The Digital Chamber, the global blockchain industry trade association, has formally responded to a recent joint interpretive statement issued by the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). In a detailed comment letter submitted on Monday, the organization outlined targeted recommendations aimed at refining how federal securities regulations apply to digital assets and blockchain-based transactions.
The submission underscores the industry’s desire for a more practical and predictable regulatory environment that better reflects real-world market dynamics. At the center of the Chamber’s feedback is a push for greater transparency around the concept of an “investment contract.”
1/ On Monday, we submitted a comment letter to @SECGov and @CFTC. We responded to their joint interpretation of federal securities laws and its impact on certain crypto assets and transactions. 🧵⬇️ pic.twitter.com/L3OjNLqdQc
— The Digital Chamber (@DigitalChamber) April 30, 2026
The group argues that expanding and clarifying the boundaries of this legal test would help align the agencies’ framework with the coherent, market-driven standards that participants urgently need.
By doing so, regulators could reduce uncertainty and foster continued innovation in the digital asset space without compromising investor protections.
A key area of concern involves certainty for independent market players and token issuers.
Third-party buyers and traders require clear, objective criteria to determine whether any specific token qualifies as part of an investment contract.
Likewise, issuers need reliable ways to confirm when such a contract has ended—either because the original promises have been fully delivered or because those commitments have been explicitly abandoned.
Without this assurance, ongoing compliance becomes unnecessarily complex and risks stifling legitimate activity. The letter also addresses challenges facing decentralized protocols.
While the SEC has provided an objective definition of decentralization, its evaluation of the separation between issuers and networks often relies on subjective judgment.
The Chamber requests explicit guidance on how these two approaches should interact when they appear to conflict, ensuring protocols can operate with confidence under a single, consistent standard.
Post-sale communications represent another critical gap identified in the current interpretation.
Routine updates about network development and progress are common in the blockchain ecosystem, yet the guidance does not clearly separate them from statements that might revive expectations of managerial efforts by issuers or promoters.
The Digital Chamber recommends creating a regulatory safe harbor to protect ordinary, transparent communications while still guarding against any renewed reliance that could re-trigger securities obligations.
In closing, the organization commended both the SEC and CFTC for their sustained commitment to building a transparent and workable regulatory structure for the US digital asset industry.
The full text of the comment letter is now publicly available through the SEC’s comment portal, offering stakeholders detailed insight into the industry’s perspective and proposed refinements.
This submission arrives at a pivotal moment as regulators and market participants continue shaping the future of crypto oversight. By focusing on practical improvements rather than broad opposition, the Digital Chamber aims to support a balanced framework that encourages responsible growth, protects investors, and positions the United States as a key player in blockchain and digital assets innovation.