Understanding SEC’s crypto guidance

What the SEC’s latest interpretation means for businesses, investors and crypto assets

In March 2026, the Securities and Exchange Commission (SEC) issued an interpretation clarifying when and how federal securities laws apply to crypto assets and related transactions. Before the SEC’s release, guidance tailored to the unique features of the crypto market was murky at best. Even with greater clarity about how federal laws apply to different types of digital tokens, businesses and investors should fully understand their differentiators. Failing to do so can complicate compliance efforts, impact investment decisions and lead to serious legal and financial ramifications.

Five digital token categories every business leader and investor should understand

One of the SEC’s most important takeaways is that not all crypto assets are treated the same way. Each has its own individual characteristics, uses and functions. This new roadmap lists five crypto asset categories to determine which are considered securities or nonsecurities, including digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.

Here’s where and how federal securities laws apply to the five classifications of crypto assets, and how the SEC defines them: