Olshan Corporate partner Kenneth Silverman and associate John Corrado published an article in Bloomberg Law entitled “The SEC Drew New Crypto Lines. What Issuers Need to Consider Now.” In the article, Ken and John discuss how the SEC’s interpretive release outlines crypto asset categories and what issuers should consider after launch, with a focus on ongoing communications and compliance implications.
On March 17, 2026, the Securities and Exchange Commission (SEC) published an interpretation classifying five types of crypto assets to assist with determining which ones constitute “securities” within the meaning of the U.S. federal securities laws. While any offering and sale to investors of crypto assets deemed to be securities will require registration with the SEC pursuant to Section 5 of the Securities Act of 1933 or an available exemption such as Regulation D, this official guidance provides potential issuers with a roadmap to determine if that applies to them. In a Fact Sheet accompanying the interpretation (available at SEC Release Nos. 33–11412; 34–105020; File No. S7–2026–09), the SEC stated that the purpose of the long-needed interpretation was to (i) provide a coherent taxonomy for digital assets, including digital commodities, tools and securities, (ii) address how a non-security crypto asset may become part of an “investment contract” subject to securities regulation and (iii) clarify the application of federal securities laws to protocol mining, protocol staking and wrapping crypto activities. The SEC’s interpretation was joined by the Commodity Futures Trading Commission (CFTC), which indicated that certain non-security crypto assets could meet the definition of a “commodity” and be governed under the Commodity Exchange Act of 1936.