The SEC and CFTC have issued their first joint interpretation under the memorandum of understanding they signed earlier this month, formally classifying 17 crypto assets as digital commodities. SOL, LINK, and AVAX are on the list, alongside BTC, ETH, and 14 other tokens.
The classification was announced on March 17, 2026, via what both agencies are calling a "crypto asset taxonomy," a framework that assigns regulatory jurisdiction based on asset function rather than how a token was initially sold.
17 Tokens, One Regulatory Category
The joint interpretation names 17 assets as digital commodities. Based on confirmations from official project accounts, the list includes:
- BTC and ETH (already treated as commodities in practice, now formally codified)
- SOL (confirmed by Solana's official account)
- LINK (confirmed by Chainlink's official account)
- AVAX (confirmed by Avalanche's official account)
Cointelegraph reported the same evening that Moody's debuted its Token Integration Engine on the Canton Network, bringing credit ratings data onchain. The timing is not coincidental: institutional infrastructure is being built in anticipation of regulatory clarity, and that clarity just arrived for 17 specific assets.
The full list of classified assets has not yet been published in a single consolidated document, but multiple project teams confirmed their inclusion within hours of each other. Avalanche's announcement referenced the CFTC's commodity futures trading commission release directly.
Why This Classification Changes the Rules
For years, the central tension in US crypto regulation was a jurisdictional fight: the SEC claimed most tokens were securities under the Howey test, while the CFTC argued many functioned as commodities. That ambiguity created real consequences. Exchanges delisted tokens preemptively. Projects restructured to avoid SEC enforcement. Institutional allocators sat on the sidelines.
The joint taxonomy resolves this for the 17 named assets. Digital commodity status means:
- CFTC oversight for spot markets, not SEC enforcement actions
- Commodity futures and derivatives can be listed on regulated exchanges without the legal uncertainty that previously blocked applications
- ETF filings for these assets gain a clearer regulatory path, following the precedent set by BTC and ETH spot ETFs
This matters for SOL in particular. Multiple asset managers have filed for Solana ETFs over the past year, and the SEC's classification removes the primary objection that kept those filings in limbo.
The MOU Was Not Symbolic
When the SEC and CFTC signed their memorandum of understanding earlier this month, skeptics called it a photo op. Two weeks later, they have produced a binding joint interpretation that reclassifies billions of dollars in crypto assets.
The speed is notable. The MOU established a joint harmonization working group. That group's first output is this taxonomy. If the pace holds, additional assets could receive classification in the coming months, potentially clearing the way for a broader set of commodity-regulated crypto products in the US.
For context, T. Rowe Price filed for an active crypto ETF covering 15 assets just days ago. Several of those assets now have formal commodity status, which simplifies the regulatory approval process for the fund.
What This Means for Crypto Users
The immediate effect is legal clarity, not a product launch. But the downstream effects will be tangible:
For US-based holders: Tokens classified as digital commodities fall under commodity tax treatment. Capital gains rules apply, but the securities-specific reporting requirements (like the ones proposed under the SEC's expanded broker rule) do not.
For exchanges: Coinbase, Kraken, and other US exchanges can now list these 17 assets with reduced legal risk. Several exchanges had delisted or restricted tokens specifically because of SEC enforcement uncertainty.
For card users: Crypto cards that let users spend from multi-asset portfolios gain from clearer regulation. If you hold SOL, LINK, or AVAX on a self-custody card or exchange-linked debit card, the regulatory status of those assets is no longer a gray area in the US.
For ETF investors: The Bitcoin ETF inflow streak could extend to SOL and other classified assets. BlackRock's staked ETH ETF already demonstrated institutional appetite for yield-bearing crypto products. SOL staking ETFs are now a logical next step.
Market Reaction Was Muted, Which Is Telling
As of March 18, 2026, BTC traded at $74,001 (-1.9% in 24 hours), ETH at $2,322 (-2.2%), and SOL at $94.77 (-1.8%). The Fear and Greed Index sat at 43 (Neutral).
The lack of a price spike suggests the market had already priced in this outcome after the MOU signing. That is actually the bullish signal: when regulatory clarity arrives and markets do not sell the news, it means the risk premium associated with regulatory uncertainty has been quietly removed over the preceding weeks. SOL's 10% gain over the past seven days likely reflects front-running of this exact announcement.
Overview
The SEC and CFTC jointly classified 17 crypto assets as digital commodities on March 17, 2026, the first concrete action under their recently signed memorandum of understanding. SOL, LINK, and AVAX are confirmed on the list alongside BTC and ETH. The classification gives these tokens commodity regulatory status, opening the door to regulated futures, spot ETFs, and clearer tax treatment. Markets barely moved, suggesting the outcome was already priced in after weeks of regulatory momentum.
