Regulators File Memecoins Under "Digital Collectibles"

The taxonomy

After years of enforcement-by-vibes, US regulators put a framework on paper. Per the SEC's March 17 release and Snell & Wilmer's analysis of the guidance, crypto assets now sort into five buckets: digital securities, digital commodities, digital collectibles, digital tools and stablecoins.

Digital collectibles are described as "unique or limited-edition crypto assets valued for their uniqueness rather than profit potential," with examples given as NFTs, CryptoPunks and meme coins. The guidance says these are "not securities, unless sold pursuant to an investment contract" — and adds one line that deserves a highlighter: the offer and sale of a digital collectible that is fractionalized could constitute the offer or sale of a security.

1. Digital securities — tokenized stocks, bonds and similar instruments
2. Digital commodities — assets tied to functional blockchains, including BTC, ETH, SOL and XRP
3. Digital collectibles — NFTs and meme coins, valued for uniqueness
4. Digital tools — governance, access and membership tokens
5. Stablecoins — assets pegged to a reference value

After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets.

SEC Chairman Paul S. Atkins, March 17, 2026

CFTC Chairman Michael S. Selig framed it the same way, saying builders had "awaited clear guidance on the status of crypto assets under the federal securities and commodity laws" for too long. Both officials noted that most crypto assets are not themselves securities under federal law.

What it means for degens

Read the carve-outs, not the headline. "Not a security" is not the same as "not actionable": the investment-contract exception means how a token is marketed still matters, and fraud statutes never went anywhere. If you launch something on Solana and spend your launch week promising holders returns, the label on the asset is not the part that saves you. For traders, the practical effect is boring and good — clearer category lines make listing and custody decisions easier for the venues you actually use.