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U.S. regulators introduced a new crypto taxonomy and narrowed what qualifies as a security, marking a sweeping shift toward clearer, more innovation-friendly rules. Posted March 18, 2026 at 7:22 am EST. In a major policy pivot, the SEC and CFTC have jointly clarified that most crypto assets are not securities , ending years of regulatory ambiguity. The new guidance introduces a token taxonomy , separating assets into categories like stablecoins, digital commodities, and digital tools , while limiting securities treatment to a narrower class of “digital securities.” SEC Chair Paul Atkins framed the shift clearly, saying the agency is no longer the “securities and everything commission.” The guidance also outlines when a token does become a security, focusing on whether it is sold with promises of profit tied to managerial efforts. This story is an excerpt from the Unchained Daily newsletter . Subscribe here to get these updates in your email for free The changes go beyond classification. Regulators clarified rules around staking, mining, and airdrops , and the CFTC issued a no-action letter stating non-custodial wallets are not intermediaries . As legal expert Jake Chervinsky put it, “Surreal,” highlighting the scale of change. He also pointed to plans for a “Reg Crypto” safe harbor for token issuers. Taken together, the updates signal a clear shift toward pro-innovation policy , with regulators finally drawing lines the industry has been asking for.