Summary of Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Updated 03/27/2026
This is the first joint rulemaking in a partnership between the United States Securities and Exchange Commission (SEC) and the United States Commodity Futures Trading Commission (CFTC) to issue guidance on crypto assets and transactions involving such assets. The rule defines that digital securities are securities and stablecoins could be securities depending on the facts (with special treatment for payment stablecoins, as defined in the GENIUS Act), while digital commodities, digital collectibles, and digital tools are not securities. The rule also lays out when a non-security crypto asset could be sold subject to an investment contract, while not being subject to treatment as a security.
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