SEC and CFTC issue 68-page crypto interpretation saying most tokens aren't securities

On Tuesday, the SEC released a 68-page interpretation, joined by the CFTC, arguing that most cryptocurrencies should not be treated as securities. The document lays out a token taxonomy covering stablecoins, digital commodities and "digital tools," and explains how mining, protocol staking and airdrops fit under federal securities laws. It also describes when a non-security crypto asset could become tied to an investment contract based on issuer conduct.