SEC and CFTC lay out crypto security guidance as Kalshi faces charges

The U.S. Securities and Exchange Commission, joined by the Commodity Futures Trading Commission, published interpretive guidance explaining how they will determine whether a crypto asset is a security. The agencies set out categories including digital securities — tokens that meet the Howey Test and fall under SEC oversight — as well as payment stablecoins, digital tools, digital collectibles and digital commodities, which are generally not securities unless issuers' actions trigger securities rules.

United States

sec, cftc, crypto assets, howey test, digital securities, payment stablecoins, digital collectibles, digital commodities, issuer actions, kalshi