SEC Submits Guidance on Applying Securities Laws to Crypto

TheNewsCryptoPublicado em 2026-03-05Última atualização em 2026-03-05

Resumo

The U.S. SEC has provided the White House with a new framework outlining how federal securities laws apply to various cryptocurrencies. The guidance, currently in the pre-rule stage, aims to establish a "token taxonomy" to classify crypto assets and clarify which are considered securities. This will affect how crypto companies register, disclose information, and operate. Separately, the CFTC submitted proposals related to prediction markets, which allow betting on event outcomes. U.S. regulators are increasing efforts to define clearer rules for both crypto and prediction markets as these areas continue to grow.

The U.S. Securities and Exchange Commission (SEC) has shared a new framework with the White House that explains how federal security rules apply to different types of cryptocurrencies, aiming to provide clearer guidance for crypto companies and investors navigating U.S. regulations. Also, the Commodity Futures Trading Commission (CFTC) submitted regulatory proposals related to prediction markets.

On March 3, the SEC submitted a Commission-level guidance titled “Commission Interpretation on Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.” The framework is currently in the pre-rule stage and is undergoing review by other government agencies

According to the White House’s Office of Information and Regulatory Affairs (OIRA), only a little information has been disclosed thus far. According to reports, the framework will most likely focus on developing a “token taxonomy,” a system for categorizing crypto assets to determine which are considered securities under SEC laws and which may be treated differently.

This level of detail may have an impact on how crypto companies register with regulators, fulfill disclosure obligations, operate their businesses, and interact with investors. As commission-level guidance, it does not require a vote from the SEC and is often regarded as more actionable.

Regulatory Focus Expands to Prediction Markets

In addition, the Commodity Futures and Trading Commission submitted measures related to Prediction Markets to the White House on March 2. The Prediction Markets refer to contract markets that allow bets on the outcomes of specific events such as election results, sports games, and geopolitical incidents.

Before this, the U.S. SEC had warned that some prediction market contracts could fall under federal securities laws, which indicates that multiple regulators are keeping a close eye on this rapidly growing space. Further, it added that SEC Chair Paul Atkins described prediction markets as a “huge issue” and stated that there is some overlap with commodity market regulators due to the complexities surrounding the issue.

With that, as crypto and prediction markets continue to appear, U.S. regulators are stepping up efforts to define clearer boundaries and oversight frameworks

Highlighted Crypto News:

KuCoin Tops CryptoQuant 2025 Exchange Transparency Rankings

TagsCryptoSEC

Perguntas relacionadas

QWhat is the main purpose of the SEC's new framework submitted to the White House?

AThe SEC's new framework aims to provide clearer guidance on how federal securities laws apply to different types of cryptocurrencies, helping crypto companies and investors navigate U.S. regulations.

QWhat stage is the SEC's framework currently in, and what is its official title?

AThe framework is currently in the pre-rule stage and is titled 'Commission Interpretation on Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.'

QWhat is a 'token taxonomy' as mentioned in the article, and why is it important?

AA 'token taxonomy' is a system for categorizing crypto assets to determine which are considered securities under SEC laws and which may be treated differently, impacting registration, disclosure, and operational requirements for crypto companies.

QWhich other regulatory body submitted proposals to the White House, and what specific market did they address?

AThe Commodity Futures Trading Commission (CFTC) submitted regulatory proposals related to Prediction Markets, which involve betting on outcomes of events like elections, sports games, and geopolitical incidents.

QWhy did SEC Chair Paul Atkins describe prediction markets as a 'huge issue'?

APaul Atkins described prediction markets as a 'huge issue' due to their complexity and the regulatory overlap with commodity market regulators, as some contracts may fall under federal securities laws.

