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SEC and CFTC Unveil New Framework for Crypto Asset Classification

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The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have issued joint guidance on the classification of crypto assets under federal law. The new framework establishes four categories that are not considered securities, including digital commodities, digital collectibles, digital tools, and payment stablecoins.

The guidance clarifies the regulatory treatment of staking, mining, airdrops, and token wrapping, which were previously in a gray area. According to the SEC, most crypto assets do not qualify as securities under federal law, except for tokenized traditional securities, such as tokens representing conventional financial instruments like stocks or bonds.

The four categories that are not securities include:

  • Digital Commodities: This category includes mainstream assets like Bitcoin and Ethereum, which are treated as commodities rather than securities.
  • Digital Collectibles: Non-fungible tokens (NFTs) and memecoins fall under this category, which is considered a collectible rather than an investment product.
  • Digital Tools: Utility tokens and assets that function like software tools or naming services are classified as digital tools, not securities.
  • Payment Stablecoins: Compliant stablecoins that meet the requirements of the GENIUS Act fall into this category, which is used primarily for payments rather than speculation.