US Regulators Clear Crypto Door

The SEC published interpretive release S7‑2026‑09 on March 17, 2026, formally updating how federal securities laws apply to crypto assets. (sec.gov) The interpretive release lays out five token categories — “digital commodities,” “digital collectibles,” “digital tools,” “stablecoins,” and “digital securities” — in its classification section. (sec.gov) The document explicitly addresses airdrops, protocol mining, protocol staking and the wrapping of non‑security crypto assets, and explains how a non‑security asset may become, or cease to be, an investment contract. (sec.gov) On March 18, 2026 the SEC issued Order No. 34‑105047 approving Nasdaq’s SR‑NASDAQ‑2025‑072 to permit trading of tokenized versions of listed equities and exchange‑traded products during a DTC pilot. (sec.gov) Nasdaq’s Form 19b‑4 requires any tokenized share to be fungible with its traditional counterpart, to share the same CUSIP and to afford the same material rights, and it adds a tokenization flag that routes clearance and settlement instructions to DTC. (listingcenter.nasdaq.com) The Depository Trust Company received SEC staff no‑action relief on Dec. 11, 2025 to operate a limited three‑year tokenization pilot covering eligible assets including Russell 1000 stocks, certain ETFs and U.S. Treasury instruments, with DTCC saying it expects rollout in the second half of 2026. (dtcc.com) The SEC and CFTC announced a formal Memorandum of Understanding on March 11, 2026 to coordinate oversight, and the CFTC joined the March interpretive release to administer the Commodity Exchange Act consistently with the SEC’s interpretation. (sec.gov)