SEC And CFTC Issue Interpretive Guidance Establishing Crypto Asset Classification Framework

On March 17, 2026, the U.S. Securities and Exchange Commission (the "SEC" or the "Commission") issued an interpretation — not a binding regulation — addressing how the federal securities laws apply to certain types of crypto assets and transactions involving crypto assets (the "Digital Asset Interpretation").¹ The U.S. Commodity Futures Trading Commission (the "CFTC") did not co-issue the Digital Asset Interpretation but separately provided guidance indicating that it intends to administer the Commodity Exchange Act consistently with the SEC's interpretation.²

If you hold, trade, issue, or advise on crypto assets or crypto-linked derivatives, this client update is relevant to you.

The Digital Asset Interpretation represents a notable shift in the SEC's regulatory posture toward the crypto asset industry, moving from reliance primarily on enforcement actions to affirmative guidance establishing a classification framework and clarifying when crypto-related activities do or do not