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[Alpha Biz= Paul Lee] The U.S. Securities and Exchange Commission (SEC) has signaled a major shift in cryptocurrency regulation by clarifying that major digital assets, including Bitcoin, are not securities but “digital commodities.”

On March 17 (local time), the SEC released interpretive guidance on the application of federal securities laws to certain cryptocurrencies and related transactions. The agency classified most major digital assets—including Bitcoin, Ethereum, XRP, Solana, and Dogecoin—as digital commodities rather than securities. The move is seen as providing clearer regulatory standards following years of inconsistent interpretations regarding the legal status of crypto assets.

In its guidance, the SEC stated that cryptocurrencies differ from traditional securities such as stocks and bonds in that they do not involve a “reasonable expectation of profits derived from the efforts of others.” As such, they are unlikely to qualify as investment contract securities. The SEC also noted that crypto asset prices are determined by network operations and supply-demand dynamics, rather than the performance of a specific issuing entity.

The SEC further categorized non-fungible tokens (NFTs) and meme coins intended primarily for collection purposes as “digital collectibles,” which also do not fall under securities regulations. However, the agency emphasized that such assets could be deemed securities if structured to allow fractional ownership resembling equity investments.

Regarding stablecoins, the SEC reaffirmed its existing stance under the Genius Act enacted last year, stating that payment-focused stablecoins issued by authorized entities are excluded from securities classification.

The latest policy marks a significant departure from the SEC’s previous approach of treating many crypto assets as securities, and is widely viewed by the market as a signal of regulatory easing. As a result, major cryptocurrencies such as Bitcoin are expected to come under the jurisdiction of the Commodity Futures Trading Commission (CFTC), enabling more flexible participation in regulated markets.

 

 

 

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