The U.S. SEC and CFTC jointly clarified the five categories of crypto assets: licensing and registration obligations for tokenized securities.
On March 17, 2026, the U.S. Securities and Exchange Commission (SEC) and the Cross-Border Commodities and Trade Commission (CFTC) jointly issued an interpretation classifying crypto assets into five categories: digital goods, digital collectibles, digital instruments, stablecoins, and digital securities. Only digital securities themselves constitute securities. This article outlines the definition and structural classification of tokenized securities in this interpretation, as well as the actual compliance requirements of the issuance registration, brokerage, ATS, transfer agent, and custodian licensing chain. It also highlights unresolved variables at the level of the Clarity Act legislation and state commercial law.