On March 17, 2026, the U.S. Securities and Exchange Commission issued a commission-level interpretive release titled "Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets." It is the agency's most comprehensive statement to date on how the Securities Act of 1933 and the Exchange Act of 1934 apply to crypto.
What the interpretation does
- Creates a taxonomy: digital commodities, digital collectibles, digital tools, stablecoins and digital securities.
- Explains investment contracts: how a non-security crypto asset can become subject to an investment contract — and how it can cease to be.
- Covers common activities: airdrops, protocol mining, protocol staking and wrapping of non-security assets.
- Names 18 digital commodities as of the release date, including BTC, ETH, SOL and XRP.
CFTC on board
The Commodity Futures Trading Commission joined the interpretation, stating that it will administer the Commodity Exchange Act consistently with the SEC's view. The move follows a March 6 joint signal of closer SEC–CFTC coordination and builds on the agencies' joint "Project Crypto" initiative announced in January.
What's still missing
An interpretation is not legislation. The Digital Asset Market Clarity (CLARITY) Act is still moving through Congress, where the treatment of stablecoin yield has been the biggest obstacle. Lawmakers reported an "agreement in principle" with the White House on that issue in March, but a final bill has yet to pass.
