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XTZ The CFTC and the SEC jointly define six major cryptocurrencies as "digital commodities", ending long-term regulatory uncertainty
The U.S. Commodity Futures Trading Commission (CFTC) has publicly confirmed that six cryptocurrencies are recognized as "digital commodities" based on the joint market classification standards jointly developed by it and the Securities and Exchange Commission (SEC). The move removes years of legal uncertainty around some of the industry's most actively traded assets.
CFTC Chairman Mike Selig listed Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Stellar (XLM), Tezos (XTZ) and Ripple (XRP) as examples of "digital goods." The announcement comes as the CFTC begins drafting formal rules for the cryptocurrency market.
What the "digital goods" label means
Unlike previous practices that relied mainly on law enforcement actions, the new interpretation focuses on how crypto assets operate and their source of value. The so-called "digital goods" mean that their value is mainly driven by the functions of the underlying network and market supply and demand forces, rather than relying on the efforts of management.
On March 17, 2026, the SEC and the CFTC issued a landmark joint explanatory document, establishing the first formal classification framework for crypto assets under federal securities laws and commodity laws. After more than a decade of regulatory ambiguity, the guidelines more clearly define which digital assets fall into the category of securities.
The interpretation formally adopts the position that the court has always held: crypto assets are not securities themselves; the correct unit of analysis is the transaction itself. For XLM and XRP, this resolved a long-standing dispute over their U.S. regulatory status.
The CFTC has exclusive jurisdiction over the spot and derivatives markets
A total of sixteen tokens are recognized as digital commodities, pledge is not considered securities transactions, and the CFTC now has jurisdiction over the spot market for these assets. This clarity of jurisdiction is significant: it means that exchanges that list spot or derivatives products for the six above assets (BTC, ETH, SOL, XLM, XRP, XTZ) will now only have to face a single major regulator, rather than having to deal with overlapping regulatory oversight from the SEC and the CFTC.
The chairman of the CFTC stated that the agency plans to distinguish between different activity types and asset classes, rather than grouping the entire cryptocurrency market into a single category. The CFTC's approach is based on classifying different activities within the crypto ecosystem based on function.
The CFTC has explicitly adopted the SEC's framework and confirmed that many non-securities crypto assets will be treated as commodities subject to its anti-fraud and anti-manipulation powers. The CFTC views the joint interpretation as a step towards a more coherent approach to federal regulation and said it is open to future congressional action on broader market structure legislation.
