SEC guidance signals many tokens are commodities

TLDR

The SECs new token guidance, issued with the CFTC, explicitly treats many major crypto assets as digital commodities rather than securities in the United States.

1. The SEC and CFTC published a joint token taxonomy that says most crypto assets are not themselves securities and classifies many L1s as digital commodities.
2. Securities rules still apply to digital securities and to token sales that function as investment contracts, but spot trading of many large tokens moves closer to commodities-style oversight.
3. The framework is interpretive and still evolving, so upcoming Congressional bills and follow?on rules will determine how durable this commodity view is and how it applies token by token.

Deep Dive

1. What The New Guidance Actually Says

On 17 March 2026, the SEC, together with the CFTC, released a formal interpretation that divides crypto assets into categories such as digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. In this framework, SEC Chair Paul Atkins emphasized that most crypto assets are not themselves securities and highlighted that earlier leadership did not formally recognize this view, as summarized by several outlets including CoinDesks taxonomy report.

The guidance and related coverage state that assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, Cardano (ADA), and Avalanche (AVAX) are treated as digital commodities whose value comes from decentralized protocols, not from a central issuer, aligning SEC and CFTC treatment of these names.

2. How Classification Changes For Tokens And Venues

Under the new taxonomy, only digital securities fall squarely under SEC securities rules, while digital commodities and similar categories are overseen primarily as commodities, with the CFTC applying the Commodity Exchange Act in line with this framework. Analysts note that this reduces the risk of regulation by enforcement for many network tokens by clarifying that the asset itself is usually not a security, even though certain fundraising transactions can still be investment contracts.

The interpretation also addresses previously gray areas such as staking, airdrops, mining rewards, and wrapping, outlining when these activities intersect with securities law, as detailed in recent coverage.

3. What Is Still Unclear And What To Watch

The SECs move is an interpretive guidance, not a full statute, and reporting notes that its permanence depends on future rulemaking and legislation such as the CLARITY or GENIUS market?structure bills now moving through Congress. Commentators stress that the phrase most crypto assets are not securities is a strong policy signal, but each tokens status still depends on facts about decentralization, marketing, and profit expectations, as highlighted in regulatory analyses of the joint guidance.

Market participants are watching for: 1) formal rulemakings that codify this taxonomy, 2) how exchanges adjust listings and disclosures under the commodity view, and 3) whether enforcement cases against past ICO?style offerings are narrowed or reinterpreted.

Conclusion

The new SECCFTC guidance marks a major shift away from treating nearly all tokens as securities, positioning many large-cap assets as digital commodities while reserving securities law for true digital securities and certain offerings. For users and builders, it lowers some legal overhang but does not eliminate case-by-case analysis, so the real test will be how Congress and future rulemaking lock these interpretations into a durable, token?specific regime.