[DigitalToday reporter Yoonseo Lee] As the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission roll out crypto regulatory guidelines, the need for the Digital Asset Market Clarity Act (CLARITY Act), which the U.S. Congress is pursuing, is again under scrutiny. By offering interpretive standards on many key disputed issues without waiting for the bill to pass, regulators have fuelled a growing question in the market over whether legislation is necessary.

On March 18 (local time), blockchain media outlet BeInCrypto reported that the SEC and CFTC jointly released 68 pages of interpretive guidance on March 17 and presented criteria for classifying most cryptocurrencies as non-securities.

The two agencies introduced a five-step token classification system and said only the final category would be subject to securities laws. Sixteen tokens, including Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Chainlink (LINK), Dogecoin (DOGE) and Shiba Inu (SHIB), were classified as digital commodities. SEC Chairman Paul Atkins (폴 앳킨스) said, "After more than a decade of uncertainty, this interpretation will provide market participants with a clearer understanding of how crypto assets are treated under federal securities laws." He added, "Regulators must present clear standards in clear language."

The guidance is drawing attention because it overlaps in many areas with the CLARITY Act pending in Congress. The CLARITY Act passed the U.S. House of Representatives in July 2025 by a bipartisan vote, but has stalled in the Senate amid a clash between banks and the crypto industry over whether stablecoins can pay interest. The Senate Banking Committee in January 2026 postponed deliberation of the bill amid industry lobbying conflicts, and it has yet to set even a new timetable. The Senate Agriculture Committee advanced a separate draft on Jan. 29, but more time is needed before a full vote because the two versions must be reconciled.

The SEC and CFTC set out standards for the market through interpretive guidance without waiting for the legislative delays. It also includes the so-called attach-and-detach principle. Under it, a token in the presale stage may be deemed a security because of promises such as issuer profit commitments, but after those promises are fulfilled or withdrawn and the network operates independently, the investment-contract character may end. CFTC Chairman Michael Selick (마이클 셀릭) said, "Developers, innovators and entrepreneurs in the United States have long waited for clear guidance on the status of crypto assets under federal securities and commodities laws." He added, "With this interpretation, that wait is over."

The guidance does not, however, replace the entire CLARITY Act. The bill includes an official registration path for digital commodity exchanges, brokers and dealers, as well as compliance standards for centralised intermediaries that interact with decentralised finance (DeFi). It also contains anti-money laundering (AML) provisions and enforcement tools for investigative authorities, leaving legal mechanisms that interpretive guidance alone cannot create. In other words, the move shows the direction of regulation but does not complete the entire institutional framework.

Market reaction is mixed. Some say the joint guidance has effectively implemented much of the CLARITY Act. With regulators already clarifying their positions on token classification standards and on staking, airdrops and mining, they see the bill as less urgent than before. Others urge caution, arguing the move is interpretive guidance and not law. If a future administration changes, the guidance could be withdrawn or reinterpreted, and courts are not bound by regulators' interpretations in the way they are by legislation. The stablecoin interest issue, which remains the biggest sticking point in the Senate, was also addressed only in a limited way in the guidance.

Atkins also acknowledged these limits. He said the means to permanently guarantee a recent pro-crypto policy stance ultimately lies in congressional legislation. The SEC also plans to separately release a formal regulatory proposal within weeks that could exceed 400 pages, and it was reported that it may include innovation exemptions for crypto startups.

Time is likely to be the key. Before U.S. midterm elections move into full swing, the period in which the Senate can meaningfully act is cited as about 18 working weeks. Whether Congress can legislate within that window, or whether the market can hold for the time being on the regulatory clarity presented by the SEC and CFTC, is emerging as a key variable that will determine the direction of the digital asset regulatory system.