SEC and CFTC Lasso Crypto Assets into Federal Securities Corral
Published Date: 3/23/2026
Rule
Summary
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Analyzed Economic Effects
7 provisions identified: 2 benefits, 0 costs, 5 mixed.
SEC/CFTC Crypto Rules Start March 23, 2026
Starting March 23, 2026, the SEC issued an interpretation that certain crypto assets and certain transactions involving crypto assets are subject to the Federal securities laws. The Commission and its staff will administer the Federal securities laws consistent with that interpretation, including with respect to enforcement actions.
Major Tokens Classified as Digital Commodities
The Commission concludes that certain named crypto assets (for example, Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP (XRP), Cardano (ADA), and others listed in the release) are "digital commodities" and, as described in the release, are not themselves securities. That classification is stated as of the date of the release.
Digital Collectibles Mostly Not Securities
The Commission states that digital collectibles (NFTs) are not securities because they generally convey artistic, entertainment, social, or cultural value rather than rights to business profits. However, the release explicitly notes that fractionalized interests in a single digital collectible could constitute the offer or sale of a security (an investment contract).
Stablecoins: Status Depends on Design
The release states that stablecoins are a broad category of crypto assets that may or may not be securities depending on their specific characteristics and design. Their securities status is not categorically fixed by the release.
Non-Security Asset Offers Can Be Securities
The Commission explains that a crypto asset that is not itself a security can nevertheless be offered and sold as part of an investment contract and thus be subject to the Federal securities laws; conversely, the release states that being subject to an investment contract does not automatically transform the non-security crypto asset itself into a security.
CFTC: Some Crypto May Be Commodities
The CFTC provides guidance that it will administer the Commodity Exchange Act consistent with the SEC interpretation and that certain non-security crypto assets could meet the definition of a "commodity" under the Commodity Exchange Act.
Howey Test: Common Enterprise Required
The Commission clarifies that, based on post-Barkate court decisions, the 'common enterprise' element must be satisfied for an investment contract under the Howey test when determining whether a crypto-related offer is a security.
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