SEC and CFTC issue joint guidance on crypto rules, saying most crypto assets are not securities and explaining staking, mining, airdrops, and token regulations clearly.
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission released new joint guidance about crypto rules. The update contained an explanation of how existing securities laws apply to digital assets and transactions via blockchains. The announcement came after reporter Eleanor Terrett posted a report on X. The guidance provides the crypto market with better signals on regulation.
SEC and CFTC Publish Joint Interpretation on Crypto Rules
The guidance was issued at the commission level by both the regulators. It explains how federal securities laws should apply to certain crypto assets. The document also introduces a token classification system in order to define different types of digital assets. Because of this, companies may have a better understanding of the way to follow existing rules.
🚨JUST IN: The @SECGov and @CFTC have issued joint, Commission-level interpretive guidance outlining how federal securities laws apply to certain crypto assets and transactions.
This follows a submission to OIRA earlier this month signaling the agencies’ intent, and was approved… pic.twitter.com/zMxHSlZUNB
— Eleanor Terrett (@EleanorTerrett) March 17, 2026
The update has also been approved by SEC commissioners Paul Atkins, Hester Peirce and Mark Uyeda. CFTC Chairman Rostin Behnam also supported the move along with other officials. Earlier this month, the agencies forwarded the proposal to the Office of Information and Regulatory Affairs. After being reviewed, the guidance was finally approved.
Related Reading: SEC and CFTC Sign Pact to Coordinate Crypto Regulation – Ledger Tribune
The document is not intended to create new law, officials said. Instead, it describes how the regulators intend to implement existing law. However, markets are often a strong reaction to interpretive guidance. Therefore, the update is considered as an important signal from the regulators in the crypto industry.
One of the main points in the guidance is that most crypto assets are not securities. SEC Chair Paul Atkins said the rules demonstrate that digital tokens are often not investment contracts in and of themselves. He further explained that an investment contract may terminate after certain conditions are changed. Because of this, some tokens may cease to be considered securities over time.
Guidance Explains Staking, Mining, Airdrops, and Wrapped Tokens
The new document also goes on to explain how common blockchain activities are treated. Regulators discussed staking, mining, airdrops, and token wrapping. These types of actions are common in the crypto networks but were not always clear under securities law. Therefore, the goal of the guidance is to eliminate confusion.
Staking typically means to lock tokens to support a blockchain network. The staking may not always create a security, the guidance said. The decision is based on the way the program works, and who controls the funds. Because of this, there may be need for review in every case.
Mining was also discussed in the document. Regulators said mining often works like a technical process rather than an investment contract. However, if mining is offered as a profit program, rules may change. This clarification may assist companies to design safer products.
Airdrops were another topic in the guidance. Airdrops happen when tokens are given to users for free. The agencies stated that these may not be securities in the event that there is no investment promise. However, marketing claims might alter the legal status.
Wrapped tokens were also incorporated in the explanation. These tokens are a representation of another asset on another blockchain. Regulators said the legal treatment depends on the way in which the token is created and used. With this in mind, careful checking of each structure is required of the developers.
Market Sees Clearer Direction but More Rules Still Coming
The crypto industry welcomed the guidance as it provides guidance without new restrictions. Companies often went on complaining about the unclear rules in past years. Now, regulators have explained how existing laws are to apply to new technology. Because of this, businesses may feel more confident on building new projects.
However, officials said that more regulation may come later. The SEC is still working on separate rulemaking on crypto asset offerings. That process could develop new rules for token sales and fundraising. Therefore, the latest guidance does not put the debate to rest.
Market participants said the update displays a change in tone from regulators. Earlier statements often hinted at the many tokens being securities. Now, the agencies said most crypto assets are not securities per se. This change may have an impact on future enforcement cases.
For now, the joint guidance sends the strongest signal yet from both agencies together. The SEC and CFTC rarely have the same interpretation at the same time. Because of this, the announcement could become a significant moment in terms of crypto regulation in the United States.