A clearer regulatory direction for XRP is taking shape as U.S. authorities redefine how crypto assets are evaluated under federal securities laws. In a landmark shift, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) on March 17, 2026, issued an interpretative release that places XRP within a function-driven classification framework.

Unlike prior approaches that leaned heavily on enforcement actions, the updated interpretation centers on how a crypto asset operates and where its value originates. In this context, a digital commodity is described as a crypto asset whose value is driven by the functioning of its underlying network and market supply-demand forces rather than reliance on managerial efforts. Such assets do not provide financial rights like profit-sharing, income streams, or ownership in an entity, though they may still carry certain functional or technical uses within their ecosystems.

Within that framework, XRP is directly listed among assets considered digital commodities. The joint SEC-CFTC guidance states:

“Examples of digital commodities include Aptos (APT); Avalanche (AVAX); Bitcoin ( BTC); Bitcoin Cash ( BCH); Cardano ( ADA); Chainlink (LINK); Dogecoin (DOGE); Ether ( ETH); Hedera (HBAR); Litecoin ( LTC); Polkadot (DOT); Shiba Inu ( SHIB); Solana ( SOL); Stellar ( XLM); Tezos ( XTZ); and XRP ( XRP).”

The document further explains: “A digital commodity itself, as described in this release, is not a security because it does not have the economic characteristics of a security. A digital commodity does not constitute any of the financial instruments enumerated in the definition of ‘security’ because, among other things, it does not represent a digitized form of any such instruments, including an investment contract.” This inclusion indicates that regulators associate XRP’s pricing behavior with network usage and open-market dynamics rather than contractual rights tied to a central issuer.

Debate over XRP’s classification has unfolded over several years, with Ripple CEO Brad Garlinghouse consistently asserting that the token itself is not a security, even as it remains central to Ripple’s broader ecosystem and operations. He argued that XRP functions independently of the company, with its value driven by market dynamics rather than Ripple’s managerial efforts, positioning it closer to a commodity despite its prominent role in Ripple’s strategy. That stance gained momentum during a prior administration marked by enforcement-led actions, which drew criticism from industry participants seeking clearer and more consistent regulatory standards.

A pivotal moment came in July 2023, when Judge Analisa Torres issued a split ruling that distinguished between different types of XRP transactions. The court determined that XRP itself is not inherently a security, while also finding that certain institutional sales involving contractual agreements met the criteria for investment contracts. In contrast, programmatic sales on public exchanges were not considered securities transactions because buyers lacked a direct link to Ripple’s efforts.

Under the 2026 interpretation, regulators move closer to formalizing those distinctions. XRP is treated as a non-security asset when it functions as a digital commodity and is not tied to an investment contract, aligning with the view that its value stems from network functionality and market forces rather than centralized control. At the same time, the guidance reinforces that the structure and promotion of a transaction remain critical, meaning XRP-related offerings could still fall under securities laws if they create expectations tied to managerial activity.

By jointly issuing this interpretation with the Commodity Futures Trading Commission, regulators signal a shift toward commodity-style oversight for assets like XRP. The approach reduces emphasis on enforcement disputes and instead establishes conditions under which crypto assets fall inside or outside securities jurisdiction, providing a more defined regulatory path for market participants.

Commenting on the SEC-CFTC guidance, Ripple’s chief legal officer, Stuart Alderoty, commented on social media platform X:

“We always knew XRP wasn’t a security – and now the SEC has made clear what it is: a digital commodity. Grateful to the Crypto Task Force for working to deliver the clarity that markets, investors, and innovators have long deserved.

• What does XRP’s non-security status mean for investors?
  It reduces legal uncertainty and supports broader market participation and institutional access.
• How does the SEC and CFTC classification impact XRP’s valuation?
  XRP’s value is now more clearly tied to network usage and supply-demand dynamics rather than issuer activity.
• Can XRP still be involved in securities violations?
  Yes, certain structured or promoted transactions involving XRP can still fall under securities laws.
• Why is alignment with bitcoin and ether important?
  It places XRP within a recognized commodity category, strengthening its legitimacy and market positioning.

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