SEC Declares 'Most Crypto Assets' Not Securities — History Made in WashingtonSEC 宣布大多数加密资产不是证券——华盛顿历史性一刻
The SEC and CFTC jointly declared that most crypto assets—including staking, airdrops, and Bitcoin mining—are not securities. After a decade of regulatory fog, clear lines have finally been drawn.SEC 和 CFTC 联合宣布，大多数加密资产（包括质押、空投和比特币挖矿）不属于证券。十年监管迷雾，终于有了清晰的界定。
The Setup
On March 17, 2026, SEC Chair Paul Atkins stepped up to the podium at the DC Blockchain Summit and said what the crypto industry had been waiting to hear for over a decade: “Most crypto assets are not securities.”
The joint guidance from the SEC and CFTC establishes the first formal taxonomy for digital assets under U.S. federal law — five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Only the last category falls under the SEC’s remit.
The ruling explicitly exempts Bitcoin and Ethereum mining, staking, and airdrops from securities classification. It also clarifies that even if a non-security crypto asset is tied to an investment contract, it may not be subject to federal securities laws on secondary markets (i.e., exchanges).
Key Takeaways
- Staking and airdrops are not securities. This clears a massive overhang for DeFi protocols and PoS networks.
- Bitcoin and Ethereum are digital commodities — their value derives from decentralized network operation, not from managerial efforts of others.
- A 5-category taxonomy replaces the blunt Howey Test that plagued enforcement for years.
- Safe harbor rules coming soon: $5M cap for early-stage startups, $75M cap for investment contract raises, and sunset provisions once teams cease essential managerial efforts.
- The CFTC confirmed it will operate consistent with this interpretation.
Why It Matters
This is the most significant regulatory shift in U.S. crypto history. The Gensler-era enforcement-first approach is dead. For investors and builders, this changes the risk calculus entirely:
- ADA, SNEK, and most PoS tokens are now on much stronger footing.
- DeFi protocols no longer need to fear SEC enforcement based on staking rewards or airdrop distributions.
- The path to institutional adoption just got significantly shorter — advisors who were sitting on the sidelines now have legal clarity to act.
The macro setup is also noteworthy: this guidance arrives as Bitcoin holds above $70K and the CLARITY Act market structure bill stalls in Congress. The SEC isn’t waiting for lawmakers — it’s acting unilaterally to write the rules.
What to watch:
- Safe harbor proposed rules expected “in the coming weeks”
- CLARITY Act vote timeline — will this guidance accelerate or stall Congressional action?
- How exchanges and DeFi protocols restructure compliance teams post-ruling
- State-level reactions (Arizona’s Kalshi case shows states aren’t always aligned with federal direction)
背景
2026 年 3 月 17 日，SEC 主席 Paul Atkins 在华盛顿 DC 区块链峰会上发表了加密行业等了十年的声明：“大多数加密资产不是证券。”
SEC 和 CFTC 联合发布的指引，首次为美国联邦法律下的数字资产建立了正式的分类体系——五个类别：数字商品、数字收藏品、数字工具、稳定币、数字证券。只有最后一类属于 SEC 的管辖范围。
这一裁决明确将比特币和以太坊的挖矿、质押、空投排除在证券定义之外。同时还明确，即使某个非证券加密资产与投资合同挂钩，在二级市场（即交易所）上进行的交易也可能不受联邦证券法管辖。
关键要点
- 质押和空投不是证券。 这消除了 DeFi 协议和 PoS 网络的巨大监管悬而未决风险。
- 比特币和以太坊是数字商品 — 其价值来自去中心化网络运行，而非他人的管理努力。
- 五类分类体系取代了沿用多年的 Howey 测试，结束了长期的执法模糊状态。
- 安全港规则即将出台：早期初创公司上限 500 万美元，投资合同募资上限 7500 万美元，以及团队停止核心管理工作后的退出条款。
- CFTC 确认将按照此解释统一执行。
为什么重要
这是美国加密监管史上最重大的政策转变。Gensler 时代”先执法、后立法”的方式已经终结。对于投资者和建设者来说，这从根本上改变了风险逻辑：
- ADA、SNEK 以及大多数 PoS 代币现在站在了更稳固的法律基础上。
- DeFi 协议不再需要担心因质押奖励或空投分发而遭到 SEC 执法。
- 机构入场的法律障碍大幅降低——此前持观望态度的顾问现在有了明确的法律依据可以行动。
宏观背景同样值得关注：这一指引在比特币站稳 $70K 之上、CLARITY 法案在国会陷入僵局之际发布。SEC 没有等待立法者——而是主动出手划定规则。
值得关注：
- 安全港提案规则将在”未来数周”内发布，届时市场反应值得留意
- CLARITY Act 投票时间线——此次指引会加速还是推迟国会立法？
- 交易所和 DeFi 协议如何在裁决后重构合规团队
- 各州层面的反应（亚利桑那州对 Kalshi 的起诉表明联邦与州级方向并不总是一致）
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