The U.S. Securities and Exchange Commission has submitted interpretive guidance on crypto securities to the White House Office of Information and Regulatory Affairs, moving the document into interagency review. The proposal explains how existing federal securities laws may apply to certain digital assets and related transactions, while not creating any new federal rule or law. Journalist Eleanor Terrett reported that the guidance now awaits review before SEC commissioners vote on it.
Guidance focuses on how existing securities law applies
According to the SEC, the document lays out how current securities law could apply to specific cryptocurrency transactions. That makes it an interpretive statement rather than a fresh rulemaking package. One distinction stands out. The interpretation came from the commission itself, not from staff, and commission-level guidance is typically treated as carrying more weight than internal staff statements.
Separate from ongoing crypto rulemaking on offerings
The agency said this proposal is separate from its ongoing rulemaking process tied to crypto asset offerings, and both efforts are continuing on independent tracks. Earlier, Paul Atkins outlined the commission’s roadmap for crypto securities oversight and said regulators may issue guidance on a formal token taxonomy. If such a framework is adopted, it could sort digital assets into categories that affect whether a token falls under SEC oversight or under the jurisdiction of the Commodity Futures Trading Commission.
OIRA review comes before a vote by three commissioners
Before the interpretation can be adopted, it must complete review at OIRA. After that, the SEC’s three commissioners will vote on the document. An SEC spokesperson said the commission’s goal is to clarify obligations for investors and innovators, and added that the guidance is consistent with broader market structure legislation now under discussion.
The review route also reflects a policy shift in Washington. Independent agencies historically did not send rules to the White House for review, but the White House began requesting such reviews from executive agencies in 2025. Crypto oversight is now moving through that channel.
CFTC advances a separate plan on prediction markets
At the same time, the CFTC has submitted its own plans on prediction markets to the White House. CFTC Chairman Michael Selig said the agency intends to issue an advanced notice of proposed rulemaking and define which products qualify for self-certification. Opposition has also surfaced. A coalition called “Gambling is not investing” argues that some prediction markets violate existing law and says certain platforms enable illegal sports betting. The group also argues that operators must comply with state and tribal gaming rules.
Both proposals, the SEC’s crypto securities guidance and the CFTC’s prediction market plan, remain under federal interagency review as the process continues.