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ARTICLE · 30 MARCH 2026

An EU View On The SEC-CFTC Joint Interpretative Release And MOU On Crypto-assets

PwC Legal Germany
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The United States' Securities and Exchange Commission (SEC), in coordination with the Commodity Futures Trading Commission (CFTC)...

United StatesFinance and Banking
Michael Huertas
Michael Huertas
Kristin Lyaskova
Kristin Lyaskova
Hagen Weiss
Hagen Weiss
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Quick Take

The United States' Securities and Exchange Commission (SEC), in coordination with the Commodity Futures Trading Commission (CFTC), has issued a landmark joint interpretative release (Release Nos. 33-11412 / 34-105020, dated 17 March 2026)1 providing comprehensive guidance on the application of U.S. federal securities laws to crypto-assets. This release was preceded by a formal Memorandum of Understanding (MOU) between the SEC and CFTC dated 11 March 2026,2 which establishes the institutional architecture for inter-agency coordination and supersedes the prior 2018 MOU.

The interpretative release supersedes prior staff guidance, including the 2019 "Framework for Investment Contract Analysis of Digital Assets," and represents a significant departure from the SEC's previous "regulation by enforcement" approach-an approach that has been criticised for creating regulatory uncertainty for market participants and failing to provide clear ex ante guidance. The interpretation was

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