SEC clarifies NFT status and shifts approach to crypto market regulation

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Sergey Shendetskyi

19.03.2026

SEC clarifies NFT status and shifts approach to crypto market regulation — SEC clarifies NFT classification rules

The U.S. Securities and Exchange Commission (SEC) has indicated that most NFTs are not considered securities. The statement comes amid ongoing debates over the boundaries of crypto regulation.

These clarifications reflect a broader shift in the regulator’s approach as it seeks to establish clearer rules after years of legal uncertainty.

NFTs as a form of digital ownership

SEC Chair Paul Atkins said in an interview with CNBC that non-fungible tokens are closer to collectibles than investment instruments. In his view, such assets are acquired as digital objects of ownership, comparable to works of art.

The regulator continues to rely on the Howey test, but in most cases NFTs do not meet its criteria. Atkins emphasized that, unlike stocks—where investors expect a company to drive value growth—NFTs do not involve a structure working to increase value for holders.

He compared them to collectible cards and similar items, whose value depends on owner interest rather than profit expectations. At the same time, the SEC does not rule out that certain NFT projects could be classified as securities if they include investment features.

Shift in regulatory approach

The SEC also identified categories of digital assets that fall outside securities laws, including digital commodities, instruments, collectibles, and stablecoins.

At the same time, the agency is moving away from shaping rules through enforcement actions. Instead, it is focusing on guidance and step-by-step clarification of requirements.

According to Atkins, the U.S. has lagged behind in crypto development due to unclear regulation, which pushed projects to other jurisdictions. The new approach aims to reduce uncertainty and restore market confidence.

Implications for the industry

Clearer distinctions between asset types make it easier for developers and investors to operate. More transparent rules reduce the risk of unexpected regulatory action.

For the NFT sector, this signals easing pressure after a prolonged downturn. Trading volumes remain below their 2021 peak, but the market is adjusting to more sustainable use cases.

More broadly, the shift reflects an effort to integrate digital assets into the existing financial system without excessive constraints. This could accelerate tokenization and attract institutional interest.

Earlier, the SEC also issued guidance on how federal securities laws apply to crypto assets, noting that a significant portion of them do not qualify as securities. This reinforces the regulator’s move toward clearer and more predictable market rules.

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