02/07/2026 09:53 - Economia
For almost a decade, the United States Securities and Exchange Commission (SEC) maintained a strict stance: almost all tokens were considered negotiable securities. However, on March 23, 2026, the SEC, alongside the Commodity Futures Trading Commission (CFTC), took a historic turn by issuing a new Interpretive Regulation on crypto assets. This change recognizes that most crypto assets are not securities in themselves, bringing a ray of hope and clarity for investors and developers alike.
This new regulation stems from the work of the Crypto Task Force, created in January 2025, and replaces the old 2019 framework. The main objective is to foster innovation and protect investors, abandoning the criticized regulation based on case-by-case law enforcement to move towards clear and predictable rules.
The SEC has organized the crypto universe into five fundamental categories, separating the digital asset from the investment contract it might be subject to:
Their value comes from the system's operation and supply and demand, not from third-party management efforts. Examples: Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, Dogecoin (DOGE). They are not considered securities.
Designed to be collected or used (art, music, memes). Their value depends on scarcity and popularity. Examples: CryptoPunks, Fan Tokens. They are not securities, although their fractionalization could be.
They fulfill practical functions (memberships, tickets). Usually non-transferable, their value lies in their utility. Examples: Ethereum Name Service domains.
Designed to maintain a stable value regarding a reference asset. Those issued in accordance with the GENIUS Act are not securities.
Financial instruments digitally represented. They are considered securities, regardless of whether they are on or off the blockchain.
The regulation clarifies that a crypto asset which is not a security can be subject to an investment contract (which does make it a registrable security). This happens when an issuer induces an investment of money in a common enterprise, promising management efforts to generate profits. The classic example is Initial Coin Offerings (ICO).
However, if the project achieves decentralization or the issuer abandons the project, the asset is separated from the investment contract and ceases to be a security, although liability for not having registered the initial sale persists.
The SEC also ruled on four common practices, indicating that they do not require registration:
Analysis carried out by María Victoria Busnadiego from Estudio Garrido Abogados (an Argentine law firm), published on July 1, 2026. Original source: abogados.com.ar
Alfredo S. Quiroga
