{"id":33435,"date":"2026-03-18T10:51:15","date_gmt":"2026-03-18T10:51:15","guid":{"rendered":"https:\/\/buvei.com\/blog\/?p=33435"},"modified":"2026-03-18T10:51:15","modified_gmt":"2026-03-18T10:51:15","slug":"sec-and-cftc-align-most-crypto-assets-not-securities","status":"publish","type":"post","link":"https:\/\/buvei.com\/blog\/sec-and-cftc-align-most-crypto-assets-not-securities\/","title":{"rendered":"SEC and CFTC Align: Most Crypto Assets Not Securities"},"content":{"rendered":"<p data-start=\"355\" data-end=\"583\">In a landmark move for the U.S. digital asset industry, the <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">U.S. Securities and Exchange Commission<\/span><\/span> and the <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Commodity Futures Trading Commission<\/span><\/span> have jointly issued guidance stating that <strong data-start=\"541\" data-end=\"582\">most crypto assets are not securities<\/strong>.<\/p>\n<p data-start=\"585\" data-end=\"803\">The coordinated interpretation provides long-awaited clarity on how federal laws apply to cryptocurrencies, helping define when a token is considered a <strong data-start=\"737\" data-end=\"749\">security<\/strong> and when it falls under <strong data-start=\"774\" data-end=\"802\">commodity classification<\/strong>.<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33437\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-60-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/><\/p>\n<h2 data-section-id=\"12ybrj6\" data-start=\"810\" data-end=\"852\">A <a href=\"https:\/\/buvei.com\/blog\/leading-virtual-card-apis-for-scalable-issuing\/\">Unified Approach<\/a> to Crypto Regulation<\/h2>\n<p data-start=\"854\" data-end=\"942\">For years, the SEC and CFTC have taken different approaches to regulating crypto assets.<\/p>\n<ul data-start=\"944\" data-end=\"1273\">\n<li data-section-id=\"xcjs9c\" data-start=\"944\" data-end=\"1095\">\n<p data-start=\"946\" data-end=\"1095\">The SEC applied the <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Howey Test<\/span><\/span> to classify many tokens \u2014 especially those linked to profit expectations \u2014 as securities.<\/p>\n<\/li>\n<li data-section-id=\"1baiwzv\" data-start=\"1096\" data-end=\"1273\">\n<p data-start=\"1098\" data-end=\"1273\">The CFTC treated major cryptocurrencies like <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Bitcoin<\/span><\/span> and <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Ethereum<\/span><\/span> as commodities under the Commodity Exchange Act.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1275\" data-end=\"1398\">This split created uncertainty, with companies often facing <strong data-start=\"1335\" data-end=\"1363\">case-by-case enforcement<\/strong> instead of clear regulatory rules.<\/p>\n<p data-start=\"1400\" data-end=\"1525\">The new joint interpretation aligns both agencies under a <strong data-start=\"1458\" data-end=\"1478\">shared framework<\/strong>, reducing inconsistencies and legal ambiguity.<\/p>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n<h2 data-section-id=\"1l2xwso\" data-start=\"1532\" data-end=\"1574\">Clear Classification for Digital Assets<\/h2>\n<p data-start=\"1576\" data-end=\"1669\">The guidance introduces a more structured classification system for crypto assets, including:<\/p>\n<ul data-start=\"1671\" data-end=\"1800\">\n<li data-section-id=\"3lkw2e\" data-start=\"1671\" data-end=\"1702\">\n<p data-start=\"1673\" data-end=\"1702\">Commodities (e.g., Bitcoin)<\/p>\n<\/li>\n<li data-section-id=\"d8mk9e\" data-start=\"1703\" data-end=\"1740\">\n<p data-start=\"1705\" data-end=\"1740\">Securities (in specific contexts)<\/p>\n<\/li>\n<li data-section-id=\"5f477h\" data-start=\"1741\" data-end=\"1756\">\n<p data-start=\"1743\" data-end=\"1756\">Stablecoins<\/p>\n<\/li>\n<li data-section-id=\"19bkodc\" data-start=\"1757\" data-end=\"1775\">\n<p data-start=\"1759\" data-end=\"1775\">Utility tokens<\/p>\n<\/li>\n<li data-section-id=\"1bgb3tp\" data-start=\"1776\" data-end=\"1800\">\n<p data-start=\"1778\" data-end=\"1800\">Digital collectibles<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1802\" data-end=\"1975\">Crucially, the regulators clarified that a token <strong data-start=\"1851\" data-end=\"1886\">may not be a security by itself<\/strong>, but could still fall under securities laws if it is part of an <strong data-start=\"1951\" data-end=\"1974\">investment contract<\/strong>.