US SEC, CFTC issue joint guidance clarifying most crypto is not a security

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have released joint interpretive guidance on how federal securities laws apply to certain crypto assets and transactions, Eleanor Terrett, host of Crypto in America, reported via X. The guidance establishes a token classification framework and addresses the legal treatment of staking, mining, airdrops, and wrapping. U.S. SEC Chairman Paul Atkins stated that the guidance reflects that the majority of crypto assets themselves do not constitute securities. While the interpretive guidance does not change existing law, it is intended to provide greater market clarity by showing how regulators plan to apply current statutes. This initiative is separate from the SEC's ongoing rulemaking process related to crypto issuance.