In a landmark move, U.S. regulators have issued joint guidance classifying many leading cryptocurrencies as “digital commodities” rather than securities.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) now explicitly recognise 16 major crypto assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), XRP, Dogecoin (DOGE), Litecoin (LTC), Chainlink (LINK), Shiba Inu (SHIB), Polkadot (DOT), and Aptos (APT), as digital commodities under the CFTC’s primary oversight.
The guidance, released on 17–18 March 2026, marks a major policy shift after years of enforcement-first scrutiny. It introduces a new taxonomy for digital assets, categorising them as digital commodities, digital tools, digital collectables, stablecoins, or digital securities, with only the latter treated as securities.
Tokenised stocks, bonds, and funds remain subject to securities rules. However, the framework clarifies that most protocol and payment-style tokens, NFTs, and many stablecoins are not securities, reducing legal uncertainty around trading, staking, and airdrops.
“For the named large caps, the default assumption in the United States is now ‘commodity-style token’ rather than ‘unregistered security,’” the guidance states. This effectively shifts day-to-day oversight of these assets to the CFTC and lowers the risk that standard spot trading constitutes an unregistered securities transaction.
The guidance also notes that activities such as protocol mining, staking rewards, and certain airdrops are not automatically considered securities transactions. A token initially associated with an investment contract may later “graduate” into a non-security commodity once the issuer fulfils its core promises.
For exchanges, brokers and custodians, this makes listing and supporting the largest assets more straightforward, though firms must continue to monitor token marketing and usage.
The framework is interpretive and not statutory law. Future court challenges, SEC and CFTC leadership changes, or legislation such as the pending Clarity Act could modify or codify this classification.
While the guidance covers only 16 large-cap tokens, thousands of mid- and small-cap digital assets will still be evaluated individually based on structure, decentralisation, and marketing. Tokens resembling fundraising schemes with strong profit promises may still be treated as securities.
In summary, regulators have drawn a clearer line between protocol tokens and tokenised securities, granting blue-chip cryptocurrencies commodity status and shifting oversight largely to the CFTC. While this reduces legal overhang for the largest coins, the final framework for smaller tokens remains subject to regulatory review and future legislative action.
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