The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint interpretive guidance on crypto assets, set to take effect on March 23. This guidance, submitted to the Federal Register on March 20, replaces the 2019 framework for analyzing digital assets as investment contracts, marking a shift from enforcement-driven regulation to clarified rules. The guidance, developed under Project Crypto, aims to harmonize regulatory authority and establish a unified classification system for crypto assets. It categorizes crypto assets into five classes, defining regulatory jurisdiction over digital commodities and securities, and clarifies compliance for activities like mining and staking. This move provides immediate regulatory clarity for market participants and is seen as a precursor to forthcoming congressional legislation.