SEC, CFTC Move to Define Which Digital Assets Are Securities

The Securities and Exchange Commission issued a long-awaited “token taxonomy” on Tuesday, a key step forward laying out which types of digital assets it deems to be securities.

The guidance carves out payment stablecoins, digital collectibles and digital commodities as non-securities. It also clarifies how federal securities laws apply to protocol mining, staking and crypto airdrops, the SEC said in a memo.