TLDR
US regulators have unveiled a new joint framework that says most crypto assets are not themselves securities, but some transactions involving them can still be.
- The SEC and CFTC released joint guidance stating that most crypto assets fall outside securities laws, introducing a five?category token taxonomy and clarifying when a token is a security.
- At least 18 major coins, including BTC, ETH, SOL and others, have been explicitly labeled digital commodities, shifting their primary oversight toward the CFTC and away from SEC securities rules.
- The framework is not fully implemented yet, with a key SEC proposal still under White House review, so market structure rules, DeFi oversight, and stablecoin treatment will continue to evolve in 2026.
Deep Dive
1. What Regulators Actually Said
The SEC and CFTC have issued joint guidance declaring that most crypto assets are not themselves securities, while defining a formal taxonomy of digital commodities, tools, collectibles, stablecoins, and digital securities for the United States market. This framework explains how non?security tokens can temporarily be part of an investment contract during fundraising, but later exist as non?securities once investors no longer depend on an issuers essential managerial efforts for profit expectations. The move is meant to resolve years of grey area over whether tokens are regulated as securities, commodities, or something else, and is described as the clearest US crypto classification to date.
Many tokens get clearer default status, but how they are sold and promoted still matters for securities law.
2. Which Assets Are Clearly Non?Securities
Under the new interpretation, digital commodities, tools, and collectibles generally fall outside securities rules, while digital securities remain firmly under SEC oversight and stablecoins are judged case by case. Regulators have already identified at least 18 large assets - including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), Hedera (HBAR), Tezos (XTZ), Aptos (APT), Dogecoin (DOGE), Shiba Inu (SHIB), Algorand (ALGO) and LBRY Credits (LBC) - as digital commodities, meaning their value is seen as coming mainly from functional networks and market dynamics rather than issuer promises. That reduces securities?style regulatory risk for these coins and clarifies how they can be listed and traded.
Large caps look safer from SEC securities actions, but smaller or fund?raising?heavy tokens may still be at risk.
3. What Changes Next For DeFi, Exchanges, And Stablecoins
The SEC has separately sent an interpretative proposal to the White House Office of Management and Budget that would formalize four broad non?security categories (digital commodities, tools, collectibles, stablecoins), with the rule currently pending review. If adopted, exchanges listing non?security tokens would primarily answer to commodity and market?integrity rules, while platforms offering token sales, staking programs, or yields could still face securities obligations if they create investment?contract style expectations. DeFi front?ends, maker/">DAO treasuries, and governance processes are highlighted as new enforcement focus areas, especially around disclosures and anti?money?laundering duties.
For users, spot trading of major coins in the US may become more straightforward, but yield products, presales, and DeFi interfaces will remain where much of the regulatory risk lives.
Conclusion
US regulators are signaling that the typical crypto token is more commodity?like than a stock, while keeping tight control over fundraising structures, yield products, and centralized or semi?centralized DeFi access points. If the current proposals are finalized, crypto markets could see less legal overhang for large established assets but a sharper regulatory spotlight on how new tokens are launched, how stablecoins are designed, and how users access on?chain finance.
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