🧵This is #sec #cftc commission-level guidance, not staff-level, which makes it more enforceable than the statements and no-action letters the Crypto Task Force has been issuing since January. That is meaningful distinction. Staff guidance can be withdrawn or walked back quietly.

A commission-level interpretation with public comment carries more institutional weight and is considerably harder to unwind. The framework is expected to establish a #tokentaxonomy that categorizes crypto assets to determine which fall under SEC jurisdiction as securities.