SEC and CFTC set five‑part digital asset structure, moving past CLARITY Act
TL;DR
- The SEC and CFTC’s five-category framework classifies crypto assets as digital commodities, collectibles, tools, stablecoins or digital securities.
- The agencies’ interpretation gives market participants clearer guidance while Congress continues negotiating the CLARITY Act.
- The framework generally treats several major crypto assets as non-securities, potentially reducing regulatory uncertainty for exchanges, issuers and investors.
The SEC and CFTC are moving ahead with a clearer digital asset framework as the CLARITY Act remains unresolved in the U.S. Senate. Their joint interpretation establishes five categories and generally separates non-security crypto assets from digital securities. The approach gives the market a regulatory reference point even as lawmakers continue working toward legislation.
The framework classifies assets as digital commodities, digital collectibles, digital tools, stablecoins and digital securities. The agencies state that digital commodities, collectibles and tools are not securities by themselves, although transactions involving an investment contract can still fall under securities laws. Stablecoins receive separate treatment based on their characteristics, while digital securities remain within securities regulation.
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