The U.S. Securities and Exchange Commission has outlined a new joint framework with the Commodity Futures Trading Commission that draws sharper lines around how crypto assets will be regulated. Under the SEC’s statement, digital commodities, collectible tokens, utility tokens and certain payment stablecoins are not treated as securities. Stablecoins such as USDC also fall outside securities treatment when they meet the stated criteria.
Asset labels and legal obligations are being separated
The agency said the new model is meant to replace the older enforcement-heavy approach with a system that distinguishes asset types, contractual arrangements and regulatory duties more clearly. Tokenized assets that represent actual securities, including shares, remain subject to securities compliance. In other words, putting an asset onchain does not change its legal nature if it still represents a traditional security.
The policy also adds flexibility to token sale agreements. If a provider has completed its principal obligations, the agreement can end, and tokens first sold as investment contracts may later lose their security status once the main expectations tied to the provider have been satisfied. In the SEC document, the agency said a structure has now been established that allows market participants to anticipate which assets fall under which rules, a change it said may reduce compliance costs and limit price distortions linked to regulatory uncertainty.
Mining, staking and some airdrops get a clearer position
Under the revised guidance, protocol mining, certain staking mechanisms and designated airdrop events are not considered securities sales if they fit the framework’s criteria. That speaks directly to a long-running question for exchanges, developers and users: when a token-related activity counts as a securities offering, and when it does not. The answer is still conditional, but the lines are less blurred.
At the same time, tokenized stocks and bonds continue to be regulated. The SEC also signaled that tokens tied to provider commitments that expire over time may be reclassified outside the securities category once those commitments are no longer in force.
Platforms with dual licenses may face less overlap
The SEC said its arrangement with the CFTC is designed to align product definitions, streamline joint oversight and enforcement, and remove unnecessary duplication for platforms operating under dual licenses. A memorandum of understanding between the two agencies is also meant to create more transparent rules for platforms, wallets and secondary market activity. For market operators, that could mean fewer situations where the same business line is reviewed under conflicting standards.
The source article said the SEC has conducted extensive outreach and industry consultations in recent months. Even with this guidance, broader U.S. crypto legislation is still expected to be finalized by Congress. Observers cited in the material said the latest approach moves the U.S. closer to the European Union’s MiCA regime and the United Kingdom’s phased regulatory model.