Bell Nunnally Partner John F. Guild authored an article analyzing the SEC and CFTC’s joint March 2026 interpretive guidance on the classification of crypto assets under U.S. federal securities laws. In the article, Guild explains the agencies’ five-category taxonomy, including digital commodities, digital collectibles, digital tools, stablecoins and digital securities, and how each is evaluated under the statutory definition of a security.

Guild also outlines the guidance’s framework for when a digital asset may be subject to an investment contract and how it may later separate from that contract. He notes key clarifications that activities such as mining, staking, wrapping and certain airdrops generally do not involve securities transactions. While the guidance marks a significant step toward regulatory clarity and interagency coordination, Guild emphasizes that it is interpretive and does not replace the longstanding Howey test.

Guild concludes that the guidance provides meaningful direction for market participants, but important legal questions remain, and courts and future legislation will shape the long-term regulatory landscape.

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