SEC Crypto Guidance Is a Major Step, but More Is Needed

The SEC and CFTC published guidance establishing a taxonomy for digital assets, dividing them into five categories — digital commodities, digital collectibles like non-fungible tokens (NFTs), digital tools, stablecoins, and tokenized securities — and setting out which assets qualify as securities.

Alex Thorn, head of firmwide research at investment firm Galaxy, said the guidance put a "final nail" in the coffin of SEC policy under former Chairman Gary Gensler. He contrasted the old framework, where rules determining whether cryptocurrencies met the legal test for "investment contracts" were treated as legislative rules, with the new 2026 guidance, which was filed as an interpretive rule.

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