SEC and CFTC Unveil Landmark Guidance on Crypto Asset Classification: A Token Taxonomy

The SEC and CFTC released joint guidance on crypto assets, introducing a token taxonomy classification system to determine whether digital assets qualify as securities. According to the guidance, popular digital assets such as Bitcoin, Ethereum, and Solana are classified as "digital commodities" due to their utility and supply and demand dynamics. The guidance also suggests that other crypto tokens, such as BONK, CC, and STX, might qualify as "digital commodities."