<\/p>\n<p data-start=\"1977\" data-end=\"2092\">At the same time, assets can <strong data-start=\"2006\" data-end=\"2053\">transition out of securities classification<\/strong> once those conditions no longer apply.<\/p>\n<h2 data-section-id=\"rv11r4\" data-start=\"2099\" data-end=\"2132\">Key Statements From Regulators<\/h2>\n<p data-start=\"2134\" data-end=\"2215\"><span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Paul Atkins<\/span><\/span> described the move as a major step forward:<\/p>\n<blockquote data-start=\"2217\" data-end=\"2360\">\n<p data-start=\"2219\" data-end=\"2360\">\u201cThis interpretation provides market participants with a clear understanding of how crypto assets are treated under federal securities laws.\u201d<\/p>\n<\/blockquote>\n<p data-start=\"2362\" data-end=\"2509\">He also emphasized that the guidance acknowledges a key point long debated in the industry:<br data-start=\"2453\" data-end=\"2456\" \/><strong data-start=\"2456\" data-end=\"2508\">most crypto assets are not inherently securities<\/strong>.<\/p>\n<p data-start=\"2511\" data-end=\"2699\">Meanwhile, <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">Michael Selig<\/span><\/span> noted that the decision delivers <strong data-start=\"2593\" data-end=\"2651\">long-awaited clarity for both innovators and investors<\/strong>, aligning regulatory oversight across agencies.<\/p>\n<h2 data-section-id=\"wefwv4\" data-start=\"2706\" data-end=\"2743\">Ending \u201cRegulation by Enforcement\u201d<\/h2>\n<p data-start=\"2745\" data-end=\"2884\">Before this joint framework, U.S. crypto regulation was often shaped by <strong data-start=\"2817\" data-end=\"2858\">enforcement actions and court rulings<\/strong>, rather than clear rules.<\/p>\n<p data-start=\"2886\" data-end=\"2925\">This created a risky environment where:<\/p>\n<ul data-start=\"2927\" data-end=\"3088\">\n<li data-section-id=\"1p9jg8o\" data-start=\"2927\" data-end=\"2982\">\n<p data-start=\"2929\" data-end=\"2982\">Tokens could be labeled securities <strong data-start=\"2964\" data-end=\"2980\">after launch<\/strong><\/p>\n<\/li>\n<li data-section-id=\"i4pdnx\" data-start=\"2983\" data-end=\"3043\">\n<p data-start=\"2985\" data-end=\"3043\">Companies faced uncertainty about compliance obligations<\/p>\n<\/li>\n<li data-section-id=\"840zvz\" data-start=\"3044\" data-end=\"3088\">\n<p data-start=\"3046\" data-end=\"3088\">Innovation was slowed by legal ambiguity<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3090\" data-end=\"3232\">The new interpretation reduces the likelihood of <strong data-start=\"3139\" data-end=\"3170\">\u201cregulation by enforcement\u201d<\/strong>, giving companies clearer guidance before launching products.<\/p>\n<h2 data-section-id=\"1e5kjz6\" data-start=\"3239\" data-end=\"3279\">Supporting Broader <a href=\"https:\/\/buvei.com\/blog\/paypal-strategy-pivot-2026-focus-on-checkout-growth\/\">U.S. Crypto Policy<\/a><\/h2>\n<p data-start=\"3281\" data-end=\"3475\">The joint statement also aligns with ongoing legislative efforts in Congress, including the <span class=\"hover:entity-accent entity-underline inline cursor-pointer align-baseline\"><span class=\"whitespace-normal\">GENIUS Act<\/span><\/span>, aimed at creating a comprehensive framework for digital assets.<\/p>\n<p data-start=\"3477\" data-end=\"3560\">In parallel, regulators have already taken steps to support institutional adoption:<\/p>\n<ul data-start=\"3562\" data-end=\"3720\">\n<li data-section-id=\"1tqr8s6\" data-start=\"3562\" data-end=\"3608\">\n<p data-start=\"3564\" data-end=\"3608\">Approval of spot Bitcoin and Ethereum ETFs<\/p>\n<\/li>\n<li data-section-id=\"1iow7ch\" data-start=\"3609\" data-end=\"3651\">\n<p data-start=\"3611\" data-end=\"3651\">Easing of certain banking restrictions<\/p>\n<\/li>\n<li data-section-id=\"g0lczb\" data-start=\"3652\" data-end=\"3720\">\n<p data-start=\"3654\" data-end=\"3720\">Greater integration of crypto into traditional financial markets<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3722\" data-end=\"3834\">Together, these developments signal a shift toward a <strong data-start=\"3775\" data-end=\"3833\">more structured and predictable regulatory environment<\/strong>.