Early joint guidance from U.S. regulators on applying securities laws to different types of crypto tokens failed to provide enough impetus to grow bitcoin. the largest, over $75,000.
Interpretive guidance from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), which lacks the weight of a formal rule, has classified crypto tokens into five distinct categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, and eliminated a major source of market uncertainty.
This position marks a shift from current case-by-case enforcement, clarifying which tokens are considered securities and which are not, and should give issuers and exchanges much-needed clarity on how different assets will be regulated under federal law.
“The practical effect is a more consistent and less burdensome regulatory environment. Legal uncertainty decreases, the risk of retroactive application is reduced and compliance becomes more predictable,” Tagus Capital said.
“This supports institutional participation, trade development and product innovation, while improving market structure through lower compliance costs and better price discovery. Although the guidance does not constitute binding law and still leaves room for case-by-case interpretation, it establishes a solid template for future legislation and could accelerate global regulatory convergence.
Despite this, bitcoin was unable to build on this month’s rebound from $65,000, which at one point on Tuesday saw the price approach $76,000. The cryptocurrency has remained virtually unchanged over the past 24 hours.
Other major tokens such as XRP (XRP), ether (ETH), and solana (SOL) also saw choppy price action, with the CoinDesk 20 Index down 0.3%.
According to analysts, $75,000 is a key resistance level for Bitcoin.
“On the upside, $75,400-$76,000 continues to act as resistance,” said Vikram Subburaj, CEO of India-based crypto exchange Giottus in an email. “Bitcoin must hold above this range to signal stronger momentum.”
One possible reason for the restrictions could be the Federal Reserve’s interest rate decision, expected later Wednesday. The US central bank is widely expected to keep rates unchanged in a range of 3.5% to 3.75%. That leaves traders less focused on the decision than on interest rate projections in the wake of the Iran war-related energy price shock.
The rate decision, policy statement and economic projections will be released at 2 p.m. ET, followed by Chairman Jerome Powell’s press conference half an hour later.
