For years, cryptocurrency companies have been building products under a fog of regulatory uncertainty in the United States, especially around one question: When are crypto assets considered a security, and when are they not? On March 17, this fog cleared a little. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) issued a Joint Interpretive Version Which draws clearer boundaries and gives the market a common vocabulary for thinking about digital assets.
Title: Named assets, explicit classes
The release is distinguished by its directness of speech. It explicitly names 16 crypto assets as digital goods and therefore not securities under federal law. The list includes: Bitcoin, Ether, Solana, XRP, Dogecoin, Cardano, Avalanche, Chainlink, Polkadot, Hedera, Litecoin, Bitcoin Cash, Shiba Inu, Stellar, Tezos, and Aptos.
In addition to that list, the document organizes cryptoassets into five categories:
-
Digital goods
-
Digital collectibles
-
Digital tools
-
Stablecoins
-
Digital securities
This classification could be an indication that the SEC and CFTC will evaluate the market using a common classification.
What does “digital good” mean?
The most important definition in the release is that of digital goods, which are described as assets whose value comes from: the software operation of a functional cryptosystem, the dynamics of supply and demand, and not from expectations of profit based on the basic management efforts of others.
This last phrase is crucial because it is essentially the center of gravity of the cryptocurrency space: Are buyers counting on the team’s continued efforts to make a profit? If yes, then the risk of securities processing increases. If not, the asset looks less like a security.
So, even if assets are treated as a commodity in terms of category, the practical implication is this: How assets are marketed and positioned remains important because the “expectation of profit from the efforts of others” can be created through statements, promises, and roadmaps.
Finally, three long-debated areas get direct treatment
The release also addresses three activities that generated years of uncertainty:
1) Mining (proof of work)
“Protocol mining” – the computational work performed by auditors – is treated as an administrative or ministerial activity, not a securities transaction.
2) Staking (Proof of Stake)
Routing extends similar processing to storage across four models:
-
Single cadastral signature
-
Self-custody with a third party
-
Custody arrangements
-
Staking the questioner
3) Airdrop
Airdropping non-security crypto assets to recipients who are not providing any money, goods, services, or other consideration falls outside the scope of securities law because the first element of the Howey test — investing the money — is not met.
Even if you’re not in the US, this is important: US interpretations have a habit of shaping global standards, especially for exchanges, crypto issuers, wallets, and infrastructure providers.
This is not a law, and they are not pretending to be
It is important not to exaggerate what happened. The document is an interpretive statement, not a statute. The agencies say so directly, calling it a first step and positioning it as a complement to Congress’ ongoing work on market structuring.
This distinction is critical for founders and operators:
-
Interpretations guide the implementation and supervision process, but they can evolve.
-
Laws are permanent. They change less and provide a stronger basis for long-term planning.
So, this is the real clarity, but it’s not the final chapter.
Legislative background: Clarity Act
The interpretive version sits next to The law of claritya draft Digital Asset Market Structure Bill designed to codify the commodity-versus-security classification framework into law.
As described in the source text: The bill passed the House in July 2025, received approval from the Senate Agriculture Committee in January 2026, and still requires markup by the Senate Banking Committee before it can become law.
The bottom line for the market is clear and straightforward: the executive/regulatory branch is moving now, while Congress is still moving toward permanence.
Coordination is also the story: the March 11 memorandum of understanding
This version did not arrive alone. On March 11, the SEC and CFTC signed a memorandum of understanding to create a joint coordination initiative to coordinate oversight across policies, examinations, and enforcement.
The initiative aims to:
-
Clarify product definitions through common interpretations and rule-making
-
Reducing friction for dually registered exchanges and brokers
-
Building a regulatory framework for crypto assets and emerging technologies
The messages from leadership are unambiguous: SEC Chairman Paul Atkins framed the previous interagency conflict as a force that stifled innovation and drove participants out, while CFTC Chairman Michael Selig laid out the memorandum of understanding as the basis for modern oversight that aligns with how markets actually work.
What this means for crypto teams in practice
Most teams will interpret this release through the lens of the product. But there is a second lens that is just as important: communications.
Because in cryptocurrencies, communications are not just decorations, they are evidence. The line between “utility” and “investment expectations” is often drawn not only by token mechanics, but also by:
-
How do you talk about value or returns or treasury or buybacks
-
Whether you frame the roadmap as a promise versus an intention
-
How to describe staking, incentives, rosters, partnerships and future milestones
-
Whether your overall narrative indicates that buyers are relying on your team to “up the ante”
This new framework raises the bar: if regulators are aligning definitions, markets will expect companies to align narratives.
Why this is important for PR: The era of “law-conscious communications” has arrived.
If you’re a founder, communications leader, or investor, this moment is a reminder that organizational transformations aren’t just for lawyers. It changes what journalists ask for, what partners ask for, what exchanges accept, and how your audience interprets your claims.
The beginning of public relations Works with this reality in mind. The agency builds cryptocurrency communications through a legally conscious lens across the markets in which clients operate. Teams rarely communicate in one jurisdiction; US, EU and UK requirements often apply simultaneously, with different definitions, disclosure expectations and marketing limits. Outset PR follows cryptocurrency regulation news closely and applies a data-driven approach to translate regulatory shifts into messaging standards that remain practical for cryptocurrency teams.
This approach is reinforced by Legal Lens, Outset PR’s content series that translates regulatory changes into practical communications guidance: what shifts in language sensitivity, what claims need more rigorous framing, and what questions the media and counterparties are likely to raise next.
Outset PR also constantly monitors the market trend: narratives gaining traction, category-level sentiment shifts, competitor positioning, and topics moving from native cryptocurrency coverage to mainstream business press. This monitoring supports earlier and cleaner siting and reduces reliance on assumptions.
What this looks like in practice:
-
Messages that remain aspirational without becoming prescriptive
Benefit, adoption, and product orientation are precisely communicated, avoiding language that can sound like a commitment to profit, price outcomes, or guaranteed milestones.
-
Launch communications designed for auditing
Press releases, media narratives, FAQs, and speaker briefs are shaped on the assumption that they will be read by the media, counterparties, and compliance teams, not just crypto-native audiences.
-
Consistency of narrative across channels
Website copy, collections, blog posts, X-Strings, partner announcements, and interviews are aligned to prevent inconsistencies that create reputational or regulatory risks.
-
Market interest in the market for regulatory expectations
Messaging is adapted to suit different regions, so claims that are acceptable in one market don’t become an issue in another, keeping the global story cohesive.
-
Data-backed trend monitoring and positioning
Market and media signals are used to improve positioning, time announcements better, and align narratives with the direction in which interest is moving.
-
Monitoring that keeps connections current
Organizational direction is tracked so that messages evolve along with direction, implementation focus, and supervisory expectations.
Final thought
The March 17 SEC-CFTC release signals a shift toward clearer definitions and more coordinated oversight. For crypto teams, the practical impact goes beyond compliance: public statements about tokens, staking, incentives and roadmaps will be read more literally by partners, journalists and regulators. Strong communications now means accuracy, consistency and alignment with counsel. Outset PR supports this work by combining narrative development with ongoing monitoring of the regulatory context, so clients can communicate confidently as the rulebook evolves.
