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ARTICLE · 30 MARCH 2026

A Long-Awaited Step: SEC And CFTC Provide Interpretation For Crypto Asset Taxonomy

Jones Day
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The interpretive guidance marks the first effort by the SEC (as opposed to prior staff interpretations that were not statements of the Commission itself) to define the types of crypto assets that are securities and those that are not.

United StatesTechnology
Peter E. Devlin
Peter E. Devlin
Nekia S. Hackworth
Nekia S. Hackworth
Abradat Kamalpour
Abradat Kamalpour
James P. Loonam
James P. Loonam
David Peavler
David Peavler
Angela R. Pruitt
Angela R. Pruitt
Mark W. Rasmussen
Mark W. Rasmussen
Brian R. Young
Brian R. Young
Jonathan M. Khouzam
Jonathan M. Khouzam
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In Short

The Situation: On March 17, 2026, the U.S. Securities and Exchange Commission ("SEC") and Commodity Futures Trading Commission ("CFTC") jointly issued interpretive guidance clarifying how the federal securities laws apply to various crypto assets and activities.

The Result:The interpretation: (i) establishes a taxonomy that classifies crypto assets into five distinct categories; (ii) describes how tokens can be subject to, or not be subject to, the federal securities laws; and (iii) clarifies the application of federal securities laws to common types of crypto transactions. It also exemplifies the SEC's and CFTC's joint effort to align their regulatory approach toward the digital asset marketplace.

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