"U.S. SEC and CFTC interpretive guidance on cryptoassets set to take effect officially on the 23rd"

Interpretive guidance on cryptoasset regulation jointly prepared by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) is set to take effect officially on the 23rd (local time).

According to Forbes on the 22nd, the SEC and CFTC on the 17th (local time) released a joint interpretive document at the Washington, D.C. Blockchain Summit explaining the standards for applying federal securities laws to cryptoassets.

The document runs 68 pages in total and is significant in that it represents official, commission-level interpretation replacing the previous 2019 staff-led guidance. With regulators’ interpretive direction laid out clearly, it is expected to influence future standards for supervision and enforcement.

The guidance is also seen as complementing crypto market structure legislation (the Clarity Act) being advanced in Congress.

The guidance was posted for advance release in the Federal Register on the 20th and is scheduled to take effect upon its official publication on the 23rd (local time). Under the usual process, it becomes effective upon publication.