A Place for Every Token and Every Token in its Place: The SEC “Airdrops” its New Crypto Taxonomy
By: Thoreau A. Bartmann, Lance C. Dial, and Sarah V. Riddell
On 17 March 2026, the SEC and CFTC issued a joint interpretive release establishing a formal taxonomy for crypto assets and when such assets are securities under federal law, which is a critical analytical point in determining if regulations apply. While the release is an interpretation of existing laws, and not a final rulemaking, it is a major step toward a durable crypto regulatory regime.
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