About the Taxonomy

Understanding the March 2026 SEC/CFTC Joint Digital Asset Taxonomy (Release No. 33-11412).

Release Summary

On March 17, 2026, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly released Release No. 33-11412, establishing a comprehensive five-category taxonomy for classifying digital assets. This landmark guidance provides the first unified federal framework for determining which regulatory body oversees specific types of digital assets.

The taxonomy builds on existing legal precedent including the SEC v. W.J. Howey Co. (1946) test for investment contracts, the SEC v. Ripple Labs(2023) ruling on secondary market sales, and the CFTC's historical treatment of Bitcoin and Ethereum as commodities.

Full Taxonomy Classification Table

Category	Description	Regulator	Examples
Digital Commodity	A fungible digital asset that operates on a sufficiently decentralized network, is not issued as an investment contract, and functions primarily as a medium of exchange, store of value, or unit of account. Regulated primarily by the CFTC.	CFTC (Commodity Futures Trading Commission)	Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH)
Digital Security	A digital asset that constitutes an investment contract under the Howey test — involving an investment of money in a common enterprise with an expectation of profits derived primarily from the efforts of others. Regulated by the SEC.	SEC (Securities and Exchange Commission)	Tokens from ICOs with profit expectations, Revenue-sharing tokens, Equity-linked tokens
Stablecoin	A digital asset designed to maintain a stable value relative to a reference asset (e.g., USD, gold). Subject to specific reserve, redemption, and transparency requirements under the joint framework.	Joint SEC/CFTC + Banking Regulators	USDC, USDT (Tether), BUSD, DAI
Digital Collectible	A unique or limited-edition digital asset representing art, media, or collectible items. Primarily valued for its uniqueness or cultural significance rather than as an investment or medium of exchange.	FTC / State Consumer Protection	NFT art collections, Digital trading cards, Collectible gaming items
Digital Tool	A digital asset that functions primarily as access or utility within a specific platform, network, or service. Not designed for investment or as a general medium of exchange.	FTC / Sector-specific Regulators	Filecoin (FIL) — storage utility, BAT — advertising rewards, Gaming tokens consumed in-platform

Digital Commodity

A fungible digital asset that operates on a sufficiently decentralized network, is not issued as an investment contract, and functions primarily as a medium of exchange, store of value, or unit of account. Regulated primarily by the CFTC.

Regulator

CFTC (Commodity Futures Trading Commission)

Key Criteria

Operates on a decentralized blockchain or distributed ledger
No single entity controls the network or consensus
Not offered or sold as an investment contract

Digital Security

A digital asset that constitutes an investment contract under the Howey test — involving an investment of money in a common enterprise with an expectation of profits derived primarily from the efforts of others. Regulated by the SEC.

Regulator

SEC (Securities and Exchange Commission)

Key Criteria

Investment of money in a common enterprise
Reasonable expectation of profits
Profits derived primarily from efforts of others (promoter/team)

Stablecoin

A digital asset designed to maintain a stable value relative to a reference asset (e.g., USD, gold). Subject to specific reserve, redemption, and transparency requirements under the joint framework.

Regulator

Joint SEC/CFTC + Banking Regulators

Key Criteria

Pegged to a fiat currency, commodity, or basket of assets
Issuer maintains reserves backing the token
Redeemable at par value on demand

Digital Collectible

A unique or limited-edition digital asset representing art, media, or collectible items. Primarily valued for its uniqueness or cultural significance rather than as an investment or medium of exchange.

Regulator

FTC / State Consumer Protection

Key Criteria

Non-fungible or limited in supply
Represents digital art, media, or collectible item
Primary value derived from uniqueness or cultural significance

Digital Tool

A digital asset that functions primarily as access or utility within a specific platform, network, or service. Not designed for investment or as a general medium of exchange.

Regulator

FTC / Sector-specific Regulators

Key Criteria

Functions as access key or utility within a platform
Consumable or burned upon use
Value tied to specific platform functionality

Official Resources

SEC.gov — Digital Assets CFTC.gov — Digital Assets Congress.gov — CLARITY Act Howey Test Background — SEC v. W.J. Howey Co.

Frequently Asked Questions

What is CoinCompliancy?+

CoinCompliancy is a plain-English crypto policy tracker. It explains U.S. digital-asset regulation — the CLARITY Act, the GENIUS Act, the SEC/CFTC token taxonomy, and executive actions — and provides tools to check how a token is likely classified.

Where does the data come from?+

Classifications and timelines are based on publicly available primary sources: federal legislation, the SEC/CFTC joint taxonomy (Release No. 33-11412), executive orders, and agency guidance. PolicyLens lets you read many of these source documents directly.

Is CoinCompliancy legal advice?+

No. Everything on the site is for general information only and does not constitute legal or financial advice. Token classifications can change, and edge cases require professional judgment. Consult a qualified attorney for compliance decisions.

Disclaimer: This tool is for informational purposes only and does not constitute legal or financial advice. Token classifications are based on publicly available regulatory guidance and may change. Consult a qualified attorney for compliance decisions.