SEC Unveils Crypto Asset Guidance with Five Key Categories

The Securities and Exchange Commission (SEC) has clarified its stance on crypto assets in an interpretation released in March 2026. The guidance aims to provide clarity on when and how federal securities laws apply to crypto transactions.

Guillaume J. Aimé, a shareholder at Gallagher & Kennedy in Phoenix, notes that not all crypto assets are treated the same way. Each has its own unique characteristics, uses, and functions. To determine which crypto assets are considered securities or nonsecurities, the SEC has listed five digital token categories.

The categories include digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Digital commodities, for example, must be used as part of a blockchain's consensus mechanism or convey governance rights to holders. Digital collectibles are typically not considered securities unless fractionalized into tradable shares or marketed as profit-generating opportunities.

The SEC's interpretation clarifies that changing the format of a security doesn't alter what it is. If a token represents ownership of a traditional security or is marketed as an investment, it remains subject to federal securities laws. Business leaders and investors should fully understand these differentiators to avoid complicating compliance efforts and impacting investment decisions.