American regulators Selig and Atkins finally define the cryptocurrency framework

According to information reported by The Block via ChainCatcher, the SEC and CFTC have jointly released a 68-page document clarifying the regulatory status of digital assets. For the first time, these authorities specify that most cryptocurrencies are not classified as securities, marking a major shift in the U.S. approach to this sector. Michael Selig, head of the CFTC, participated in this clarification effort alongside Paul Atkins, chairman of the SEC, both present at the Washington Blockchain Summit.

A detailed guide to clarify the classification of digital assets

This 68-page guide details how federal securities regulations apply to different categories of crypto assets. The document establishes a clear classification: stablecoins, digital goods, and “digital tools” are all outside the scope of securities.

Paul Atkins explicitly stated at the summit: “We are no longer the ‘Securities and Everything Else Committee’,” a statement that sharply contrasts with previous regulatory management. This marks a clear break from the vision of Gary Gensler, former SEC chair, who considered most cryptocurrencies as securities subject to his jurisdiction.

Detailed criteria for asset classification

The document precisely determines when a crypto asset shifts from being a regular digital good to a security. Digital goods are defined as assets “intrinsically linked to the programmed operation and supply-demand dynamics of a functional cryptographic system, whose value directly derives from these elements.” Digital collectibles are also classified as non-securities.

The guide also addresses practical application questions: how federal law applies to mining, protocol staking, and airdrops—three areas that previously remained unclear. This clarification should provide industry professionals with solid foundations to interpret their legal obligations.

Selig and regulators chart a new course

Michael Selig’s active participation alongside SEC authorities symbolizes a strengthened alignment between the two main U.S. financial market regulators. This collaboration and clear direction represent a significant reshaping of U.S. crypto policies, opening a more predictable regulatory space for market participants.