The Commodity Futures Trading Commission (CFTC) joined the Securities and Exchange Commission (SEC) in issuing an interpretation clarifying how federal securities laws apply to certain crypto assets and transactions involving crypto assets, with the CFTC indicating it will administer the Commodity Exchange Act (CEA) consistent with the SEC’s interpretation. The SEC interpretation sets out how the definition of “security” applies in this context and introduces a token taxonomy covering digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. It also addresses when a “non-security crypto asset” may become subject to, and cease to be subject to, an investment contract, and clarifies how federal securities laws apply to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset. In joining the interpretation, the CFTC noted that certain non-security crypto assets could meet the definition of “commodity” under the CEA and said the interpretation discusses digital commodities in further detail. The agencies indicated the interpretation is intended to help market participants understand the division of regulatory jurisdiction between the SEC and CFTC and will be published on CFTC.gov and in the Federal Register.
Commodity Futures Trading Commission 2026-03-17
Commodity Futures Trading Commission joins Securities and Exchange Commission in issuing interpretation on the securities and commodities treatment of crypto assets
The CFTC and SEC issued a joint interpretation clarifying federal securities laws for certain crypto assets and transactions. It defines "security" and introduces a token taxonomy, addressing digital commodities, collectibles, tools, stablecoins, and securities. It aims to clarify regulatory jurisdiction between the SEC and CFTC, with the CFTC noting some non-security crypto assets may qualify as "commodities" under the Commodity Exchange Act.