The Interpretive Release supersedes prior Staff guidance on cryptoassets, establishing a five-part token taxonomy and formally recognizing that tokens can change their character as investment contracts.
On March 17, 2026, the Securities and Exchange Commission (SEC or the Commission), joined by the Commodity Futures Trading Commission (CFTC), issued a comprehensive interpretation (the Interpretive Release) clarifying how federal securities laws apply to cryptoassets and transactions involving cryptoassets.
