SEC and CFTC Classify Solana and Five Major Tokens as Digital Commodities
A joint US regulatory framework places Solana, Bitcoin, Ether, Stellar, Tezos, and XRP outside the securities category while preserving CFTC oversight of spot-market misconduct.
The SEC and CFTC have jointly classified Solana (SOL), Bitcoin, Ether, Stellar, Tezos, and XRP as digital commodities. The designation places the assets on the commodity side of the US regulatory divide, under the primary oversight of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission.
A broader digital-asset framework
The six tokens are part of a group of 16 major digital assets identified in a joint SEC-CFTC interpretive release unveiled on March 17, 2026. The guidance sorted digital assets into five categories:
- Digital commodities
- Digital collectibles
- Digital tools
- Stablecoins
- Digital securities
Under the framework, digital securities are the category generally treated as securities under US law. The agencies used interpretive rules rather than new legislation, clarifying how they understand existing law while Congress remains stalled on comprehensive crypto market-structure legislation.
The release also addressed activities including mining and staking. Its approach is intended to provide a clearer regulatory classification without requiring lawmakers to first enact a new statutory framework.
XRP precedent and continuing oversight
The classification follows the resolution of a long-running legal dispute involving XRP. Appeals in that case were dropped in August 2025, after which regulators concluded that XRP’s programmatic sales do not constitute securities transactions.
Being designated a digital commodity does not remove the assets from regulatory supervision. The guidance preserves the CFTC’s authority over fraud and manipulation in spot markets, and regulators retain the ability to pursue fraudulent conduct across the wider digital-asset sector.
The CFTC is also considering rules for leveraged retail digital-asset trading. Chairman Selig said on October 5, 2026, that the agency intends to advance regulations that could create new frameworks referred to as Regulation CTX and Regulation CAM.
What This Means
For Solana, the designation offers a clearer US regulatory position and may reduce uncertainty over whether the network’s native token falls within securities law. The same classification applies to several of the market’s most established assets, creating a shared commodity framework for major tokens.
The decision is significant but not final in every respect. The assets remain subject to CFTC anti-fraud and anti-manipulation jurisdiction, while the proposed trading rules could add further requirements for market participants. Comprehensive market-structure legislation, including efforts such as the stalled CLARITY Act, would still require congressional action. Agency guidance can also be revisited by future leadership, leaving the longer-term framework subject to change.