The first joint guidance from US regulators on the application of securities laws to different types of crypto tokens failed to provide enough impetus to boost bitcoin. the largest, above $75,000.
The interpretive guidance from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), which does not carry the weight of a formal rule, 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.
The stance marks a shift from the existing case-by-case application, making clear which tokens are considered securities and which are not, and is expected to provide issuers and exchanges with 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, exchange development and product innovation, while improving market structure through lower compliance costs and better pricing. While the guidance falls short of binding law and still leaves room for interpretation on a case-by-case basis, it establishes a solid blueprint for future legislation and can accelerate global regulatory convergence.”
Still, Bitcoin was unable to take advantage of this month’s rebound from $65,000, which at one point on Tuesday saw the price approach $76,000. The cryptocurrency 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 falling 0.3%.
According to analysts, $75,000 is a key resistance level for bitcoin.
“On the positive side, $75,400-$76,000 continues to act as resistance,” Vikram Subburaj, CEO of India-based crypto exchange Giottus, said in an email. “Bitcoin needs to stay above this range to signal stronger momentum.”
One possible reason for the moderation could be the Federal Reserve’s interest rate decision due later on Wednesday. The US central bank is widely expected to keep rates unchanged in the range of 3.5% to 3.75%. This leaves traders focused less on the decision and more on interest rate projections following the energy price shock related to the Iran war.
The rate decision, policy statement and economic projections will be released at 2 pm ET, followed by Chairman Jerome Powell’s press conference a half hour later.
