SEC and CFTC crypto guidance clarifies asset classifications but stops short of comprehensive regulatory certainty.

Following years of controversy as to whether some digital assets breach federal securities laws, the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) jointly issued an interpretation on the regulatory treatment of crypto last month. Some analysts say the document clears the way for greater institutional investment in the sector while others claim it only provides a framework absent a definitive rulebook.

The 68-page document addresses staking, mining, airdrops, and token wrapping: areas that for years have fueled uncertainty in the crypto industry. Most cryptocurrencies are…