A 68-page joint framework released by the SEC and CFTC marks a major turning point for the crypto market. According to the guidance, a large portion of digital assets will no longer fall under federal securities laws. This shift introduces a more predictable regulatory environment following a period of stricter enforcement.
The framework also introduces clear classifications for stablecoins, digital commodities, and various digital instruments. SEC Chair Paul Atkins stated that the move eliminates long-standing ambiguity and allows market participants to operate with greater clarity. As a result, both investors and projects gain a more transparent and structured environment.
The guidance relies on the Howey Test to determine whether an asset qualifies as a security, while emphasizing that assets tied to functional networks and driven by supply-demand dynamics are generally excluded. It also clarifies the status of mining, staking, and airdrops, while noting that assets marketed with profit expectations could still be classified as securities under certain conditions.
