Overview
- SEC Chair Paul Atkins outlined joint interpretive guidance stating most cryptocurrencies are not securities, marking a shift away from an enforcement‑first approach.
- The agencies named four non‑securities categories—digital commodities, digital tools, digital collectibles including NFTs, and stablecoins—while tokenized traditional securities remain under SEC oversight.
- A new memorandum of understanding formalizes SEC‑CFTC coordination, with the CFTC positioned to oversee digital commodity markets.
- Atkins said the SEC plans to seek public comment on crypto safe harbors and a fit‑for‑purpose startup exemption, with a sandbox‑style path for limited experimentation.
- The interpretation is nonbinding and framed as a bridge until Congress acts, with the CLARITY Act still awaiting a Senate Banking Committee markup and courts potentially diverging from the agencies’ view.