The SEC and CFTC’s recent joint guidance establishing a taxonomy for digital assets marks a notable shift in U.S. crypto policy. The framework divides assets into five categories: digital commodities, digital collectibles (such as NFTs), digital tools, stablecoins, and tokenized securities. Alex Thorn, head of firmwide research at Galaxy, described the move as effectively ending the SEC policy approach under former Chair Gary Gensler.
A key detail is that the 2026 guidance was issued as an interpretive rule rather than a legislative or substantive rule that had previously governed how cryptocurrencies were assessed as investment contracts. Under the Administrative Procedure Act, legislative rules generally require notice-and-comment rulemaking, carry the force of law, and bind agencies and regulated parties. Interpretive rules are exempt from notice-and-comment, do not have the force of law, and explain how an agency interprets existing statutes. That means the SEC’s new interpretation offers helpful direction but is not legally binding on courts, leaving both regulators and the crypto industry room to adapt as formal regulations emerge.
Thorn said the interpretive approach provides much-needed clarity for roughly the next 30 months, but he stressed that Congress must pass the CLARITY crypto market-structure bill to create durable, long-term rules. The CLARITY Act ran into trouble in January 2025 after Coinbase and other industry participants objected to provisions including a ban on stablecoin yield and what they saw as inadequate protections for open-source software developers. Critics also warned that the bill’s reporting requirements and enhanced know-your-customer controls could undermine decentralized finance by imposing centralized compliance obligations on permissionless protocols.
Over the weekend, Politico reported a tentative agreement between the White House and lawmakers to push the CLARITY bill forward. Details remain limited, but Senator Angela Alsobrooks indicated the tentative deal would include a ban on stablecoin yield originating from ‘passive balances.’ If enacted, that restriction and other negotiated terms would shape how stablecoins and related services operate in the U.S.
In short, the SEC/CFTC interpretive guidance is an important step toward regulatory clarity, but it is provisional. A statutory solution like the CLARITY Act would be needed to provide the lasting legal certainty market participants and courts require. Readers are encouraged to follow developments closely and verify details independently. For more on the publisher’s standards, see Cointelegraph’s Editorial Policy at https://cointelegraph.com/editorial-policy