The SEC’s digital asset market taxonomy, which classifies most cryptocurrencies and tokens as non-securities, is a major step for US regulators.
The recent guidance from the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission establishing a taxonomy for digital assets put a “final nail” in the coffin of SEC policy under former Chairman Gary Gensler, according to Alex Thorn, the head of firmwide research at investment firm Galaxy.
The SEC guidance, published on Tuesday, established a taxonomy for digital assets, dividing them into five categories, including digital commodities, digital collectibles like non-fungible tokens (NFTs), digital tools, stablecoins, and tokenized securities.
Under the old SEC policy framework, the regulations governing which cryptocurrencies met the legal criteria of “investment contracts” were legislative rules, as opposed to the new 2026 guidance that was filed as an interpretive rule, Thorn said. He explained the significance:
