The U.S. Securities and Exchange Commission has sent interpretative guidance to the White House Office of Management and Budget for review, outlining which digital assets it may not treat as securities. Government records from the General Services Administration show the SEC transmitted two proposed rules on Friday, including an interpretative notice about how certain crypto tokens could be classified under federal law. As of Monday the proposal was listed as pending review by the White House, a step that could affect 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 is intended to establish a coherent token taxonomy and to clarify circumstances in which a so-called non-security crypto asset might nevertheless qualify as an investment contract.
If finalized, the rule would function as an interim regulatory framework until Congress enacts a market-structure bill that sets 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 have reached an agreement in principle on stablecoin yield terms that could help advance the CLARITY Act in the Senate Banking Committee. That committee indefinitely postponed markup of the bill in January after Coinbase CEO Brian Armstrong said the exchange could not support the legislation as written. No new markup date had been announced as of Monday. Senate Majority Leader John Thune said in March the Senate planned to prioritize a vote on the SAVE America Act before taking up bipartisan measures such as the CLARITY Act.
This article follows standard editorial practices; readers are encouraged to verify developments as the proposal moves through review and potential rulemaking.