SEC and CFTC Joint Guidance on Crypto Assets: What the Headline Signals

The claim that SEC and CFTC joint guidance confirmed most crypto assets are not securities overstates the official record. What regulators actually issued was a September 2, 2025 joint staff statement on spot crypto trading mechanics, while the “most crypto assets” language came separately from SEC Chairman Paul Atkins and later from CFTC Chairman Michael S. Selig.

The key document cited in the debate is the September 2, 2025 SEC-CFTC staff statement. It says current law does not prohibit SEC or CFTC registered exchanges from facilitating certain spot crypto asset products, but it also says the document is not a rule, regulation, or statement of either agency and has no legal force or effect.

That distinction matters because security status shapes how tokens can be issued, traded, and overseen in the US. A true joint interpretation saying most crypto assets are not securities would have been a major classification signal for exchanges, issuers, and compliance teams.

What the official record actually says

No official joint SEC-CFTC ruling located in the research explicitly says “most crypto assets” are not securities. The stronger evidence is a combination of one joint staff statement, one later harmonization agreement, and two separate chair-level remarks.

Atkins said on July 31, 2025 that most crypto assets are not securities. Selig echoed that view on January 29, 2026, framing it as agreement with Atkins rather than as an already-issued joint guidance document.

Why the wording still matters for crypto markets

The phrase “most crypto assets” is still significant even without a joint ruling, because it signals where current agency leadership may want the regulatory perimeter to land. That can affect how traders interpret exchange listings, broker access, and future rulemaking, even if it does not settle the law today.

The follow-through is now the bigger story. On March 11, 2026, the agencies announced a memorandum of understanding and Joint Harmonization Initiative aimed at clarifying product definitions and building a fit-for-purpose crypto framework.

That puts the viral headline closer to a directional policy signal than a final legal determination. Hogan Lovells said the joint actions create a meaningful pathway toward regulatory clarity, while Dechert described the staff statement as helpful clarity that does not change existing law.

What traders and builders should watch next

Readers should track the exact wording in future SEC and CFTC releases, whether registered venues expand spot crypto offerings, and whether any formal interpretation moves beyond staff-level language. The headline alone is not the full regulatory text, and the legal status of any token still turns on facts, structure, and future agency action.

For broader regulation context, Coinlive readers can compare this development with CFTC guidance on non-custodial wallet providers and the macro backdrop in Bitcoin’s 2026 market value debate. The next 24 to 72 hours should show whether this narrative stays confined to policy messaging or starts changing venue behavior.

Disclaimer: This article is for informational purposes only and does not constitute legal, investment, or financial advice.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.