Crypto assets classified as non-securities form a broader category rather than a fixed list under a March 17, 2026, interpretation from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission. The framework identifies at least 18 tokens as “digital commodities,” emphasizing shared characteristics tied to functional blockchain systems.

Those assets include bitcoin ( BTC), ether ( ETH), solana ( SOL), XRP ( XRP), cardano ( ADA), avalanche (AVAX), polkadot (DOT), chainlink (LINK), litecoin ( LTC), bitcoin cash ( BCH), stellar ( XLM), hedera (HBAR), tezos ( XTZ), aptos (APT), dogecoin (DOGE), shiba inu ( SHIB), algorand (ALGO), and LBRY credits (LBC). For the former 16 crypto assets, the Commission stated:

“Based on our understanding of their characteristics, terms, and functions as of the date of this release, the Commission concludes that each of these crypto assets is a digital commodity.”

“Because they are intrinsically linked to and derive their value from the programmatic operation of a crypto system that is functional, as well as supply and demand dynamics, rather than from the expectation of profits from the essential managerial efforts of others,” the SEC clarified.

Unlike the primary group, which is presented alongside discussion of derivatives markets, algorand (ALGO) and LBRY credits (LBC) are introduced to illustrate that such market infrastructure is not required for classification, as their qualification rests on the same core factors of functional network use and market-driven value rather than external managerial efforts.

The SEC stated: “For example, based on their characteristics, terms, and functions as of the date of this release, algorand (ALGO) and LBRY credits (LBC), neither of which underlies such a futures contract, are digital commodities because they are intrinsically linked to and derive their value from the programmatic operation of a crypto system that is functional, as well as supply and demand dynamics, rather than from the expectation of profits from the essential managerial efforts of others.”

Connection to regulated derivatives markets is presented as an additional attribute associated with the primary group of assets. Referring to the 16 crypto assets, the Commission stated:

“As of the date of this release, each of these digital commodities underlies a futures contract that has been made available to trade on a designated contract market operating under the regulatory oversight of the CFTC.”

This association reflects existing futures market activity tied to those tokens and is described as a characteristic of the 16 crypto assets rather than a prerequisite for their classification.

Before this clarification, several of the named tokens had been subject to regulatory scrutiny under securities laws, highlighting uncertainty around their classification. The SEC sued LBRY in 2021 over sales of LBC as an unregistered security and secured a summary judgment in 2022, after which the company faced mounting legal costs, a $111,614 penalty, and ultimately shut down in October 2023. The agency’s December 2020 case against Ripple alleged a $1.3 billion unregistered offering tied to XRP, leading to a 2023 ruling that distinguished institutional sales as securities while finding that programmatic sales on public exchanges did not meet that standard.

Unlike securities, digital commodities do not grant holders rights to income, profits, or ownership in a business enterprise. Their value is tied to blockchain activity, including transaction validation, governance participation, and network security. The absence of a central party responsible for generating returns limits expectations of profit derived from managerial efforts, a key factor in securities classification.

• Why does digital commodity classification matter for investors?
  It reduces securities-related regulatory risk and clarifies how assets may be traded and listed.
• Which crypto assets are recognized as digital commodities?
  The SEC and CFTC identified 18 major tokens, including BTC, ETH, XRP, and SOL.
• Does futures market presence affect classification?
  It strengthens classification signals but is not required for an asset to qualify.
• How do digital commodities differ from securities?
  They derive value from blockchain activity rather than profits generated by centralized management.

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