TokenCheck

About TokenCheck

What is TokenCheck?

TokenCheck is a free educational tool that helps crypto founders understand how their token may be classified under the SEC and CFTC's March 17, 2026 joint interpretive release (Release No. 33-11412). It walks you through a structured questionnaire and produces a classification with plain-English explanations, legal citations, and practical next steps.

How the questionnaire works

You answer up to ten questions about your token's function, marketing, governance, distribution, and economics. The tool uses branching logic based on the joint release's five-category taxonomy: Digital Commodity, Digital Collectible, Digital Tool, Payment Stablecoin, and Digital Security. Some paths end early when your answers clearly point to a category; others continue through additional questions before a final classification is calculated.

When applicable, TokenCheck flags whether your initial token offering may have been conducted as an investment contract under the Howey test, even if your token's current classification is otherwise favorable.

Legal notice

TokenCheck is an educational tool only. It is not legal advice and does not create an attorney-client relationship. The output of this tool is based on publicly available guidance from the SEC and CFTC and is intended to help founders understand the general regulatory landscape. Token classification is a highly fact-specific legal analysis. Your token's classification depends on the specific details of how it is structured, marketed, sold, and used, and those facts can change the analysis significantly. You should consult a qualified crypto securities attorney before making any decisions about your token. The regulatory framework described here is based on the SEC and CFTC Joint Interpretive Release of March 17, 2026 and may change as final Reg Crypto rules are published. Nothing on this site should be relied upon as legal, financial, or investment advice.

Sources

  • SEC and CFTC Joint Interpretive Release, Release No. 33-11412, March 17, 2026
  • SEC Chair Paul Atkins, Remarks at DC Blockchain Summit, March 17, 2026
  • SEC v. W.J. Howey Co., 328 U.S. 293 (1946)
  • CFTC Commodity Exchange Act, 7 U.S.C. § 1 et seq.
  • Digital Asset Market Clarity Act of 2025, H.R. 3633
  • Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), signed July 18, 2025
  • GENIUS Act, Section 3, limitation on who may issue a payment stablecoin
  • GENIUS Act, Section 4, reserve requirements
  • OCC Notice of Proposed Rulemaking, Bulletin 2026-3, February 25, 2026
  • Securities Act of 1933, Section 5, registration requirement
  • Securities Exchange Act of 1934
  • Regulation D, 17 C.F.R. § 230.506
  • Regulation Crowdfunding, 17 C.F.R. § 227
  • Regulation A, 17 C.F.R. § 230.251 et seq.