The US Securities and Exchange Commission (SEC) has announced a new treatment of crypto assets, aiming to provide a clearer understanding of the rules for digital assets. The SEC's interpretation is that most crypto assets are not themselves securities, a major departure from the Biden-era SEC's approach. This move comes as key market structure legislation remains stalled in the Senate. The CFTC, which has long been expected to take over regulating crypto, also joined the SEC's new interpretation.