However, she emphasized that the test is not static. “The legal test is dynamic. The investment contract can fall away as promised milestones are met, but it can also re-emerge if new promises are introduced in connection with new sales of an existing token.”
This evolving standard could create operational and legal challenges for token issuers, particularly where previously issued tokens remain interchangeable with newly distributed ones tied to updated commitments.
Institutional Access Set To Expand After Commodity Designations
Beyond legal clarity, market participants say the framework could have immediate commercial implications, particularly for large financial institutions.
Avery Ching, co-founder and CEO of Aptos Labs, said the joint guidance resolves a critical question around secondary market activity.
“SEC and CFTC speaking jointly today provided much needed clarity with their interpretive release,” he said, pointing to the explicit classification of several major tokens, including APT, alongside Bitcoin (BTC) and Ether (ETH), as digital commodities rather than securities.
He added that the implications for financial services could be swift. “For assets like APT that are explicitly named as digital commodities, that question is now answered, and the downstream effect on what banks, asset managers, and exchanges can offer their clients will be significant and immediate.”
The ability to treat certain tokens as commodities rather than securities is expected to reduce compliance barriers, potentially accelerating the rollout of crypto products across traditional financial platforms.
Joint Framework Signals Shift In U.S. Regulatory Approach
The guidance introduces a broader taxonomy covering digital commodities, stablecoins, collectibles, tools, and securities, while also addressing how activities such as staking, mining, airdrops, and token wrapping are treated under federal law.
Regulators said the move is intended to bring coherence to a fragmented regulatory landscape and align oversight between the SEC and CFTC.
Officials also framed the interpretation as a bridge toward broader legislative efforts to establish a comprehensive crypto market structure.
The coordinated approach marks a notable departure from years of regulatory uncertainty, with both agencies signaling a shared commitment to creating clearer boundaries for the industry.
Murtuza is a seasoned finance journalist with extensive experience covering cryptocurrencies and blockchain technology. He has contributed to Benzinga and Cointelegraph, among other publications, reporting on emerging trends, the regulatory landscape, and more. Find him at @murtuza_merc on Twitter and mmerchant001 on Telegram.
Disclosure: Murtuza holds ATOM, AKT, TIA, INJ, and OSMO.