Leituras Relacionadas

The Value Distribution of Stablecoins

**Summary: The Value Distribution of Stablecoins** The article argues that stablecoins are evolving from mere trading tools into broader channels for dollar access. It divides the stablecoin ecosystem into four layers to analyze how value is distributed: 1. **Issuance Layer:** Mints stablecoins, holds reserve assets, and captures the spread between reserve yield and user costs (e.g., Tether, Circle). This layer currently earns the largest profit margin. 2. **Infrastructure Layer:** Connects stablecoins to the traditional financial system, handling fiat on/off-ramps, banking integration, compliance (KYC/AML), and asset management (e.g., Bridge, BVNK). This is the "unglamorous" but critical work, building the essential bridges between crypto and real-world finance. 3. **Acquiring/Distribution Layer:** Integrates stablecoins into merchant systems, manages payment flows, and provides enterprise financial software (e.g., Stripe, Coinbase). They act as the access point for businesses. 4. **Application Layer:** The end-users and businesses that ultimately use stablecoins for payments, settlements, or as a store of value. They benefit from convenience but have little pricing power. The core thesis is that while the issuance layer currently dominates profits, the often-overlooked **infrastructure layer holds significant long-term potential**. The real challenge and barrier to mass adoption is not the on-chain transfer of stablecoins (which is simple), but the complex "last mile" integration into existing business workflows, banking systems, and regulatory frameworks across different countries. Companies in this layer are currently in a "land grab" phase, investing heavily to build networks, secure bank partnerships, and establish compliance pathways. While their position is currently pressured by the profitable issuers above and distribution platforms below, the article suggests that if stablecoins become a default financial rail for businesses, the infrastructure providers who have done the hard work of integration will ultimately gain strong pricing power and become entrenched, essential players.

marsbitHá 4h

The Value Distribution of Stablecoins

marsbitHá 4h

The Value Distribution of Stablecoins

The Value Distribution of Stablecoins The article argues that stablecoins are evolving from a mere trading tool into a broad "dollar channel." It analyzes the industry's value chain through four layers: 1. **Issuance Layer (e.g., Tether, Circle):** The top layer that mints stablecoins, holds reserve assets, and captures the thickest interest rate spread. 2. **Infrastructure Layer (e.g., Bridge, BVNK):** Connects stablecoins to the traditional financial system, handling critical but complex "dirty work" like fiat on/off-ramps, banking integration, compliance (KYC/AML), and cross-border settlement. 3. **Acquiring/Distribution Layer (e.g., Stripe, Coinbase):** Embeds stablecoins into merchant systems, manages payment flows, and integrates with enterprise software. 4. **Application Layer:** End-users and businesses that ultimately use stablecoins for payments, settlement, or storing value. The author posits that while the issuance layer currently captures the most profit, the most overlooked and potentially critical layer is infrastructure. The core challenge for stablecoin adoption isn't the on-chain transfer (which is simple), but bridging the gap between blockchain and the real-world financial system. This involves solving practical problems for businesses: fiat conversion, reconciliation, tax handling, and user onboarding. Infrastructure companies are currently in a difficult "land-grab" phase—building networks, securing banking relationships, and achieving compliance country-by-country. They face pressure from both the profitable issuance layer above and distribution platforms below. However, the author suggests this layer is building a crucial moat. Once stablecoins become a default business rail, the infrastructure players who have done the hard work of integration may gain significant, durable value and pricing power.

链捕手Há 4h

The Value Distribution of Stablecoins

链捕手Há 4h

How to Do Research Well: Deliberately Practice the Real Skills That Matter

No one truly teaches you how to do research. You're often given a desk, a pre-selected problem, and vague instructions to "create something new." Consequently, many people reverse-engineer the job based on visible outputs—papers, posts, announcements—learning only how to *appear* like a researcher rather than how to *become* one. True research capability is built from stacking small, trainable skills, nearly all of which can be developed through deliberate practice. **Pick Your Own Problem:** Most researchers absorb problems from advisors or trends, lacking the underlying reasoning. Choosing a problem you genuinely care about, as John Schulman advises, leads to original work. Develop "taste" like a muscle: predict experiment outcomes, guess paper results from methods, and track which findings remain important over time. **Upgrade Your Inputs:** Relying on shared reading lists (arXiv hot lists, filtered group chats) leads to unoriginal conclusions. Undervalued old literature often holds crucial insights (e.g., MoE, LSTM, backpropagation). Richard Sutton's "The Bitter Lesson" or Claude Shannon's 1952 talk on creative thinking are more predictive than lengthy modern surveys. Breadth matters as much as depth: draw from neuroscience, mechanism design, hardware knowledge, and honest statistics. Read papers directly, especially appendices and limitations sections. **Write Everything Down:** As Paul Graham noted, writing exposes flaws in seemingly mature ideas. Writing is the cheapest defense against self-deception. Following Feynman's principle, Darwin programmatically wrote down facts contradicting his theory to combat memory bias. Maintain a detailed log of hypotheses, setups, predictions, results, and updated understandings. Reviewing past logs fosters essential humility.

marsbitHá 6h

How to Do Research Well: Deliberately Practice the Real Skills That Matter

marsbitHá 6h

Trading

Spot
Futuros
活动图片