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SEC-CFTC joint statement: most cryptocurrencies are not securities According to the Securities and Exchange Commission crypto/”>and the Commodity Futures Trading Commission, staff issued a joint statement allowing registered venues to trade certain spot commodity crypto assets, clarifying non-security treatment for many tokens (sec.gov). The SEC-CFTC joint statement, together with Project Crypto token taxonomy work, signals that most cryptocurrencies are not securities and advances cross-agency alignment on the securities–commodities boundary. According to Coingape, former chair Rostin Behnam has estimated that 70–80% of crypto assets are non-securities, and U.S. courts have recognized Bitcoin and Ethereum as commodities (coingape.com). That context helps explain the agencies’ commodity-centric direction for many network tokens. As reported by The Block, Project Crypto’s four-part taxonomy distinguishes digital commodities, collectibles, and tools from tokenized securities, reserving traditional securities laws for the latter (theblock.co). That framework emphasizes function, decentralization, and the manner of offer over labels. Why this matters for classification and market oversight Clearer classification determines which regulator oversees trading, disclosures, and market surveillance. According to WilmerHale, formal rulemaking and harmonization initiatives are supplanting case-by-case actions, aiming to reduce uncertainty while preserving investor protections (wilmerhale.com). The Howey test still governs investment-contract analysis, but offer context now weighs heavily. Promises made to purchasers, ongoing managerial control, and reliance on others’ efforts are central to whether a tokenized arrangement is a security. Regulators also describe paths for assets that begin life within an investment contract yet later operate as decentralized network tokens. “Investment contracts can expire,” said Paul S. Atkins in a 2025 policy speech. Exchanges may list more spot commodity crypto assets on registered venues aligned with each agency’s remit. Listing reviews will likely formalize commodity-versus-securities screenings and enhance surveillance for any tokenized securities. Token issuers will need to document how offers are structured, what representations are made, and whether…

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Filed under: News - @ March 18, 2026 12:17 am