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ARTICLE · 23 MARCH 2026

The SEC And CFTC Provide Crypto Clarity: Most Crypto Assets Are Not Securities

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On March 17, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued joint guidance, providing comprehensive interpretation...

United StatesTechnology
Daniel J. Davis
Daniel J. Davis
Michael Didiuk
Michael Didiuk
James Brady
James Brady
Adam Bolter
Adam Bolter
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On March 17, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued joint guidance, providing comprehensive interpretation and guidance on the application of Federal securities laws to crypto assets and transactions involving crypto assets (the "Joint Guidance").1 The Joint Guidance represents a significant step toward developing a clearer regulatory framework for the treatment of crypto assets, following extensive engagement with industry participants by the SEC and CFTC.2 On the same day, SEC Chairman Paul Atkins emphasized in a speech that the "SEC's persistent failure to provide clarity on [the question of when a crypto asset implicates the Federal securities laws] is over" and that the Joint Guidance is "grounded in existing law and informed by extensive public input."3 The Joint Guidance supersedes prior staff frameworks and positions, including the SEC Division of Corporation Finance's 2019 "Framework for 'Investment

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