US bill would classify Bitcoin, Ethereum, XRP and Solana as digital commodities
A US bill would classify Bitcoin, Ethereum, XRP, and Solana as “digital commodities,” reviving a debate over US crypto oversight and market structure. The proposal aims to clarify how federal agencies supervise exchanges, issuers, brokers, and investors, using a category system that separates securities from digital commodities.
The draft’s key point is that major tokens could receive a commodity-style framework, with non-securities treatment suggested for activities such as mining, staking, airdrops, and wrapping. The bill also frames oversight around a broader taxonomy that sorts tokens based on how they are created, sold, and used over time, targeting the long-running fight over what counts as a securities transaction in crypto markets.
Regulator roles remain central. The proposal outlines two legal paths: securities law under the SEC with broader oversight, or commodity treatment under a more limited CFTC role. Supporters argue Bitcoin and Ethereum have historically fit commodity-like logic, while other tokens have faced tougher questions when early sales were linked to network development or when buyers expected profit from ongoing work by an identifiable party. The XRP dispute is referenced as part of the background.
For traders, the relevance is practical: reduced legal uncertainty could affect US exchange listings and potentially speed up spot ETF review timelines. The article notes that filings were still pending as of late 2025, and that BTC/ETH have clearer paths than several rival tokens.
While the bill is not yet passed, the US bill debate is gaining momentum following joint SEC/CFTC guidance issued on March 17, 2026, potentially shifting sentiment around liquidity, custody, and compliance.
Neutral
The US bill is constructive for sentiment because it targets one of crypto’s biggest tradable risks: uncertainty over whether specific tokens are treated as securities or commodities. In past US regulatory cycles, clearer classifications (even when not immediately finalized) often trigger relief rallies in liquidity-sensitive markets like US exchange volumes and ETF-related positioning.
However, the article stresses that the measure has not been passed. That limits near-term follow-through. Until there is legislative text finalization, traders may still price in headline-driven volatility around SEC/CFTC interpretation, legal challenges, and exchange compliance changes.
Longer term, if this framework sticks, it could reduce listing friction and improve predictability for institutional buyers (custody, compliance, and investment policy constraints). That said, the bill’s framework still hinges on the broader securities-vs-commodities test and on how regulators apply it to different token sale mechanics. Net effect: mildly supportive structurally, but not enough to justify a bullish-only read without confirmation of passage and implementation.