The US Securities and Exchange Commission has sent interpretative guidance to the White House’s Office of Management and Budget for review that outlines how certain crypto assets may not be treated as securities.
Government records from the US General Services Administration show the SEC transmitted two proposed rules on Friday, including an interpretative notice about which digital assets the agency could consider securities under federal law. As of Monday, the proposal was listed as “pending review” by the White House, a step that could influence how the SEC regulates and enforces rules for digital assets.
In the notice issued last week, SEC Chair Paul Atkins said the agency would not consider four categories of digital assets to be securities: digital commodities, digital tools, digital collectibles (including non-fungible tokens), and stablecoins. The interpretation aims to provide a “coherent token taxonomy” for these categories and to clarify when a “non-security crypto asset” might nonetheless qualify as an investment contract.
If finalized, the SEC rule would serve as an interim regulatory framework until Congress passes a market structure bill to set comprehensive rules for digital assets. The interpretation follows a recently signed memorandum of understanding between the SEC and the Commodity Futures Trading Commission, the other federal regulator expected to oversee aspects of digital-asset markets under the proposed legislation.
Politico reported that White House and Congressional representatives reached an “agreement in principle” on stablecoin yield terms that could move the market structure bill, known as the CLARITY Act, forward in the Senate Banking Committee. The committee had indefinitely postponed markup of the bill in January after Coinbase CEO Brian Armstrong said the exchange could not support the legislation as written. As of Monday, no new markup date had been announced.
Senate Majority Leader John Thune said in March that the Senate planned to prioritize a vote on the SAVE America Act — requiring proof of US citizenship in person to register to vote — before taking up bipartisan bills such as the CLARITY Act.
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