Bloomberg: SEC Clarifies Five Major Categories of Crypto Assets and Application of Securities Laws

Techub News, citing Bloomberg, reports that the SEC and CFTC jointly issued guidance in March, categorizing crypto assets into five types and clarifying that digital commodities, stablecoins, etc., are not themselves securities. However, if offered in the form of investment contracts that satisfy the Howey Test, they will still be subject to federal securities laws.

The guidance emphasizes that the issuer's communication behavior before and after the offering will determine whether the asset constitutes an investment contract, and such contracts apply to secondary market transactions. Relevant transactions must be registered in accordance with the law or obtain exemptions (such as Regulation D private placements).