TLDR
The SEC and CFTC have jointly outlined a formal taxonomy for crypto assets and split oversight between them, while saying most tokens are not securities.
- The agencies issued an interpretive release creating five crypto asset types and stating that most tokens themselves are not securities, leaving only digital securities under full SEC rules.
- They explicitly treat assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and Dogecoin (DOGE) as digital commodities, while stablecoins and utility-style tokens generally sit outside securities law.
- A separate CLARITY Act in Congress would turn this split into statute, but todays framework is still guidance, not binding law, so court cases and rulemaking can still shift details.
Deep Dive
1. New Token Taxonomy And Joint Interpretation
In March 2026 the SEC and CFTC issued a joint interpretive release that sets a five-part taxonomy for crypto assets: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, and applies existing securities and commodities laws to each bucket. The release explicitly says that most crypto assets are not themselves securities, narrowing what requires securities registration and superseding earlier staff statements. This follows a broader trend where the two agencies use interpretive rules to fast?track crypto oversight instead of slow, full rulemaking processes.
The default assumption in US regulatory guidance has shifted away from everything is a security toward a narrower, defined securities perimeter.
2. What Counts As Commodity Versus Security
In a related joint report on March 17, 2026, the SEC and CFTC classified Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP (XRP), and Dogecoin (DOGE) as digital commodities subject to CFTC-style oversight. Earlier descriptions of the taxonomy explain that stablecoins, digital tools (utility-style access tokens), collectibles, and many protocol activities such as staking, mining, and airdrops are generally treated outside securities law, leaving only digital securities within traditional SEC registration and disclosure rules. For exchanges and issuers, this means you must classify each token against the new categories and justify why it is, or is not, a digital security.
Blue-chip assets and many utility tokens likely face lighter securities treatment, but anything that looks like a fundraising instrument or profit-sharing token still risks being tagged a digital security.
3. CLARITY Act And Remaining Uncertainty
Running in parallel, the CLARITY Act in Congress would hard?code the split: the CFTC gets digital commodities and the SEC keeps digital securities, while also addressing DeFi and stablecoin treatment. If passed, it would lock todays interpretive split into statute and reduce the risk of future policy reversals. For now, though, the joint interpretation and wallet interface guidance are staff views and do not bind courts, so ongoing enforcement actions and litigation can still reshape how individual tokens are treated.
Treat the taxonomy as the working map for US regulation, but expect edge cases and court rulings to matter a lot for newer or more complex token designs.
Conclusion
US regulators have moved from case?by?case enforcement toward a defined map of crypto asset types, with most tokens falling outside full securities status and a clearer line between commodities and securities. Until Congress codifies this split and agencies complete formal rulemaking, issuers, exchanges, and DeFi teams still need to classify each asset carefully and watch how courts and new rules interpret the gray areas.
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