The SEC Rewrites the Rules: Most Cryptos Are No Longer Securities
📋 En bref (TL;DR)
- Historic SEC ruling: the SEC and CFTC declare that most cryptocurrencies are not securities — a 5-category framework classifies 16 major tokens as “digital commodities”
- Mastercard bets $1.8B: acquisition of BVNK, a stablecoin startup, to connect traditional payments and blockchain — the largest crypto acquisition by a payment network
- Morgan Stanley launches MSBT: the first major US bank to issue a spot Bitcoin ETF under its own name, with Fidelity and Coinbase as co-custodians
- Visa arms AI agents: a CLI tool enables artificial intelligence agents to pay via stablecoins — the dawn of “autonomous commerce”
- Amundi + Spiko in France: Europe’s largest asset manager launches a $100M tokenized fund on Ethereum and Stellar
- Bitcoin below $70,000: surging oil prices and the Fed’s rate hold compress risk assets, BTC drops 8% in one week
The SEC Rewrites the Rules: Most Cryptos Are No Longer Securities
This may be the most important regulatory document in the history of cryptocurrency. On March 17, 2026, the SEC and CFTC jointly published an unprecedented legal framework that classifies crypto assets into 5 categories — and declares that the majority of them are not securities.
The framework distinguishes:
- Digital commodities — assets tied to the operation of a blockchain network. Not securities. 16 tokens are explicitly named: Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, Avalanche, Polkadot, Hedera, Litecoin, Dogecoin, Shiba Inu, Tezos, Bitcoin Cash, Aptos, and Stellar
- Digital collectibles — NFTs and collectible items. Not securities
- Digital utilities — memberships, tickets, credentials. Not securities
- Payment stablecoins — as defined by the GENIUS Act. Not securities
- Digital securities — tokens equivalent to stocks or bonds. The only category regulated as securities
Direct consequence: staking, mining, and airdrops of digital commodities are no longer considered securities transactions. This is a complete reversal from the Gensler doctrine (2023-2024), when the SEC sued dozens of crypto projects. The industry is hailing a historic victory — and institutional markets are already beginning to react.
Mastercard Acquires BVNK for $1.8 Billion
Three days after the SEC framework, Mastercard announced the acquisition of BVNK, a London-based startup specializing in stablecoin infrastructure, for up to $1.8 billion (including $300M contingent on performance targets).
This is the largest crypto acquisition ever made by a traditional payment network. BVNK, founded in 2021, enables sending and receiving stablecoin payments across all major blockchains in over 130 countries. The integration will give Mastercard the ability to directly connect its traditional payment rails to on-chain payments — cross-border transfers, remittances, and B2B payments.
The context speaks volumes: stablecoin payments reached $350 billion in volume in 2025, and total stablecoin market cap exceeds $300 billion. Mastercard is not making a speculative bet — it is buying the infrastructure of a market that is being built in real time.
Morgan Stanley: The First Major Bank to Launch Its Own Bitcoin ETF
Morgan Stanley is making significant strides toward the launch of MSBT, its spot Bitcoin ETF, which will be listed on the NYSE Arca. The SEC filing has been updated with an S-1 amendment detailing the fund’s structure.
What makes this launch significant: Morgan Stanley will be the first major US bank to issue a Bitcoin ETF directly under its own name — not through an asset management subsidiary. The fund will use a dual custody model with Coinbase (cold storage) and Fidelity (supplementary custody), while BNY Mellon will handle administration.
To attract early inflows, Morgan Stanley is offering a fee waiver on the first $5 billion invested for 6 months — an aggressive strategy reminiscent of the fee war between BlackRock and Fidelity during the launch of the first spot ETFs in January 2024.
Visa Bets on Autonomous Commerce: When AI Agents Pay in Crypto
We are leaving traditional finance and entering science fiction territory — except this is real. Visa Crypto Labs has launched Visa CLI, a command-line tool that enables artificial intelligence agents to make autonomous payments via stablecoins.
In practice: an AI agent that needs to pay for a service (API call, subscription, data purchase) can do so without a bank account, without pre-configured credentials — directly on the blockchain. Visa calls it “command line commerce”: a new era where machines transact with each other, without human intervention.
Visa is not alone in this space. Stripe has unveiled its “Machine Payments Protocol” for agent-to-service micropayments, and Crossmint already offers virtual cards for AI agents. Visa estimates that millions of consumers will use AI agents to make purchases by the end of 2026.
The convergence of AI + crypto + payments is creating an entirely new market — and traditional giants are positioning themselves ahead of startups.
Amundi and Spiko: French Tokenization Scales Up
On the European front, Amundi — Europe’s largest asset manager (over 2,200 billion euros in assets under management) — is partnering with Spiko, a French fintech specializing in tokenization, to launch a $100 million tokenized fund on Ethereum and Stellar.
This is not an experiment: it is an operational fund, with shares represented by tokens on the blockchain, accessible to institutional and qualified investors. Spiko, which has obtained its AMF (France’s financial markets authority) license, is establishing itself as a key player in French-built tokenization.
The timing is no coincidence. With the SEC framework clarifying the status of tokens and MiCA imposing its rules across Europe starting July 2026, traditional asset managers are accelerating their blockchain pivot. According to Coinbase, 76% of institutional investors plan to allocate funds to tokenized assets in 2026.
