For years, one of crypto’s most unresolved questions has been whether a given token is a security. The answer determines whether issuers must register with regulators, whether exchanges can list the token, and whether investors are buying something governed by federal securities law or a looser regime. In March 2026, the US Securities and Exchange Commission issued its most significant guidance yet on the question. The new interpretation, released jointly with the Commodity Futures Trading Commission, reaffirmed the decades-old Howey test as the governing framework. But it also introduced a five-category taxonomy for ... (full story)