TechFlow News, March 18: According to disclosure on the U.S. Securities and Exchange Commission (SEC) official website, SEC Chair Paul S. Atkins delivered a speech at the Washington, D.C. Blockchain Summit on March 17, formally announcing the launch of the “Regulation Crypto Assets” regulatory framework for digital assets and releasing an interpretive guidance document addressing token classification and the determination of investment contracts.
Regarding asset classification, the SEC explicitly identified four categories of crypto assets that do not constitute securities: digital commodities, digital collectibles, digital utilities, and payment stablecoins defined under the GENIUS Act. The only category of crypto assets still subject to securities laws is digital securities—i.e., tokenized forms of traditional securities.
On the determination of investment contracts, the SEC clarified the termination conditions for such contracts, requiring issuers to make clear, unambiguous disclosures regarding their core managerial activities as promised. Once an investment contract terminates, the associated crypto asset would fall outside the scope of securities regulation.
Regarding exemption pathways, Atkins proposed three draft mechanisms: First, the “Startup Exemption,” permitting issuers to raise up to $5 million over four years; second, the “Funding Exemption,” allowing up to $75 million in fundraising within 12 months, contingent upon submission of disclosure documents to the SEC; and third, the “Investment Contract Safe Harbor,” establishing definitive criteria for determining when a crypto asset qualifies as non-security, provided certain conditions are met.
Atkins stated that the SEC plans to solicit public comments on the above rule proposals in the coming weeks and will coordinate with the Commodity Futures Trading Commission (CFTC) to implement them. He further emphasized that comprehensive market-structure legislation enacted by Congress remains the fundamental path to ensuring long-term regulatory stability.