<\/p>\n<h2 data-section-id=\"fsnxl2\" data-start=\"3841\" data-end=\"3883\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-33438\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61.webp\" alt=\"\" width=\"1600\" height=\"896\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61.webp 1600w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-300x168.webp 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-1024x573.webp 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-768x430.webp 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-1536x860.webp 1536w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-400x224.webp 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-800x448.webp 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-832x466.webp 832w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/03\/\u672a\u547d\u540d\u7684\u8bbe\u8ba1-61-1248x699.webp 1248w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>What This Means for the Crypto Industry<\/h2>\n<p data-start=\"3885\" data-end=\"3957\">The SEC\u2013CFTC alignment marks a turning point for the U.S. crypto market.<\/p>\n<p data-start=\"3959\" data-end=\"3984\">Key implications include:<\/p>\n<ul data-start=\"3986\" data-end=\"4184\">\n<li data-section-id=\"6po78l\" data-start=\"3986\" data-end=\"4044\">\n<p data-start=\"3988\" data-end=\"4044\"><strong data-start=\"3988\" data-end=\"4023\">Clearer jurisdiction boundaries<\/strong> between regulators<\/p>\n<\/li>\n<li data-section-id=\"xsu4tu\" data-start=\"4045\" data-end=\"4087\">\n<p data-start=\"4047\" data-end=\"4087\">Reduced legal risk for crypto projects<\/p>\n<\/li>\n<li data-section-id=\"nnkljn\" data-start=\"4088\" data-end=\"4140\">\n<p data-start=\"4090\" data-end=\"4140\">Increased confidence for institutional investors<\/p>\n<\/li>\n<li data-section-id=\"93mwb0\" data-start=\"4141\" data-end=\"4184\">\n<p data-start=\"4143\" data-end=\"4184\">A more stable foundation for innovation<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"4186\" data-end=\"4329\">By explicitly stating that most crypto assets are not securities, regulators are helping to remove one of the industry\u2019s biggest uncertainties.<\/p>\n<h2 data-section-id=\"qf88fy\" data-start=\"4336\" data-end=\"4382\">Conclusion<\/h2>\n<p data-start=\"4384\" data-end=\"4511\">The joint guidance from the <strong><a href=\"https:\/\/buvei.com\/blog\/pay-perplexity-pro-securely-using-virtual-cards\/\">SEC and CFTC represents<\/a><\/strong> one of the most significant regulatory developments in U.S. crypto history.<\/p>\n<p data-start=\"4513\" data-end=\"4684\">After years of fragmented oversight, the two agencies are now moving toward a <strong data-start=\"4591\" data-end=\"4629\">coordinated, transparent framework<\/strong> that better reflects the complexity of digital assets.<\/p>\n<p data-start=\"4686\" data-end=\"4827\">For the crypto industry, this shift could pave the way for <strong data-start=\"4745\" data-end=\"4807\">greater adoption, clearer compliance, and sustained growth<\/strong> in the years ahead.<\/p>\n<h2 data-start=\"1124\" data-end=\"1167\"><a href=\"https:\/\/buvei.com\/?s=blog\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28870 aligncenter\" src=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" srcset=\"https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4.png 1024w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-300x90.png 300w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-768x230.png 768w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-400x120.png 400w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-800x240.png 800w, https:\/\/wordpress.buvei.com\/wp-content\/uploads\/2026\/01\/buvei-4-832x249.png 832w\" alt=\"\" width=\"1024\" height=\"307\" \/><\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"In a landmark move for the U.S. digital asset industry, the U.S. Securities and Exchange Commission and the&hellip;","protected":false},"author":4,"featured_media":33437,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":""},"categories":[6],"tags":[6170,4813,4893,5551,618],"class_list":{"0":"post-33435","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news","8":"tag-bin-support","9":"tag-buvei-virtual-card","10":"tag-usdt-top-up","11":"tag-virtual-card-security","12":"tag-virtual-cards","13":"cs-entry"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/33435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/comments?post=33435"}],"version-history":[{"count":0,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/posts\/33435\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media\/33437"}],"wp:attachment":[{"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/media?parent=33435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/categories?post=33435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buvei.com\/blog\/wp-json\/wp\/v2\/tags?post=33435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}