Recent changes in cryptocurrency regulations in the US have been mainly in regards to 4 different aspects–cryptocurrencies as actual currency, securities, commodities, and taxation–based on the coins' different attributes. The SEC has recently stated that if tokens represent equity in a company, they are securities, and need to follow all laws regarding marketing and sales. This joins an ever-increasing patchwork of state laws and federal regulations on cryptocurrencies, including a 2014 opinion by the IRS that tokens need to be treated as property (though a bill currently being considered in Congress would exempt transactions under $600). Overall, as state and federal regulations become clearer about how to treat cryptocurrencies, and confidence and certainty in these tokens grows, it should usher in a period of increased innovation.