The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have issued new crypto guidance that lays out a shared classification framework for digital assets. Under the interpretation, most cryptocurrencies do not qualify as securities, and activities such as mining, staking, and airdrops are not treated as securities transactions under federal law.
SEC Chair Paul Atkins and CFTC Chair Mike Selig presented the framework at the DC Blockchain Summit in Washington, D.C. Alongside the announcement, the SEC released a 68-page interpretation explaining how digital assets fit within existing federal statutes. The stated goal is to cut through years of uncertainty around token classification and network activity.
Framework separates digital securities from other token categories
The joint guidance introduces a taxonomy that covers stablecoins, digital commodities, and digital tools. Regulators said those categories sit outside securities classification. In this structure, only digital securities fall under securities laws, referring to traditional securities issued through blockchain technology.
The agencies also set out definitions for digital collectibles and commodities, using functionality and market dynamics as reference points. Those definitions are part of a wider effort to standardize federal oversight of crypto assets.
Mining rewards, protocol staking and airdrops excluded from securities treatment
A central feature of the document is its treatment of routine crypto network activity. Regulators said protocol mining rewards do not constitute securities. They applied the same view to protocol staking and airdrops, stating that these activities do not involve investment contracts.
That clarification directly addresses one of the industry’s longest-running questions. For years, legal uncertainty surrounded whether token rewards or distributions could trigger securities rules. The new interpretation gives a clearer federal position.
Tokens can still become securities depending on how they are offered
The SEC also explained that an asset that is not inherently a security can become one in practice. That happens when issuers market tokens with profit promises tied to managerial or entrepreneurial efforts.
The agency based that explanation on the Howey Test, the long-used legal standard for identifying investment contracts. The new framework explicitly applies that test to crypto offerings and transactions.
Policy direction shifts as formal proposals move closer
Atkins said the interpretation is meant to replace ambiguity with clearer rule definitions after years of uncertainty. The release also signals a change from the SEC approach under Gary Gensler, when many crypto assets were treated as securities and enforcement actions followed.
According to Atkins, the SEC is preparing to begin formal rulemaking soon, and new proposals could emerge within weeks. Selig said the CFTC supports the same classification system and described the effort as part of broader coordination between regulators.