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ARTICLE · 06 APRIL 2026

SEC Clarifies The Application Of The Securities Laws To Crypto Assets

Buchanan Ingersoll & Rooney
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After years of uncertainty and restraint on the growth of digital assets in the United States, the Securities and Exchange Commission (SEC)...

United StatesTechnology
Sahel Ahyaie Assar
Sahel Ahyaie Assar
Marco A. Ramirez Torres
Marco A. Ramirez Torres
Brian S. North
Brian S. North
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After years of uncertainty and restraint on the growth of digital assets in the United States, the Securities and Exchange Commission (SEC) issued a significant interpretive release on March 17, 2026 providing new guidance on how the federal securities laws apply to various types of crypto assets and transactions. The Commodity Futures Trading Commission (CFTC) joined in issuing this release to affirm that it will administer the Commodity Exchange Act consistent with this interpretation.

The guidance establishes a structured framework based on the characteristics, uses and functions of crypto assets and transactions and clarifies the types of crypto assets that are not inherently securities. It does not supplant the Howey test, but analyzes how certain aspects of the Howey test apply to crypto assets and their transactions.

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