The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have released joint interpretive guidance on the application of federal securities laws to certain crypto assets and transactions. This guidance, approved by SEC commissioners Atkins, Peirce, Uyeda, and Chairman Selig, establishes a token taxonomy and clarifies the treatment of activities such as staking, mining, airdrops, and wrapping under existing laws. SEC Chair Paul S. Atkins emphasized that the guidance indicates most crypto assets are not securities and that investment contracts can conclude. While this interpretive guidance does not alter the law, it provides insight into regulatory intentions, offering the market clearer direction. This guidance is separate from the SEC's ongoing rulemaking on crypto asset offerings.