On March 17, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint interpretation clarifying in large part how the federal securities laws apply to certain crypto assets and related market participants. Rather than creating a new regulatory framework, the regulators clarified prior guidance and emphasized that longstanding principles under the Securities Act of 1933 and the Securities Exchange Act of 1934 apply equally to crypto-asset activities. Notably, the CFTC provided guidance stating that the CFTC and its staff will administer the Commodity Exchange Act consistent with the SEC’s interpretation.
SEC Chairman Paul S. Atkins commented that “after more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the SEC treats crypto assets under federal securities laws.” Chairman Atkins further stated that the interpretation “acknowledges … that most crypto
