The SEC and CFTC released a joint interpretation clarifying the application of federal securities laws to crypto assets, ending more than a decade of regulatory uncertainty. SEC Chairman Paul Atkins stated this provides market participants with clear understanding of how crypto assets are treated under federal securities laws, acknowledging that most crypto assets are not themselves securities. The interpretation provides a coherent token taxonomy for digital commodities, collectibles, tools, stablecoins, and securities. It addresses how non-security crypto assets may become subject to or cease being subject to investment contracts, and clarifies the application to airdrops, protocol mining, staking, and wrapping. CFTC Chairman Michael Selig emphasized this ends the long wait for clear guidance, fostering a regulatory environment allowing the crypto industry to flourish in the United States. This serves as a bridge while Congress works on bipartisan market structure legislation.