🏛️ SEC Rulemaking
The SEC (jointly with the CFTC) issued a binding interpretation of how the federal securities laws apply to crypto assets, sorting them into five categories (digital commodities, digital collectibles, digital tools, stablecoins, and digital securities) and clarifying when a non-security crypto asset becomes—or stops being—subject to an investment contract under the Howey test. Although styled as an interpretation and guidance, it is effective immediately (March 23, 2026) and will govern how the SEC and CFTC administer their laws, including enforcement, while the agencies also solicit comment for possible future refinement. The practical effect is that many tokens (e.g., BTC, ETH, SOL) are treated as non-securities, secondary-market trading of tokens that have 'separated' from issuer promises falls outside securities regulation, and staking/mining/wrapping/airdrops get clearer treatment—reducing regulatory uncertainty for crypto trading venues.
IEX RELEVANT By clarifying which crypto assets are non-securities and can trade outside securities-law regimes, the interpretation shapes whether and how a national securities exchange like IEX could compete for tokenized-securities or crypto-asset trading, though the immediate impact on IEX's core equities business is limited.