The interpretative notice, released Tuesday, concluded that most cryptocurrencies are likely not securities under federal law
Crypto News
U.S. Securities and Exchange Commission Chair Paul Atkins has described the agency's newly issued interpretative notice on digital assets as an opening move rather than a settled position, signaling that broader regulatory action is still ahead.
Speaking Thursday at the Practising Law Institute, Atkins said the SEC would move away from the "regulation by enforcement" approach that defined its recent past. The agency signed a memorandum of understanding with the Commodity Futures Trading Commission last week, and Atkins said the SEC's next focus would be clarifying how existing federal securities laws apply to crypto.
The interpretative notice, released Tuesday, concluded that most cryptocurrencies are likely not securities under federal law. Atkins told attendees at the DC Blockchain Summit that only one category remains subject to securities rules: traditional securities that have been tokenized.
Following that announcement, Atkins separately clarified that digital commodities, digital tools, NFTs, and stablecoins typically fall outside the SEC's jurisdiction. The guidance drew a cleaner line than the agency had previously offered on which assets it intends to regulate.
A separate legislative track is running in parallel. The CLARITY Act, which passed the House of Representatives in July 2025, would give the CFTC greater authority over digital assets. As of Thursday, the bill had not been scheduled for a markup in the Senate Banking Committee.
Progress in the Senate has stalled partly over disagreements on stablecoin yield. While the Senate Agriculture Committee advanced its version of the legislation in January, the Senate Banking Committee has not moved forward.
Wyoming Senator Cynthia Lummis's office confirmed that Republican senators met Thursday with White House crypto adviser Patrick Witt to discuss the market structure bill. A spokesperson described the meeting as "very productive and positive," and said lawmakers were "99% of the way there on stablecoin yield," with negotiations on the digital asset portions of the bill described as being "in a good place."
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