The @CFTC has publicly identified six cryptocurrencies as digital commodities under the joint market taxonomy it developed with the SEC, a move that removes years of legal uncertainty for some of the industry's most widely traded assets.

CFTC Chairman Mike Selig cited Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), Stellar ($XLM), Tezos ($XTZ), and XRP ($XRP) as examples of "digital commodities." The announcement comes as the CFTC begins drafting its first formal rules for the cryptocurrency market.

What the Digital Commodity Label Means

Unlike prior approaches that leaned heavily on enforcement actions, the updated interpretation centers on how a crypto asset operates and where its value originates. A digital commodity is described as an asset whose value is driven by the functioning of its underlying network and market supply-and-demand forces rather than reliance on managerial efforts.

The SEC and CFTC issued a landmark joint interpretation on March 17, 2026, establishing the agencies' first formal classification framework for crypto assets under federal securities and commodities law. After more than a decade of regulatory ambiguity, this guidance provides greater clarity on which digital assets are securities.

The interpretation formally adopts the position that courts have consistently held: a crypto asset is not itself a security; rather, the transaction is the proper unit of analysis. For $XLM and $XRP specifically, this settles longstanding questions about their regulatory standing in the United States.

CFTC Takes Sole Jurisdiction Over Spot and Derivatives Markets

Sixteen tokens are digital commodities, staking is not a securities transaction, and the CFTC now has jurisdiction over spot markets for these assets. That jurisdictional clarity is significant: it means exchanges listing spot or derivatives products for $BTC, $ETH, $SOL, $XLM, $XRP, and $XTZ now have a single primary regulator to answer to, rather than navigating overlapping SEC and CFTC oversight.

The CFTC Chair stated that the institution plans to differentiate between various activities and asset types, rather than classifying the entire crypto market under a single category. The CFTC's approach is based on classifying different activities within the crypto ecosystem according to their function.

The CFTC explicitly embraces the SEC's framework and confirms that many non-security crypto assets will be treated as commodities subject to its anti-fraud and anti-manipulation authority. The CFTC frames the joint interpretation as a step toward a more coherent federal approach and signals openness to future Congressional action on broader market-structure legislation.

Sources:
Forvis Mazars: SEC & CFTC Issue Historic Crypto Asset Framework
Bitcoin.com News: US Regulators Recognize XRP's Non-Security Status
Ballard Spahr: SEC and CFTC Clarify When Digital Assets Are and Are Not Securities