According to @dydxfoundation, the SEC, with the endorsement of the CFTC, has issued a 68-page interpretation outlining the application of U.S. federal securities laws to crypto assets. This document introduces a five-category token taxonomy and provides explicit regulatory guidance on staking, mining, wrapping, and airdrops. However, some critical gaps remain unaddressed, which could impact market participants navigating compliance requirements.

According to Justin Sun, the SEC's new token taxonomy and refined interpretation of investment contracts represent a major advancement for the digital asset industry. By categorizing most digital assets, such as decentralized network tokens and stablecoins, as non-securities while limiting SEC oversight to tokenized traditional securities, the framework provides much-needed clarity. This approach, rooted in the Howey Test and economic realities, supports innovation and positions the U.S. as a leader in digital finance. Sun commends the SEC for fostering fair markets and promoting responsible growth.

According to Eleanor Terrett, Paul S. Atkins announced at the Philadelphia Fed Fintech Conference the next step in Project Crypto, establishing a token taxonomy framework to categorize digital assets under U.S. securities laws, source: Eleanor Terrett on X, Nov 12, 2025. This classification-focused move directly targets how digital assets are formally treated under securities regulation, a core input for trading compliance and market structure decisions, source: Eleanor Terrett on X, Nov 12, 2025.

According to @WatcherGuru, U.S. SEC Chair Paul Atkins unveiled a 'token taxonomy' plan to modernize crypto regulation. Source: https://twitter.com/WatcherGuru/status/1988636346223595701 For trading risk management, wait for an official SEC release or rulemaking docket before repositioning, as U.S. regulatory changes require a formal notice-and-comment process under the Administrative Procedure Act. Source: https://www.sec.gov/news/pressreleases; 5 U.S.C. § 553

According to Eleanor Terrett on CryptoAmerica, Miles has emphasized the importance of distinguishing between company-backed tokens and network tokens. In their recent discussion, Miles classified XRP as a network token, a categorization that can influence trading strategies and market perceptions. For further insights, Eleanor recommends reading a16z's comprehensive token taxonomy.