In a major policy pivot, the SEC and CFTC have jointly clarified that most crypto assets are not securities, ending years of regulatory ambiguity. The new guidance introduces a token taxonomy, separating assets into categories like stablecoins, digital commodities, and digital tools, while limiting securities treatment to a narrower class of “digital securities.”

SEC Chair Paul Atkins framed the shift clearly, saying the agency is no longer the “securities and everything commission.” The guidance also outlines when a token does become a security, focusing on whether it is sold with promises of profit tied to managerial efforts.

This story is an excerpt from the Unchained Daily newsletter.

The changes go beyond classification. Regulators clarified rules around staking, mining, and airdrops, and the CFTC issued a no-action letter stating non-custodial wallets are not intermediaries.

As legal expert Jake Chervinsky put it, “Surreal,” highlighting the scale of change. He also pointed to plans for a “Reg Crypto” safe harbor for token issuers.

Taken together, the updates signal a clear shift toward pro-innovation policy, with regulators finally drawing lines the industry has been asking for.