SEC order deems XRP and SOL commodities

TLDR

The SEC has approved a Nasdaq Texas rule that treats XRP (XRP) and Solana (SOL) as digital commodities, a major but still interpretive step toward commodity status in US regulation.

1. The order lets Nasdaq Texas classify Bitcoin, Ether, Solana, and XRP as digital commodities and support actively managed crypto ETFs under that framework.
2. This strengthens the case that XRP and SOL are not securities in many contexts, easing ETF design and potentially reducing SEC enforcement uncertainty, but it does not replace future legislation.
3. The next big test is the CLARITY Act vote, which could turn this commodity treatment into formal law and lock in how regulators share oversight of these assets.

Deep Dive

1. What The SEC Order Actually Does

According to reporting on Order No. 34-106268, the SEC approved a Nasdaq Texas rule that allows the exchange to classify Bitcoin, Ether, Solana, and XRP as digital commodities for listing and ETF purposes. This order also permits certain actively managed crypto ETFs to hold up to 15 percent of net asset value in assets that do not meet strict listing criteria, under the same digital commodity umbrella. The move builds on a joint SEC and CFTC interpretation from March 2026 that listed BTC, ETH, SOL, XRP and several other large-cap tokens as commodities rather than securities in that framework.

2. Why Commodity Treatment Matters For XRP And SOL

Commodity framing pushes XRP and SOL toward CFTC-style oversight for spot markets and makes it easier for exchanges and issuers to structure ETFs and other regulated products around them. The order supports existing and planned XRP and SOL ETFs, which already saw sustained inflows and growing assets under management, by clarifying that these products can be built on digital commodities rather than on disputed securities classifications. For holders, this reduces the probability that new SEC actions will suddenly claim these assets are unregistered securities, though it does not eliminate all legal risk.

3. What Is Still Unsettled And What To Watch

The SEC order is interpretive and exchange-specific, not a full statutory definition across all US law. Broader clarity depends on the CLARITY Act, a federal bill that would formally split digital asset oversight between the SEC and CFTC and codify which tokens are securities and which are commodities, including a process for networks to seek commodity treatment. The Senate faces a cloture vote on the CLARITY Act that needs 60 votes, and law enforcement and political debates on stablecoins, DeFi and ethics rules remain active. Until that passes, XRP and SOL enjoy a strong regulatory signal, but not an unchangeable legal status.

Conclusion

The SECs Nasdaq Texas order is a meaningful milestone that places XRP and Solana in the same regulatory bucket as Bitcoin and Ether for key exchange and ETF decisions. For crypto users and issuers, this lowers near term uncertainty around product design and enforcement risk but does not fully settle their status across all US law. The real inflection point will come if Congress passes comprehensive legislation like the CLARITY Act, which could lock this commodity treatment into statute and reshape US crypto market structure for the long term.