The agencies acted together
The SEC published an interpretation on March 17 explaining how federal securities laws apply to specified crypto-asset activities. The CFTC joined the announcement, giving the document added significance for the agencies’ shared policy boundary.
What the interpretation covers
The official release identifies token taxonomy, investment contracts, airdrops, mining, staking and wrapping among the covered topics. Readers should treat the interpretation as agency guidance on existing law, not as an act of Congress.
Why the distinction matters
Agency interpretations, proposed rules and enacted statutes carry different legal weight. JAT’s Policy Tracker records them as separate stages.