Bitcoin Below $70,000: Macro Pressure Intensifies
Bitcoin slid below $70,000 this week, losing approximately 8% over 7 days. The contributing factors:
- Rising oil prices — strikes on energy infrastructure in the Middle East are driving crude oil prices higher, reviving inflationary fears
- Fed holds steady — the Federal Reserve kept rates unchanged and reduced its rate cut projections for 2026, tightening financial conditions
- ETF outflows — Bitcoin ETFs recorded $164 million in net outflows, breaking a streak of positive inflows
- OG whale sales — a Bitcoin wallet from 2013 sold $72 million in BTC, while Bhutan strategically liquidated its positions (without notable price impact)
Despite this pressure, analysts note that traders are not panicking. Sales are orderly and market structure remains healthy. Bitcoin Magazine highlights that “despite a 47% decline, Bitcoin traders are not selling” — a sign of conviction in the long-term bull cycle. The market is waiting for the next catalyst: a Fed pivot or the approval of new institutional products like MSBT.
In Brief: Other Signals of the Week
- Gemini lays off 30% of its workforce after $585M losses in 2025, despite a 6% post-IPO bump
- Hyperliquid launches the first S&P 500 perpetual contracts on blockchain — a step toward traditional finance on-chain
- SEC approves Nasdaq to trade tokenized securities — a historic opening for blockchain on traditional markets
- Digital euro: the ECB moves to the concrete phase with ATMs and payment terminals
- Netflix reveals the cast of its FTX series — the SBF scandal comes to screens
- Algorand Foundation cuts 25% of its workforce amid the bear market
📚 Glossary
- SEC (Securities and Exchange Commission): The US financial markets regulatory authority. Its March 2026 framework redefines the classification of crypto assets.
- Stablecoin: A cryptocurrency whose value is pegged to a fiat currency (e.g., USDT, USDC pegged to the US dollar). Used for payments and as a store of value in crypto.
- Spot Bitcoin ETF: An exchange-traded fund that holds physical Bitcoin. Allows investors to gain BTC exposure through a traditional brokerage, without managing a wallet or private keys.
- Tokenization: The process of representing a real-world asset (stock, bond, real estate) as a token on the blockchain. Enables fractionalization and 24/7 trading.
- Staking: Locking up crypto to participate in securing a blockchain network (Proof of Stake). Generates yields, now clarified as a non-security by the SEC.
- AI Agent: An autonomous artificial intelligence program capable of performing complex tasks — including payments — without human intervention. Visa and Stripe are developing dedicated infrastructure.
- Bitcoin (BTC): The first and largest cryptocurrency by market cap. Classified as a “digital commodity” by the SEC in March 2026, not subject to securities regulation.
Frequently Asked Questions
What does the SEC’s March 2026 decision on cryptocurrencies mean?
The SEC and CFTC published a framework that classifies crypto assets into 5 categories. 16 major tokens (Bitcoin, Ethereum, Solana, XRP…) are declared “digital commodities” and are no longer subject to securities regulation. Staking, mining, and airdrops are also clarified as non-securities.
Why is Mastercard acquiring BVNK for $1.8 billion?
Mastercard is acquiring BVNK to connect its traditional payment rails to stablecoin payments on the blockchain. Stablecoin payments reached $350 billion in volume in 2025, and Mastercard wants to capture this fast-growing market for cross-border transfers and B2B payments.
What is Morgan Stanley’s MSBT ETF?
MSBT is Morgan Stanley’s upcoming spot Bitcoin ETF, planned for listing on the NYSE Arca. It is the first Bitcoin ETF launched directly by a major US bank under its own name, with Coinbase and Fidelity as co-custodians. A fee waiver is planned for the first $5 billion invested.
How will AI agents use crypto payments?
Visa has launched Visa CLI, a tool that enables artificial intelligence agents to pay for services in stablecoins without a bank account or human intervention. This marks the beginning of “autonomous commerce” where machines transact with each other on the blockchain.
Why did Bitcoin drop below $70,000?
The decline is driven by rising oil prices (strikes in the Middle East), the Fed holding rates steady, $164M in net outflows from Bitcoin ETFs, and sales by long-term whale wallets. Despite the decline, analysts note that traders are not panicking — a sign of conviction in the long-term cycle.
📰 Sources
This article is based on the following sources:
- SEC — Interpretive Release on Crypto Assets – 5-category framework, classification of 16 digital commodities (March 17, 2026)
- CNBC — Mastercard acquires BVNK – $1.8B acquisition for stablecoin payments (March 17, 2026)
- CoinDesk — Morgan Stanley MSBT ETF – Details on the first Bitcoin ETF from a major US bank (March 20, 2026)
- The Defiant — Visa CLI for AI Agent Payments – Visa launches payment tool for AI agents (March 2026)
- Bitcoin Magazine — Morgan Stanley MSBT on NYSE – MSBT ticker confirmed for NYSE Arca (March 2026)
How to cite this article: Fibo Crypto. (2026). The SEC Rewrites the Rules: Most Cryptos Are No Longer Securities. Retrieved March 20, 2026, from https://fibo-crypto.fr
The simplest way to buy, swap and manage your crypto
Join the first users and get priority access. No seed phrase, fees 3.5x lower, built-in DeFi yield.
Get early access →
