CFTC Chairman Mike Selig reaffirmed Bitcoin (BTC), Ether (ETH), Solana (SOL), Stellar (XLM), Tezos (XTZ) and XRP as examples of digital commodities in his October 5 Fordham Law speech. The remarks cite a joint SEC-CFTC interpretation, with the agencies treating this asset category as generally outside securities classification.
The classification dates to the agencies’ March 17 interpretation, rather than a new decision announced today. That framework separates crypto assets into digital commodities, collectibles, tools, stablecoins and digital securities. The CFTC joined the SEC’s interpretation to explain how it would apply commodity law consistently with the securities regulator’s approach.
Selig’s remarks accompanied today’s consultation on CTX and CAM, an exchange framework previously covered by CoinScreamer. He confirmed the rulemaking on X. The initiative seeks a federal route for eligible retail crypto trading with margin, leverage or financing; it does not establish a final regime.
Today, the @CFTC is doing its part to deliver clear rules of the road for crypto asset markets with its advanced notice of proposed rulemaking on Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets. Now live on https://t.co/ibFNpmqx04. pic.twitter.com/wYcEbRhqpq
— Mike Selig (@ChairmanSelig) October 5, 2026
The SEC’s guidance also names all six tokens as digital commodity examples. It describes assets whose value comes from the operation of a functional crypto system and supply-and-demand dynamics. The category focuses on the asset’s characteristics and use within that system.
The distinction does not exempt every transaction involving those tokens from securities law. The joint interpretation explains that an asset which is not itself a security can still be offered or sold through an investment contract. Selig also said ordinary spot exchanges remain subject to the CFTC’s antifraud and antimanipulation authority.
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