SEC calls BTC ETH SOL XRP commodities

TLDR

SEC has approved an order letting Nasdaq Texas treat Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP (XRP) as digital commodities, a major step toward clearer US crypto classification.

1. The SECs Order No. 34-106268 authorizes Nasdaq Texas to classify BTC, ETH, SOL, and XRP as digital commodities and support actively managed crypto ETFs holding them.
2. This builds on joint SEC and CFTC guidance that already treated several large tokens as commodities, while stablecoins are separately carved out by the GENIUS Act.
3. True legal clarity still depends on the CLARITY Act, which would formally split crypto oversight between SEC and CFTC; its Senate vote is a key next milestone.

Deep Dive

1. What The SEC Just Did

On 4 September 2026, the SEC issued Order No. 34-106268 allowing Nasdaq Texas to classify Bitcoin, Ether, Solana, and XRP as digital commodities for its products and listings, including crypto ETFs that meet specific criteria, according to a recent market report about the order. That same report notes a prior joint SEC and CFTC interpretation from March 2026 that already identified BTC, ETH, SOL, XRP and several other large caps as commodities under existing law, reinforcing this treatment.

This order is specific to Nasdaq Texas and to digital commodities in the SECs framework. It does not turn every token into a commodity, but it does show the Commission is comfortable treating these four as commodity-like assets rather than securities in this context.

2. Why It Matters For Crypto Users

Recognizing BTC, ETH, SOL, and XRP as digital commodities gives them a clearer regulatory lane for spot markets, futures, and ETFs, and reduces the risk that holding these assets is later recharacterized as dealing in unregistered securities. The same broader environment also includes the GENIUS Act, which explicitly defines payment stablecoins and excludes them from securities and commodities status, placing them in a separate narrow-banking category.

For traders and builders, this means the biggest base layer assets plus XRP now sit closer to commodities like gold or oil in the US rulebook, while stablecoins and many smaller tokens still face more uncertain treatment.

3. What To Watch Next

Regulatory clarity is still incomplete. The CLARITY Act now heading toward a Senate cloture vote would formally define which digital assets are securities, commodities, or stablecoins and would grant the CFTC exclusive jurisdiction over digital commodity spot markets, per detailed policy coverage of the bill. If passed, it would codify and extend what the SEC order has started, turning interpretive guidance into statute.

If the CLARITY Act stalls, the market will continue to rely on case-by-case SEC orders and joint interpretations, which leaves many tokens in a grey zone and keeps enforcement risk alive outside the small group already treated as commodities.

Conclusion

Treating Bitcoin, Ethereum, Solana, and XRP as digital commodities is a significant regulatory upgrade for these networks and for the ETF ecosystem around them. The real inflection point, however, is whether Congress passes the CLARITY Act and locks commodity status into law, which would widen and stabilize institutional access to crypto while leaving more speculative tokens and complex stablecoin structures under closer scrutiny.