The Securities and Exchange Commission (SEC) in the United States has taken a significant step towards regulating cryptocurrencies by proposing guidelines on how securities laws apply to them.
According to the SEC's proposal, the agency will consider interpretive guidance around a token taxonomy for crypto assets. This means that factors such as a crypto's inherent properties, behavior, and use cases will be considered to determine whether securities laws apply or not.
The proposed guidelines are part of the commission-level guidance submitted to the White House's Office of Information and Regulatory Affairs (OIRA). While this level of guidance has more power than staff-level guidance, it falls short of becoming a rule. Nevertheless, the new guidelines have the potential to impact how crypto-focused companies register and operate their businesses in the country.