The US Securities and Exchange Commission (SEC) has provided clarity on its approach to digital asset regulation. According to SEC Chair Paul Atkins, the agency will focus on interpreting how federal securities laws apply to crypto.
In a recent speech, Atkins emphasized that the SEC's interpretation of the law is not an end point, but rather a starting point for further discussion and clarification. He noted that the agency has released an interpretative notice specifying which types of digital assets are likely not securities under federal law.
The notice indicates that most cryptocurrencies are not considered securities, with Atkins stating that only one crypto asset class remains subject to the securities laws: traditional securities tokenized on blockchain platforms. The SEC's interpretation also clarifies that digital commodities, tools, collectibles, and stablecoins are typically not within its purview.
The development comes as a market structure bill is working its way through Congress. If passed, the legislation could give the Commodity Futures Trading Commission (CFTC) more authority in regulation and oversight of digital assets. The bill has stalled progress in the Senate Banking Committee due to concerns over stablecoin yield, but a recent meeting between lawmakers and White House crypto adviser Patrick Witt has been described as 'very productive'.