Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets

The Securities and Exchange Commission (“Commission” or “SEC”) issues herein an interpretation regarding the application of the Federal securities laws to certain types of crypto assets and certain transactions involving crypto assets. The references in this release to “we” and “our” are to the Commission. The Commodity Futures Trading Commission (“CFTC”) provides herein guidance relating to that interpretation.