Overview
- The two agencies issued a 68‑page interpretive release March 17, 2026 that explains how existing securities laws apply to crypto assets.
- The guidance groups tokens into five types and says digital commodities, digital collectibles, digital tools, and permitted stablecoins are generally not securities.
- It keeps the Howey test in place and focuses on issuer promises, so a non‑security token can be sold as an investment contract and that contract can later end.
- The document says protocol mining, staking, wrapping, and most airdrops of non‑security tokens do not involve securities offers.
- The CFTC will apply commodities law consistent with the approach, the SEC’s 2019 framework is superseded, several tokens such as XRP, Cardano, Solana, Algorand, and LBRY Credits are cited as commodities, and the SEC invites public comment while previewing startup and fundraising safe harbors.