The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have presented a new digital asset classification framework, prompting assessments that U.S. cryptocurrency regulation has reached a turning point.

According to blockchain outlet Cointelegraph on March 21 local time, the agencies issued guidance that divides digital assets into five categories: digital commodities, digital NFTs, digital tools, stablecoins and tokenized securities.

The move shows a clear difference from the existing regulatory approach. Under the Gary Gensler era, the SEC applied strong legal regulation, judging cryptocurrencies by the standard of an "investment contract". The new guidance, by contrast, is presented as an "interpretive rule". It has no legal binding force and remains at the level of explaining regulatory direction.

The industry is taking the change as a positive signal. Alex Thorn (알렉스 손), head of research at Galaxy Research, said the guidance means the Gensler-era regulatory approach has effectively ended. He called it an important turning point for the cryptocurrency industry.

Because an interpretive rule does not have direct binding force on court rulings, it has the advantage that regulators and the industry can respond more flexibly depending on future policy changes. At the same time, it is expected to provide a certain level of predictability to the market over the next about 30 months.

Some also point out that legislation is needed to establish a long-term regulatory framework. In the U.S. Congress, the CLARITY bill is seen as a key variable.

The bill includes restrictions on stablecoin interest payments, protection for open-source developers, and regulation of decentralised finance and application of KYC, but discussions have been delayed due to industry opposition.

According to a recent Politico report, the White House and Congress are in talks to push the bill again, and it has been raised as a possibility that a provision limiting stablecoin returns could be included.

The classification framework is meaningful in that it more clearly distinguishes the nature of crypto assets. In particular, by separating digital commodities from tokenised securities, it could lead to changes in regulatory authority and supervision systems.

Markets view the move as a positive factor that could ease uncertainty in the short term, but they see the impact on the broader industry as likely to vary greatly depending on the specific contents of the CLARITY bill.

As crypto regulation shifts from strict enforcement to a guidance-based approach, there is an assessment that the U.S. market has entered a new phase.