The U.S. Securities and Exchange Commission published a formal definition identifying which cryptoassets qualify as securities on 17.03.2026.

Overview of the decision

Chair Paul Atkins presented the ruling on 17.03.2026, closing more than a decade of regulatory uncertainty for issuers and market participants.

Categories excluded from SEC jurisdiction

The commission stated that the majority of cryptoassets will not be treated as securities under its rules, and it listed four principal categories.

• Digital commodities — tokens whose value is tied to the operation of a decentralized network, exemplified by BTC and ETH.
• Digital collectibles — tokens created primarily for collection purposes, including non-fungible tokens (NFTs) across various marketplaces.
• Digital utility tokens — tokens that provide practical functions such as access, credentials or ticketing within specific platforms and services.
• Payment stablecoins — stablecoin instruments designated as subject to the regulatory framework under the GENIUS Act.

Assets that remain under SEC oversight

The commission clarified that only tokenized versions of traditional financial instruments will remain regulated as securities by the SEC under existing law.

«investment contract»

Regulators emphasized that the term "investment contract" carries a temporal aspect, allowing an asset to be a security during fundraising and later cease to be one.

This means a token may be treated as a security while capital is being raised, and then lose that status after decentralization or delivery of promised features.

The SEC also confirmed that airdrops, mining and protocol staking do not fall under the definition of an investment contract, according to the ruling.

Coordination with other regulators

The decision was coordinated with the CFTC (Commodity Futures Trading Commission); both agencies signed a memorandum of understanding to align oversight and guidance for developers and investors.

Regulators said the aim of the clarification is to create a more predictable legal environment for crypto development and capital formation in the United States.