The SEC has sent a draft framework to the White House that explains how U.S. securities laws should apply to a wide range of crypto assets and transactions. The rule is now under formal review by the Office of Information and Regulatory Affairs (OIRA), the last stop before the public can see it.
What the SEC Sent for Review
According to a notice on Reginfo.gov, the White House has received an SEC measure titled “Commission Interpretation on Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.” The filing shows OIRA accepted it for review on March 2, 2026. That review is required for major financial rules before agencies can publish them as proposals.
Bloomberg reports that an SEC spokesperson pointed back to earlier remarks from Chair Paul Atkins. Atkins has said the agency will issue interpretive guidance on a “token taxonomy” to help market participants better understand when a token is a security and which rules apply. The new framework appears to be the formal version of that promise.
Industry observers call it a “landmark” crypto-guidance package meant to provide greater predictability than one‑off enforcement actions. The measure follows a 2025 White House digital‑asset report that urged the SEC to act and align with new market‑structure legislation moving through Congress.
What the Crypto Securities Framework Plans to Cover
Lawyers tracking the filing say the framework is likely to spell out how the SEC will apply the Howey Test and other securities law concepts to crypto. That includes when token launches count as securities offerings, when secondary trading on exchanges still involves securities, and when a token might fall more clearly on the “commodity‑style” or “payment token” side.
Commentary from firms like Paul Hastings and Winston & Strawn suggests the SEC wants to distinguish between:
- tokens that are clearly tokenized securities,
- tokens that just represent synthetic exposure to securities (like security‑based swaps), and
- tokens with other uses where securities law might not apply. A recent SEC staff statement on tokenized securities already stressed that putting an instrument on a blockchain does not change whether it is a security.
The SEC also expects the new framework to fit into its “Crypto Task Force” agenda, which includes relief for some token offerings and clearer paths for broker‑dealers and ATSs that handle digital assets.
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