The SEC’s new crypto rules are being framed as a long-awaited source of clarity. But industry participants say the picture is more complicated. For exchanges and brokers, the immediate effect is more about a shift toward a structured, and in some ways more demanding, operating environment. Industry participants broadly agree that clearer definitions are a step forward. The distinction between digital commodities, securities, and other token categories provides a more consistent framework for evaluating assets at the listing stage — something that has historically been a major source of uncertainty. However, clarity ... (full story)