SEC’s 2025 guidance: What tokens are (and aren’t) securities

The SEC’s 2025 guidance aims to bring clarity and a more structured regulatory framework to the digital asset space.

The US Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) released a comprehensive statement on April 10, 2025, outlining what companies need to disclose when offering or registering crypto asset securities.

This statement (the SEC’s 2025 guidance) aims to reduce ambiguity regarding classifications of crypto tokens under US securities laws. It updates how the Howey test is used and introduces a clearer system to tell the difference between security tokens and non-security tokens.

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