The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission have introduced a joint framework for classifying digital assets, with Bitcoin and Ethereum formally identified as non-securities and treated as commodities. Under the new structure, only assets categorized as “digital securities” fall under securities laws.
The framework lays out several buckets: digital commodities, stablecoins, digital collectibles such as NFTs and meme coins, digital tools or utility tokens, and digital securities. That breakdown addresses a core issue that has shaped the crypto market for years: which tokens are subject to securities rules and which are not.
A clear break from earlier regulatory signals
The announcement marks a shift from earlier periods when U.S. regulators often suggested that a large share of virtual tokens could be treated as securities. This version is more segmented. It separates asset types and gives investors, developers, and institutions a more defined compliance reference point.
The message is not that every on-chain asset gets a lighter touch. It is that classification depends on the nature of the token, the way a project is organized, and how it is presented to buyers. For institutions that stayed cautious because of uncertain enforcement risk, clearer categories may reduce legal ambiguity. For project teams, the line around product design and disclosure is now easier to identify.
Why the “non-security” label has limits
The guidance also keeps an important condition in place. A token can still be treated as a security if it is marketed as an investment tied to expected profits generated by a company or core team. Technology alone does not determine classification; communication, promotional framing, and the economic promise attached to the token matter as well.
That means even assets described as utility tokens or digital collectibles may face scrutiny if their sales pitch starts to resemble a traditional investment offering. Claims centered on future appreciation, passive returns, or team-driven profit generation remain central to the analysis.
Token types that still face higher scrutiny
The source identifies several categories that remain more exposed under the new framework. ICO and presale tokens are one. These are often sold before a product launch, emphasize future value growth, and rely heavily on a development team; the examples cited are XRP and EOS. Another category is highly centralized projects, especially those with large insider holdings, decision-making concentrated in a core entity, and strong leadership influence. The article names BNB in that context.
Profit-driven marketing is another trigger. Tokens promoted with language such as “guaranteed returns” or “future gains” may be pulled toward securities treatment, including in some DeFi yield or passive income models. Staking and yield products also remain sensitive where returns are generated through platform control or third-party management. The source notes that Ethereum staking is generally acceptable, while centralized earn programs have previously faced enforcement. Tokenized real-world assets, including digital representations of stocks, bonds, or real estate, are also likely to draw attention because they closely resemble traditional securities by design.
Compliance now hinges on structure and promotion
The framework gives the market a more readable map, but it does not remove oversight. It draws a brighter line around Bitcoin and Ethereum while leaving the door open for case-by-case review across the rest of the token market. For DeFi, NFTs, and tokenization projects, the practical issue is no longer just what the token does on-chain. It is also how the token is sold, how control is distributed, and what buyers are led to expect.
That combination of clearer categories and retained enforcement discretion is likely to shape how market participants assess U.S. regulatory risk from here. Bitcoin and Ethereum received the headline determination. For many other tokens, the deciding factor remains their structure, their marketing, and the role of the team behind them.