For years, crypto companies have been building products in a fog of U.S. regulatory ambiguity, especially around one question: when is a crypto asset a security, and when is it not? On March 17, that fog lifted a bit. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a joint interpretive release that draws clearer boundaries and gives the market a shared vocabulary for thinking about digital assets.
The headline: named assets, explicit categories
The release is notable for how directly it speaks. It explicitly names 16 crypto assets as digital commodities—and therefore not securities under federal law. The list includes: Bitcoin, Ether, Solana, XRP, Dogecoin, Cardano, Avalanche, Chainlink, Polkadot, Hedera, Litecoin, Bitcoin Cash, Shiba Inu, Stellar, Tezos, and Aptos.
Beyond that list, the document organizes crypto assets into five categories:
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Digital commodities
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Digital collectibles
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Digital tools
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Stablecoins
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Digital securities
This categorization could serve as a signal that SEC and CFTC are going to evaluate the market using a shared taxonomy.
What “digital commodity” means
The most consequential definition in the release is the one for digital commodities, described as assets whose value comes from: the programmatic operation of a functional crypto system, and supply and demand dynamics, rather than from expectations of profit based on the essential managerial efforts of others.
That last phrase is crucial because it’s essentially the gravitational center of U.S. securities analysis in crypto: are buyers relying on a team’s ongoing efforts to generate profit? If yes, the risk of securities treatment rises. If not, the asset looks less like a security.
So even if an asset is treated as a commodity category-wise, the practical implication is this: how the asset is marketed and positioned still matters because the “expectation of profit from others’ efforts” can be created through statements, promises, and roadmaps.
Three long-debated areas finally get direct treatment
The release also tackles three activities that have generated years of uncertainty:
1) Mining (proof-of-work)
“Protocol mining”—the computational work validators perform—is treated as an administrative or ministerial activity, not a securities transaction.
2) Staking (proof-of-stake)
The guidance extends similar treatment to staking across four models:
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solo staking
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self-custodial staking with a third party
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custodial staking arrangements
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liquid staking
3) Airdrops
Airdrops of non-security crypto assets to recipients who provide no money, goods, services, or other consideration fall outside securities law because the first element of the Howey test—an investment of money—is not met.
Even if you’re not in the U.S., this matters: U.S. interpretations have a habit of shaping global norms, especially for exchanges, token issuers, wallets, and infrastructure providers.
This isn’t a law, and they’re not pretending it is
It’s important not to oversell what happened. The document is an interpretive release, not a statute. The agencies say this directly, calling it a first step and positioning it as complementary to Congress’s ongoing work on market structure.
That distinction is critical for founders and operators:
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Interpretations guide enforcement and supervision, but they can evolve.
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Statutes are durable. They change less often and provide a stronger foundation for long-term planning.
So, this is real clarity, but it’s not the final chapter.
The legislative backdrop: the CLARITY Act
The interpretive release sits alongside the CLARITY Act, a digital asset market structure bill designed to codify the commodity vs. security classification framework into law.
As described in your source text: the bill passed the House in July 2025, cleared the Senate Agriculture Committee in January 2026, and still requires a Senate Banking Committee markup before it can become law.
The takeaway for the market is straightforward: the executive/regulatory branch is moving now, while Congress is still moving toward permanence.
Coordination is the story, too: the March 11 MOU
This release didn’t arrive alone. On March 11, the SEC and CFTC signed a Memorandum of Understanding (MOU) establishing a Joint Harmonization Initiative to coordinate oversight across policy, examinations, and enforcement.
The initiative aims to:
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clarify product definitions through joint interpretations and rulemakings
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reduce friction for dually registered exchanges and intermediaries
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build a regulatory framework for crypto assets and emerging technologies
And the messaging from leadership is unmistakable: SEC Chair Paul Atkins framed past agency conflict as a force that stifled innovation and pushed participants offshore, while CFTC Chair Michael Selig positioned the MOU as a foundation for modernized oversight that matches how markets actually operate.
What this means for crypto teams in practice
Most teams will interpret this release through a product lens. But there’s a second lens that matters just as much: communications.
Because in crypto, comms aren’t decoration, they’re evidence. The line between “utility” and “investment expectation” is often drawn not only by token mechanics, but by:
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how you talk about value, returns, treasury, or buybacks
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whether you frame a roadmap as a promise vs. an intention
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how you describe staking, incentives, listings, partnerships, and future milestones
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whether your public narrative implies that buyers are relying on your team to “make number go up”
This new framework raises the bar: if regulators are aligning definitions, markets will expect companies to align narratives.
Why this matters for PR: the era of “legal-aware communications” is here
If you’re a founder, comms lead, or investor, this moment is a reminder that regulatory shifts aren’t just for lawyers. They change what journalists ask, what partners require, what exchanges accept, and how your audience interprets your claims.
Outset PR works with that reality in mind. The agency builds crypto communications through a legal-aware lens across the markets clients operate in. Teams rarely communicate into a single jurisdiction; US, EU, and UK requirements often apply at once, with different definitions, disclosure expectations, and marketing boundaries. Outset PR follows crypto regulation news closely and applies a data-driven approach to translate regulatory shifts into messaging standards that remain practical for crypto teams.
This approach is reinforced by Legal Lens, Outset PR’s content series that translates regulatory changes into practical communications guidance: what shifts in language sensitivity, what claims need tighter framing, and what questions media and counterparties are likely to raise next.
Outset PR also monitors market direction continuously: narratives gaining traction, category-level sentiment shifts, competitor positioning, and topics moving from crypto-native coverage into mainstream business press. That monitoring supports earlier, cleaner positioning and reduces reliance on assumptions.
What this looks like in practice:
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Messaging that stays ambitious without becoming promissory
Utility, adoption, and product direction are communicated with precision, avoiding language that can read like a commitment to deliver profit, price outcomes, or guaranteed milestones.
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Launch communications built for scrutiny
Press releases, media narratives, FAQs, and spokespeople briefs are shaped with the assumption they will be read by media, counterparties, and compliance teams, not only crypto-native audiences.
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Narrative consistency across channels
Website copy, decks, blog posts, X threads, partner announcements, and interviews are aligned to prevent contradictions that create reputational or regulatory risk.
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Market-by-market attention to regulatory expectations
Messaging is adapted for different regions so claims acceptable in one market do not become problematic in another, while keeping the global story coherent.
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Trend monitoring and data-backed positioning
Market and media signals are used to sharpen positioning, time announcements better, and align narratives with where attention is moving.
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Monitoring that keeps communications current
Regulatory direction is tracked so messaging evolves alongside guidance, enforcement focus, and supervisory expectations.
Final thought
The March 17 SEC–CFTC release signals a shift toward clearer definitions and more coordinated oversight. For crypto teams, the practical impact goes beyond compliance: public statements about tokens, staking, incentives, and roadmaps will be read more literally by partners, journalists, and regulators. Strong communications now means accuracy, consistency, and alignment with counsel. Outset PR supports that work by pairing narrative development with ongoing monitoring of regulatory context, so clients can communicate confidently as the rulebook evolves.