On March 17, 2026, at the DC Blockchain Summit, the Chairs of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) stood side by side to announce something that the sports blockchain space has been building toward for years. The joint guidance they released, titled Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets is not just a regulatory document. For Chiliz, for Socios.com, and for the broader Fan Token ecosystem, it is a watershed moment. After more than five years of advocacy, education, and deliberate engagement with U.S. regulators, we have received formal, public clarity. Fan Tokens are digital collectibles and digital tools.
This is not a staff opinion or an informal signal. This is final, binding guidance issued jointly by the two most powerful financial regulatory bodies in the United States. Socios.com and Fan Tokens, both Chiliz owned trademarks, are named explicitly in the document, on pages 16 and 17, as concrete examples of the asset categories the framework defines. Let that sink in for a moment.
What the Guidance Actually Says
The joint framework classifies all crypto assets into five distinct categories based on their characteristics, uses, and functions: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
Fan Tokens sit across two of those categories. The guidance specifically notes that Fan Tokens have hybrid characteristics, placing them within the Digital Collectibles category (Category II) and the Digital Tools category (Category III).
A digital collectible, as defined by the guidance, is a crypto asset designed to be collected and/or used that may represent rights to artwork, music, videos, trading cards, in-game items, or digital representations of trends and cultural moments. Like physical collectibles, their value is driven by supply and demand, subject matter, popularity, and scarcity. Buying a Fan Token to access experiences, express loyalty, and engage with a team is, the document makes clear, fundamentally different from investing in a company.
A digital tool, meanwhile, performs a practical function; a membership, a credential, a ticket, an identity badge. Tools derive their value from functional utility, not from any expectation of profit from the efforts of others. Fan Tokens, when used to unlock voting rights, exclusive content, and behind the scenes experiences, embody exactly that, they are utility instruments that empower fans.
The guidance is unambiguous on the legal consequences of these classifications. There is still legislation to come, and the long-awaited Clarity Act will, in time, build on this foundation. But with this joint guidance, the SEC and CFTC have already delivered a detailed and thoughtful framework that provides far greater certainty. For all stakeholders,from builders like us to potential partners such as U.S. major league teams – it creates the confidence to innovate and develop in this space, unlocking new ways to engage fans.
Why This Moment Took Years to Arrive and Why That Matters
For anyone who has followed Chiliz closely, this outcome did not happen overnight. It is the product of over five years of sustained, principled engagement with U.S. government commissions, regulators, and trading groups. Chiliz pursued this path the right way through education, transparency, and open dialogue with the SEC itself, alongside the lobbying arms of major U.S. sports leagues who understood the transformative potential Fan Tokens hold for fan engagement and new revenue streams.
This approach was deliberate. The sports blockchain space that Chiliz created could have taken shortcuts. It could have operated in grey zones, made aggressive legal arguments, or simply avoided the U.S. market altogether. Instead, Chiliz chose the harder path; building real relationships with regulators, explaining the asset class in good faith, and waiting for the framework to catch up with the innovation.
The decision paid off in the most meaningful way possible. When the SEC and CFTC sat down to explain what a digital collectible is to the entire crypto industry, they pointed to Socios.com and Fan Tokens. That is a recognition not just of a product, but of an entire asset class that Chiliz created and has led globally since day one.
As Alexandre Dreyfus, CEO of The Chiliz Group, put it: “We are honoured to be featured in this joint guidance. This is the seminal moment we have been waiting for to launch both international and U.S. team fan tokens. It represents a major opportunity for U.S. sports teams to embrace digital assets as a way to engage global audiences and build sustainable, long-term revenue streams.“
The Regulatory Architecture Behind the Decision
To understand how significant this guidance is, it helps to understand its origins. The SEC has been engaging with the crypto asset market for over a decade, mostly through enforcement actions and an approach critics labeled “regulation by enforcement.”
Beginning in early 2025, the SEC established a Crypto Task Force with an explicit mandate to draw clear regulatory lines and distinguish securities from non-securities. The Task Force held roundtables, gathered over 300 written submissions from issuers, investors, legal professionals, academics, and market participants, and worked alongside a Presidential Working Group that in July 2025 issued a report recommending that both the SEC and CFTC use their existing authorities to provide comprehensive regulatory clarity. In January 2026, SEC Chairman Paul S. Atkins and CFTC Chairman Michael S. Selig announced that Project Crypto, previously an SEC-led initiative would proceed as a joint effort between both agencies.
The result is the guidance released on March 17, 2026. A coherent, final, public framework that classifies the full spectrum of crypto assets and gives the market the certainty it has needed for years. The fact that this guidance is joint, issued simultaneously by both the SEC and the CFTC, means it covers the waterfront. It is not subject to jurisdictional gaps or competing interpretations. It provides Chiliz with comfort from both agencies to operate its tokenization business in the United States.
What This Means for U.S. Sports Teams and Leagues
The implications for American sports are significant. U.S. sports franchises have watched their international counterparts partner with Socios.com and launch Fan Token programs for years. Teams in European football have built new revenue streams, deepened fan relationships across global audiences, and experimented with novel forms of digital engagement – all powered by Fan Tokens. American teams have largely been on the sidelines, not for lack of interest, but because of regulatory ambiguity.
Today, U.S. sports organizations can approach Fan Token programs with the same confidence their international counterparts have had for years. A club can offer its supporters a digital collectible that grants access to exclusive polls, merchandise discounts, VIP experiences, and identity as a verified fan – without fear that doing so crosses into securities territory. The Fan Token is the digital evolution of the fan loyalty program: a membership card, a collectible, and a community credential all in one.
For leagues dealing with the challenge of engaging younger, more globally distributed fan bases, this matters deeply. The future fan does not just watch a game – they participate in the ecosystem around a team, engage on-chain, and derive genuine value from digital assets that reflect their passion. Fan Tokens are the infrastructure for that future. And now, in America, that infrastructure is legally clear.
Building in America
The United States is the largest sports market in the world. American fans are among the most passionate and most digitally engaged anywhere on earth. For Chiliz, the SEC-CFTC guidance does not just open a door, it opens the door to the most consequential market we have not yet fully entered.
The vision articulated in Chiliz 2030, a future where sports franchises, their fans, and the digital economy are seamlessly connected through blockchain infrastructure is no longer constrained by regulatory uncertainty in the U.S. The framework is in place. The asset class has been recognized. The trademarks are named.
For sports organizations that have been waiting to explore Fan Tokens, the conversation can begin today. For fans who have followed their international counterparts onto Socios.com and wondered when their club would join, the answer is now. For the builders, developers, and innovators working on the Chiliz ecosystem, the American market is open.
This moment is the product of patient, principled work. It belongs to everyone who believed that doing things the right way, the honest way, the transparent way, the hard way, would eventually be recognized. The SEC and CFTC have recognized it. The landmark joint guidance is the proof.
Let’s start building in America.
