SEC issues interpretive notice saying most crypto assets aren't securities under federal law

The US Securities and Exchange Commission said in a Tuesday interpretive notice it will outline how "non-security crypto assets" fit under federal securities laws as Congress considers market-structure legislation. The guidance sets a token taxonomy and discusses when assets may be treated as investment contracts, including airdrops, protocol mining and staking, and wrapping. SEC Chair Paul Atkins said the approach recognizes that most crypto assets are not securities, while tokenized traditional securities remain subject to securities laws.