In March 2026, regulators released the long-awaited document clarifying the classification of crypto assets.
According to the new joint guidance from the SEC and CFTC, a key shift has occurred in the approach to decentralization and functionality. Here are the main categories of tokens that are now officially not considered securities: Fully reserved stablecoins: Tokens pegged to the dollar and backed by fiat or short-term U.S. bonds (for example, USDC) are classified as payment instruments or commodities.
Utility tokens: If the primary purpose of purchasing the token is to gain access to a specific service or product (e.g., payment for decentralized storage or computing power) and not to expect profits from the efforts of the team, it is recognized as a commodity.
Sufficiently decentralized networks: Regulators confirmed the 'Hinman doctrine' on steroids. If the network operates autonomously and developers have no control over the emission or protocol, the token (like BTC or ETH) clearly falls under the jurisdiction of the CFTC as a commodity.
LST (Liquid Staking Tokens): Within the concept of a 'safe harbor', tokens representing a stake in staking are not considered investment contracts if the rewards are generated by the protocol itself rather than active management by an intermediary.
This document effectively ended 'regulation by enforcement', providing projects with a clear checklist for launching without the fear of facing a lawsuit.
