The SEC publishes the final list: Which crypto assets are no longer considered securities?

The SEC is establishing a new token taxonomy for crypto assets, which will differentiate digital commodity securities to provide greater legal clarity to the market.

The chairman of the U.S. Securities and Exchange Commission (SEC), Paul S. Atkins, presented during the DC Blockchain Summit a regulatory framework that seeks to reorganize the digital ecosystem through a specific taxonomy and a technical interpretation of investment contracts. 

With this initiative, the agency separates assets into clear categories, distinguishing between digital commodities, collectibles, tools, and payment stablecoins, which are not considered securities, versus digital or "tokenized" securities that do fall under the agency's direct supervision. 

The central objective of establishing this token taxonomy is to set predictable rules of the game so that innovators can raise capital without the legal uncertainty that characterized previous years. According to Atkins, this framework will allow the industry to operate under known parameters, protecting the user without stifling the underlying technology.

Legal clarity for an evolving crypto asset market

The proposal presented by Atkins during the event represents an important step in redefining how crypto assets are classified. In its new approach, the organization distinguishes between assets whose value arises from their own economic function and those that depend on third-party management. Thus, So-called digital commodities are excluded from the category of securities, since its price is determined by the natural interaction between supply, demand and the programming of its ecosystem.

This change marks a significant step forward for projects seeking genuine decentralization and transparency. According to the document discussed during the Blockchain Summit in Washington, D.C., The SEC also excluded digital collectibles from the securities category. —such as works of art or musical files— and digital tools used for practical purposes, including credentials or identity badges.

During the presentation, Atkins stressed that the market has spent more than a decade waiting for clear guidance on a crucial point: At what point does a digital asset fall under federal securities laws?He explained that the new interpretation, based on existing legislation and extensive public consultation, defines four groups of assets that are not considered securities. These are the digital assets, collectables digital and digital toolsand, finally, the payment stablecoins regulated by the GENIUS Law.

“With these categories established, the interpretation clarifies that only one class of crypto assets remains subject to securities laws: digital securities, that is, traditional securities that are tokenized.”, stressed Atkins. 

Consequently, this updated framework offers the cryptocurrency sector and its participants a more predictable and flexible path forward. 

The SEC chairman also clarified that a digital asset is not automatically considered a permanent investment contract, indicating that it may be subject to regulation when traded under management promises aimed at generating profits, but that condition can disappear if the issuer fulfills its commitments or if the asset demonstrates operational autonomy. In practice, this opens the door for many projects to evolve within a more adaptable and stable legal framework, something the crypto ecosystem has been demanding for years.

The SEC redefines the framework for crypto assets

The SEC's decision to move forward with a new taxonomy coincides with a broader adjustment within the U.S. financial regulatory framework. The agency seeks to modernize rules that were designed more than half a century ago for the traditional stock market. In that context, it proposed a revision to Rule 15c2-11This 1971 rule was created to curb fraud in low-value stocks. With this update, the Commission seeks to ease the reporting burden faced by brokers when dealing with assets that do not reflect direct ownership in a company.

According to experts following the public debate initiated by the SEC, this modification offers a technical and operational respite to intermediaries working with crypto assets. Reducing these requirements opens the door to greater liquidity and a smoother relationship between the crypto ecosystem and the traditional financial system.

The new definitions also clarify a key point: activities such as mining on blockchain networks, the staking or the creation of wrapped assets are not considered securities offeringsThe agency further clarified this regarding so-called "airdrops," explaining that these distributions do not constitute an investment of money as defined by the Howey Test. This resolves one of the biggest legal uncertainties that projects faced in their early stages.

Stability and clarity for financial innovation

One of the most significant aspects of the new legal framework is the treatment of payment stablecoins. Under the GENIUS Act, the SEC recognizes that these stablecoins are not securities when issued by authorized entities. This paves the way for the use of digital assets as a medium of exchange and payment settlement to grow without the restrictions typically associated with investment instruments. 

According to the Commission's guidelines, this regulatory clarity is essential for financial institutions to incorporate blockchain technology into their cross-border payment processes and treasury management, sectors where speed and reduced operating costs are priorities.

The SEC's roadmap also includes a proposed safe harbor for innovators. This mechanism allows projects to develop their technology for a specified period while meeting specific disclosure requirements before being fully classified. This strategy aims to balance buyer protection with the need to allow networks to reach the technical maturity necessary for decentralized operation. 

By systematizing these rules, the regulatory body aims to shift from a sanction-based supervisory approach to one based on clear regulations. The results of this policy change will be reflected in the ease with which new participants can enter the sector, knowing in advance the legal classification of their assets and the responsibilities associated with their issuance or trading.