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- The US SEC and CFTC have issued a joint interpretation of securities laws, declaring BTC, SOL, LINK, XRP, ETH, ADA, and more to be digital commodities.
- The landmark ruling failed to trigger a price rally, with DOGE, AVAX, XLM and ALGO dipping despite being exempted.
The US Securities and Exchange Commission (SEC) has issued guidance on how securities laws apply to dozens of cryptocurrencies, clearing BTC, ETH, XRP, ADA, LINK, SOL and more as digital commodities.
The Commodity Futures Trading Commission (CFTC) joined the issuance, offering its interpretation from a commodities perspective. The two classify crypto into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. The first three are not securities, while stablecoins will be judged individually depending on their characteristics.
In one of the most important rulings, the two agencies outlined digital commodities as “crypto assets that are intrinsically linked to and derives its value from the programmatic operation of a crypto system that is functional, as well as supply and demand dynamics, rather than from the expectation of profits from the essential managerial efforts of others.”
The guidance gave examples of crypto assets that fall under digital commodities, exempting them from securities laws. These include BTC, ETH, XRP, SOL, LINK, DOGE, XTZ, LTC, HBAR and APT.
Many of these projects welcomed the new guidance, which they say marks a landmark moment for the entire industry. Chainlink stated that the guidance “provides a clear legal framework for the institutional adoption of digital assets.” Aptos added that the release “brings needed clarity to everyone building in, investing in, and participating in the Aptos ecosystem.”
BREAKING: The SEC has formally classified SOL as a digital commodity in its new crypto asset taxonomy, alongside BTC, ETH, and 14 other assets.
SOL is not a security. pic.twitter.com/PnqpT46NdT
— Solana (@solana) March 17, 2026
Trump’s Pro-Crypto SEC’s Most Important Crypto Ruling
Hedera joined the list of crypto projects praising the SEC’s decision, noting that the ‘meaningful’ guidance from the agency will support innovation for the future digital economy.
Several other crypto industry leaders lauded the decision. Stuart Alderoty, the chief legal officer at Ripple, said the company always knew XRP was not a security and is grateful to the regulator for the new clarity. Ripple has faced the highest consequences of vague regulations, with the SEC under Gary Gensler dragging it through the courts for years over security violations. As we reported, Ripple emerged victorious.
Former CFTC Commissioner Caroline Pham, ShapeShift founder Erick Voorhees, EasyA founder Phil Kwok, and ex-CoinShares chief strategy officer Meltem Demirors, also welcomed the new guidance.
Paul Atkins, the SEC chair, said the guidance proves the agency is “not the securities and everything commission anymore.”
Our interpretation on crypto assets—grounded in existing law and informed by extensive public input—acknowledges what the former administration refused to recognize…
Most crypto assets are not themselves securities.pic.twitter.com/fbHan0vmmb
— Paul Atkins (@SECPaulSAtkins) March 17, 2026
He added:
The interpretation then clarifies that only one crypto asset class remains subject to securities laws, namely digital securities, which are traditional securities in new technology. This distinction returns the SEC to its core mission and statutory authority of protecting investors involved in securities transactions.
Despite the landmark ruling, the crypto market has yet to recover. Bitcoin gained slightly in the past day but still failed to breach the $75,000 mark, with volume dropping 35% to $36 billion. BTC trades just above $74,000 at press time.
Algorand, DOGE, Stellar and Avalanche, which were all mentioned by the SEC as digital commodities, dipped in the past day.
