Tezos

Stellar

Solana

Mike

The <a href="https://x.com/CFTC" rel="noopener noreferrer nofollow">@CFTC</a> 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.
<cite>CFTC Chairman Mike Selig cited Bitcoin (<a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a>), Ethereum (<a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a>), Solana (<a href="https://x.com/search?q=%24SOL&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$SOL</a>), Stellar (<a href="https://x.com/search?q=%24XLM&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XLM</a>), Tezos (<a href="https://x.com/search?q=%24XTZ&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XTZ</a>), and XRP (<a href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XRP</a>) as examples of "digital commodities."</cite><cite>The announcement comes as the CFTC begins drafting its first formal rules for the cryptocurrency market.</cite>
<h2 id="what-the-digital-commodity-label-means">What the Digital Commodity Label Means</h2>
<cite>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.</cite>
<cite>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.</cite>
<cite>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.</cite> For $XLM and $XRP specifically, this settles longstanding questions about their regulatory standing in the United States.
<h2 id="cftc-takes-sole-jurisdiction-over-spot-and-derivatives-markets">CFTC Takes Sole Jurisdiction Over Spot and Derivatives Markets</h2>
<cite>Sixteen tokens are digital commodities, staking is not a securities transaction, and the CFTC now has jurisdiction over spot markets for these assets.</cite> 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.
<cite>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.</cite>
<cite>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.</cite>
Sources: <a href="https://www.forvismazars.us/forsights/2026/03/sec-cftc-issue-historic-crypto-asset-framework-what-to-know" rel="noopener noreferrer nofollow">Forvis Mazars: SEC &amp; CFTC Issue Historic Crypto Asset Framework</a> <a href="https://news.bitcoin.com/us-regulators-recognize-xrps-non-security-status-in-sec-cftc-landmark-crypto-rules/" rel="noopener noreferrer nofollow">Bitcoin.com News: US Regulators Recognize XRP's Non-Security Status</a> <a href="https://www.ballardspahr.com/insights/alerts-and-articles/2026/03/sec-and-cftc-clarify-when-digital-assets-are-and-are-not-securities" rel="noopener noreferrer nofollow">Ballard Spahr: SEC and CFTC Clarify When Digital Assets Are and Are Not Securities</a>

CFTC Recognizes Stellar and XRP as Digital Commodities

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