
SEC and CFTC Issue Joint Crypto Token Taxonomy: 'Most Crypto Assets Are Not Securities'
The SEC and CFTC released coordinated interpretive guidance establishing a five-category token taxonomy (digital commodities, digital collectibles, digital tools, stablecoins, digital securities) and clarifying that 'most crypto assets are not themselves securities.' The guidance addresses how investment contracts can end, and covers airdrops, protocol mining, staking, and wrapping.












