- SEC and CFTC issue joint guidance stating most crypto assets are not securities, outlining treatment of stablecoins and digital tools and clarifying when tokens may still be considered securities under the Howey Test
- Bitcoin markets see renewed ETF inflows as Tempo launches its mainnet for machine payments while Bhutan moves $72.3 million in bitcoin and S&P 500 perps debut on Hyperliquid
The SEC and CFTC have jointly set out a new approach to digital assets, declaring that most crypto tokens do not fall under U.S. securities rules. Their move arrives as bitcoin trades near a crucial technical level ahead of the Federal Reserve’s latest interest rate decision, with analysts highlighting fragile momentum and persistent macroeconomic uncertainty. Alongside the regulatory shift, the crypto sector saw new infrastructure launches, substantial sovereign bitcoin transfers, and continued strength in spot bitcoin exchange-traded funds.
SEC and CFTC outline new classification for digital assets
The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission released a shared framework that reshapes how cryptocurrencies are treated under federal law. According to the guidance, most digital assets are not securities, a departure from years of more aggressive enforcement policy. SEC Chair Paul Atkins said the framework is intended to provide a clear boundary for when securities regulations apply, ending a long period of ambiguity for token issuers and trading platforms.
Atkins underscored the shift during remarks at the DC Blockchain Summit, saying the agency is moving away from an interpretation that placed almost all tokens under its remit. The document introduces a new token taxonomy that separates stablecoins, digital commodities, and so-called “digital tools” into categories that are not considered securities. Under the framework, these classes of assets can be issued and traded without being automatically swept into the full set of securities registration and disclosure rules.
The SEC and CFTC also addressed how federal securities laws intersect with common crypto activities. The guidance explains how mining, protocol staking, and airdrops should be treated when the associated tokens are classified as non-securities. In addition, the agencies said that digital collectibles tied to trading cards, current events, and other similar items would not be viewed as securities. However, the interpretation leaves room for a non-security token to be recharacterized as a security if it is promoted with an expectation of profit relying on managerial or entrepreneurial efforts, aligning that analysis with the Howey Test. The new posture reverses the enforcement-first strategy associated with former SEC Chair Gary Gensler and signals a more defined and comparatively permissive regime for crypto oversight.
Market structure and institutional activity respond to policy clarity
The regulatory reset from the SEC and CFTC lands as lawmakers advance broader market structure proposals. Senator Cynthia Lummis indicated that the U.S. Senate Banking Committee is targeting an April vote on a crypto market structure bill, positioning Congress to weigh in on how trading venues and issuers should be supervised. Market observers have pointed to the combination of legislative progress and agency guidance as an inflection point for institutional participation.
Spot bitcoin ETFs in the United States have already registered a notable pickup in demand. On Tuesday, they drew $199.4 million in net inflows, extending a seven-day positive streak, the longest such run since bitcoin’s all-time price peak in October 2025. Over the past week, the products have attracted roughly $1.17 billion, with analysts describing the flows as evidence of strategic, longer-term institutional allocation rather than short-term positioning. Commentators also suggested that clearer rules from U.S. regulators could further expand participation in crypto-linked ETFs as compliance teams grow more comfortable with the asset class.
Infrastructure, sovereign flows, and derivatives expansion
Beyond regulation, several developments highlighted the evolving crypto and digital asset landscape. Tempo, a Layer 1 blockchain co-developed by Stripe and Paradigm, launched its mainnet together with a Machine Payments Protocol designed for autonomous machine-to-machine transactions. The network went live with a payments directory integrating more than 100 services, allowing AI agents to transact across providers such as OpenAI, Shopify, and Dune Analytics. The protocol introduces session-based payments that aggregate thousands of microtransactions into a single settlement, enabling continuous activity without constant on-chain execution. It is intended to be rail-agnostic, with partners including Visa and Lightspark supporting payments across cards, wallets, and Bitcoin Lightning.
On the sovereign side, the Royal Government of Bhutan continued to move sizable bitcoin holdings. Over the past two days, it transferred 973 BTC, valued at about $72.3 million, to multiple addresses, according to blockchain analytics firm Arkham. The funds originated from wallets associated with Druk Holding & Investments, the country’s sovereign wealth fund overseeing its bitcoin portfolio. The latest movements included a $44 million tranche and another transfer to QCP Capital, an over-the-counter trading platform. Bhutan has now shifted more than $110 million in bitcoin in 2026, extending a pattern of apparent outflows. Arkham data shows no major on-chain inflows in over a year, suggesting the country may have reduced or paused its hydroelectric-powered mining operations.
In the derivatives arena, S&P Dow Jones Indices licensed the S&P 500 brand to XYZ for what it described as the first officially licensed perpetual derivative contract linked to the benchmark index. The instrument will trade on the Hyperliquid platform, providing 24/7 leveraged S&P 500 exposure in a crypto-native format. Eligible non-U.S. investors will be able to access the index via a decentralized venue for the first time under the S&P label. Hyperliquid has gathered more than 36% of the decentralized perpetuals market, based on data from The Block, reflecting growing interest in onchain derivatives.
Conclusion
The joint guidance from the SEC and CFTC that most crypto assets are not securities marks a significant turn in U.S. digital asset policy, moving from ad hoc enforcement toward more explicit categorization. The change coincides with steady institutional inflows into bitcoin ETFs, new infrastructure such as Tempo’s machine-focused network, continued sovereign portfolio shifts in Bhutan, and the expansion of regulated derivatives tied to traditional indexes. As the Senate prepares to consider a crypto market structure bill and the Federal Reserve sets its next rate decision, markets are weighing how clearer rules and macro forces will shape the next phase of digital asset adoption.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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