The U.S. SEC and CFTC jointly issued guidance document on the interpretation of crypto assets is expected to take effect next week

The guidance document jointly issued by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) on the interpretation of crypto assets has been submitted to the Federal Register and is expected to take effect immediately after its official release next Monday, providing market participants with direct and actionable regulatory guidance. The document has committee level authority and will replace the "Digital Asset" Investment Contracts "Analytical Framework" released in 2019 and guide the enforcement and supervision work of the two regulatory agencies. This crypto asset interpretation guidance document is based on the ProjectCrypto project launched in 2025 and is regarded as a "crypto asset regulatory bridge". It also provides entrepreneurs and investors with immediate compliance clarity before Congress promotes legislation on bipartisan market structures. Degree, its explanatory power and practical influence will guide the behavior of the crypto industry, judicial analysis and enforcement policies, and provide the market with a more stable compliance basis than previous employee-level guidance.