Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Notable

Issue a joint SEC-CFTC rule defining when a digital asset is a security

Not started

“Promulgate a joint regulation providing that a holder of digital assets may not be deemed a party to an investment contract or an investor in a common enterprise unless, while the enterprise is a going concern, the holder is entitled to a share of the earnings or profits of the common enterprise or a defined flow of payments from the common enterprise in consideration of the investment or unless, upon liquidation, the holder has rights against the assets of the common enterprise. Otherwise, the digital asset shall be deemed a commodity to be regulated by the CFTC, not the SEC.”

What has happened

  1. Not started

    No action found yet. This entry is the starting point, not a finding.

Action
issue
Object
a joint SEC–CFTC regulation on the treatment of digital assets
ID
2164