#1
★ Gold
The SEC and CFTC released 68 pages of joint interpretive guidance on March 19–24, establishing a five-category token taxonomy that formally classifies compliant payment stablecoins, digital commodities, and 'digital tools' as non-securities. The agencies signed a Memorandum of Understanding to coordinate oversight, reduce jurisdictional conflicts, and conduct joint rulemaking on product definitions, clearing, margin, and trade reporting. Mining, staking, and airdrops are also clarified as non-securities transactions. The guidance explicitly excludes 'payment stablecoins issued by a permitted payment stablecoin issuer' under the GENIUS Act from the securities perimeter.
#2
★ Gold
The Senate Banking Committee released draft text for the CLARITY Act's stablecoin yield compromise on March 24, banning passive yield and interest-like rewards on stablecoin balances while permitting activity-based rewards tied to transactions, loyalty programs, and platform usage. Any stablecoin offering systematic returns on collateral would be classified as a 'Yield-Bearing Security' requiring SEC registration under the Investment Company Act of 1940, with a Safe Harbor only for Qualified Institutional Buyers. The SEC, CFTC, and Treasury Department are directed to jointly define permissible rewards and anti-evasion rules within 12 months. Senate markup is targeted for April 2026.
#8
★ Silver
Delaware Governor Matt Meyer and State Senator Spiros Mantzavinos introduced Senate Bill 19 on March 24, creating a licensing framework for stablecoin issuers under Delaware banking law. The bill borrows heavily from federal GENIUS Act provisions, prohibits interest/yield on stablecoins in line with federal requirements, and aims to position Delaware as a crypto regulatory hub competing with Wyoming. The governor framed the move as comparable to the 1980s credit card reforms that built Delaware's financial services dominance.