SEC Submits Crypto Interpretation Proposal to White House

The US Securities and Exchange Commission (SEC) has sent its proposed crypto interpretation to the White House's Office of Management and Budget (OMB) for review. This move is significant as it aims to clarify which digital assets should be considered securities under federal law.

According to government records, the proposal was submitted on Friday and is currently pending review by the White House. The SEC's proposed rules include an interpretative notice issued last week regarding digital assets that could be considered a security.

The notice defines four types of digital assets as not being securities: digital commodities, digital tools, digital collectibles (including non-fungible tokens), and stablecoins. This classification is intended to provide the agency with a 'coherent token taxonomy' for these assets.