The End of a Decade of Uncertainty
On March 17, 2026, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) of the United States published something the crypto market had been waiting for over ten years: a joint interpretation that clearly defines how federal securities legislation applies to crypto assets.
The document is historic because it does something no American regulator had done before: create an official token taxonomy that clearly and objectively separates what is and what is not a security in the crypto world.
The Taxonomy: 5 Categories of Digital Assets
The interpretation establishes five categories of digital assets:
1. Digital Commodities
Crypto assets that function as commodities and are regulated by the CFTC, not the SEC. The interpretation named 16 specific tokens as digital commodities, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Solana (SOL)
- XRP
- And 12 other tokens that have futures contracts listed on markets regulated by the CFTC
The list is not exhaustive — the interpretation makes clear that it is not necessary to have a futures contract to be classified as a digital commodity. Two other crypto assets were cited as examples of digital commodities that do not have corresponding futures.
2. Digital Collectibles
NFTs and unique digital assets that represent art, music or collectible items. They are not considered securities.
3. Digital Tools
Utility tokens that provide access to functionalities in platforms or networks. They are not securities if not sold as investments.
4. Payment Stablecoins
Stablecoins regulated under the GENIUS Act (approved in July 2025). USDT and USDC fit here. As we reported, the war between USDT and USDC in 2026 is directly impacted by this classification, with USDC taking a regulatory advantage through its MiCA license.
5. Digital Securities
Tokens that represent investment contracts — when sold with a promise of financial return based on the efforts of third parties (the famous Howey Test). These are regulated by the SEC.
What Changes in Practice
The most important implication is that Bitcoin, Ethereum, Solana and XRP are officially not securities. This means:
- Exchanges don't need to register as securities brokers to list these tokens
- ETFs of crypto-commodities become easier to approve
- DeFi gains legal certainty — protocols using these tokens as a base are not automatically subject to SEC regulation
- Staking and mining of these assets do not constitute securities trading
- Airdrops of commodity tokens are not considered securities distribution
The interpretation also clarifies that what determines whether an asset is a security is not the token itself, but the transaction. Marketing with promised returns, management commitments and ongoing management efforts are the factors that transform a token sale into an investment contract.
The SEC vs CFTC Division
The CLARITY Act, which is pending in Congress, formalizes the division of jurisdiction:
- CFTC oversees digital commodities (BTC, ETH, SOL, XRP and others)
- SEC oversees digital securities (tokens that are investment contracts)
- Payment stablecoins are regulated by the GENIUS Act framework
The CLARITY Act also creates a "transition" mechanism: tokens that are initially sold as securities (ICOs, for example) may eventually be reclassified as commodities when the network becomes sufficiently decentralized.
Global Impact
The American decision has global repercussions. With the stablecoin market above US$ 300 billion and MiCA regulation in force in Europe, the American taxonomy completes the regulatory picture in the two largest markets in the world.
For the Brazilian market, the classification as a digital commodity may influence how the CVM and Central Bank treat these assets. Currently, Brazil classifies crypto assets as "virtual assets" under Law 14.478/2022, but the trend is that the American taxonomy will serve as a reference for future regulations.
What Remains to Be Resolved
The taxonomy doesn't resolve everything. Pending issues include:
- How to classify DeFi governance tokens (are they tools or securities?)
- The regulation of decentralized protocols that have no legal entity
- Tokens that change categories over time (the CLARITY Act transition mechanism)
- Jurisdiction over tokens created outside the US
Despite these gaps, the joint SEC and CFTC interpretation is the most significant regulatory advance in the history of the American crypto market. After a decade of "regulation by enforcement", the market finally has clear rules.
Warning: This content is informational and does not constitute investment advice. Do your own research before making financial decisions.