US SEC and CFTC Issue 68-Page Crypto Framework Stating Most Digital Assets Are Not Securities

The U.S. SEC and CFTC jointly issued a 68-page guidance stating that most cryptocurrencies and other digital assets are not securities, The Block reports. SEC Chair Paul Atkins said at the Washington Blockchain Summit that the document clarifies how federal securities laws apply to crypto assets, outlining classifications for stablecoins, digital commodities, digital instruments and digital collectibles as non-securities. The guidance also addresses how nonsecurity crypto assets may become securities and covers the application of federal securities laws to mining, protocol staking and airdrops. Atkins said the agency is no longer the "Securities and Everything Else Commission," contrasting sharply with former SEC Chair Gary Gensler's stance, while CFTC Chair Michael Selig was present at the summit.