US Regulators Define Bitcoin and XRP as Digital Commodities

In the ongoing discussion regarding cryptocurrency regulations in the US, a new framework for Bitcoin and XRP has become clearer. The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) listed assets such as Bitcoin, Ether, XRP, Solana, and Dogecoin as examples of digital commodities rather than securities in a joint statement released in March 2026.

The Nature of the Asset and the Oversight of Transactions Fall into Different Areas

This classification provides a stronger clarity regarding the nature of these crypto assets. However, not every transaction of Bitcoin or XRP in the spot market automatically falls under the direct and comprehensive oversight of the CFTC. The current structure in the US focuses more on how the asset is sold and in what financial product it is presented, rather than what the asset is.

The SEC primarily oversees stocks, bonds, investment contracts, securities exchanges, broker-dealers, and investment advisors. Therefore, when a crypto asset has the characteristics of a security or is presented as part of an investment contract, SEC rules can come into play. The CFTC regulates derivative markets, including commodity-based futures, options, and swap contracts.

The classification of Bitcoin as a digital commodity does not mean that every transaction in the spot market is comprehensively overseen by the CFTC.

This distinction is particularly prominent for Bitcoin. While Bitcoin futures contracts clearly fall under the jurisdiction of the CFTC, there is not the same broad oversight authority for spot Bitcoin transactions. The CFTC acts more in a punitive manner when violations such as fraud and market manipulation arise in spot commodity markets under the current legal framework.

Court Ruling Provided Additional Legal Basis for XRP

On the XRP side, the regulatory landscape has also been influenced by the judicial process. The Ripple case concluded with both parties withdrawing their appeals in August 2025. The ruling was based on the determination that Ripple's programmatic sales of XRP on exchanges did not constitute unregistered securities transactions, while some direct institutional sales were found to be subject to securities regulations.

This situation demonstrates that the same token does not necessarily lead to the same legal outcome under all circumstances. While XRP itself is evaluated as a digital commodity, the SEC's authority may still come into play depending on the structure of an investment arrangement or financial product linked to XRP.

The fact that a token is not considered a security does not mean that every transaction associated with that token falls outside of securities law.

Permanent Framework for the Spot Market Still Dependent on Legislative Process

The situation appears more complex for cryptocurrency exchanges. If a platform lists assets that have the characteristics of securities, SEC rules can be applied. If it offers regulated commodity derivatives, CFTC rules come into play. However, platforms that only offer spot transactions for digital commodities that are not considered securities, such as Bitcoin or XRP, continue to operate in the gray area that Congress has long been trying to clarify.

Although the SEC and CFTC have been working more closely recently, the guidelines published by the agencies do not replace a permanent market structure law. The CLARITY Act, which aims to more clearly define under what conditions digital assets are considered securities or commodities and how trading platforms will be regulated at the federal level, has not yet completed the critical stage in the Senate as of September 2026.

Therefore, the fundamental discussion in the US is less about which authority each individual cryptocurrency belongs to and more about which authority will oversee each type of transaction and each trading platform. Until Congress establishes a permanent market structure framework, the acceptance of Bitcoin and XRP as digital commodities alone will not answer all regulatory questions.