The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have jointly introduced a new "Token Classification Framework" that categorizes crypto assets into five types: digital commodities, collectibles, utilities, stablecoins, and securities. Mainstream tokens such as Bitcoin, Ethereum, Ripple, and Dogecoin have been explicitly classified as digital commodities, meaning they are not considered securities by default. This provides long-awaited regulatory clarity for exchanges and core network activities such as mining and staking. However, tokens sold as investment contracts may still be considered securities, while compliant stablecoins are typically viewed as non-securities. The framework aims to create a more predictable environment that is expected to attract institutional capital and reposition the United States as a competitive hub for crypto innovation.