may arise. The guidance is significant forward progress as crypto assets become more mainstream.

The immediate question for crypto asset issuers isn’t only how to launch, but also what happens afterward. In practice, the issuer’s ongoing communications and market-facing conduct, such…