The US Securities and Exchange Commission (SEC) has issued an interpretation clarifying how federal securities laws apply to crypto assets.
The guidance introduces a formal framework for classifying different crypto tokens into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. The new approach aims to provide clearer rules for companies, investors, and developers in the digital asset industry.
According to the SEC's fact sheet, most crypto assets are not considered securities because their value comes from how they are used or from supply and demand, not from a company's efforts or a central issuer managing them. Only digital securities, essentially traditional financial assets turned into tokens, automatically fall under securities laws.
The new guidelines also provide clarity on several common crypto activities, stating that protocol mining, staking, and certain token distributions such as airdrops generally do not involve securities transactions under federal law.