On March 24, the U.S. Commodity Futures Trading Commission (CFTC) said Chairman Michael S. Selig created an Innovation Task Force to help define oversight for new products emerging in U.S. derivatives markets. The agency said the initiative will focus on building a clearer framework for innovators working on crypto assets and blockchain, artificial intelligence and autonomous systems, and prediction markets and event contracts. The CFTC also pointed to cross-agency coordination, including a March 17 joint interpretation with the SEC on applying federal securities laws to certain crypto assets and related activities such as staking, airdrops, and protocol mining.

SEC Chairman Paul S. Atkins said on March 24 in New York that the agency is sharpening how it determines when a token falls under federal securities laws. He described a five-category model—four categories deemed not to be securities—and said the approach is meant to clarify when fundraising around a crypto asset can trigger securities compliance obligations.