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SEC and CFTC Issue Joint Guidance on Federal Securities Laws for Crypto

SEC and CFTC Issue Joint Guidance on Federal Securities Laws for Crypto

According to a March 17, 2026 interpretive release from the SEC and CFTC, 16 named tokens including BTC, ETH, SOL and XRP are classified as digital commodities rather than securities.

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Fact Check
The issuance of the joint guidance is corroborated by multiple independent social media reports on the specific date (March 17, 2026) and a detailed legal policy tracker from Paul Hastings (March 16, 2026) which described the preceding MOU and the specific title of the SEC's interpretive framework ('Commission Interpretation on Application of the Federal Securities Laws to Certain Types of Crypto Assets...'). The timing aligns with the 'Project Crypto' initiative led by SEC Chairman Paul Atkins and CFTC Chairman Michael Selig.
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Summary

The SEC and CFTC issued a 68-page interpretive release on March 17, 2026 setting out how federal securities laws apply to crypto and replacing the SEC’s 2019 framework. The guidance states that 16 named tokens, including BTC, ETH, SOL and XRP, are classified as digital commodities rather than securities. It also says that protocol mining, staking, wrapping, and free airdrops do not constitute securities offerings. The framework continues to address the regulatory treatment of stablecoins, digital commodities, and digital tools, while noting that certain crypto products, arrangements, or distribution methods may still raise securities law issues depending on how they are structured.

Terms & Concepts
  • Digital commodities: Digital assets classified under the guidance as commodities rather than securities, based on their characteristics and regulatory treatment.
  • Protocol staking: A blockchain process in which users lock tokens under network rules to help secure or operate the protocol and may receive rewards.
  • Airdrops: Distributions of tokens to users, which the new guidance says are not securities offerings when they are free airdrops.