CFTC Chairman Names Six Cryptocurrencies as Digital Commodities

Mike Selig, Chairman of the US Commodity Futures Commission (CFTC), has identified six cryptocurrencies as digital commodities: Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), Stellar ($XLM), Tezos ($XTZ), and $XRP. This classification comes as the CFTC begins drafting its first formal rules for the cryptocurrency market.

Selig made the remarks while explaining a joint crypto asset classification developed by the CFTC and the U.S. Securities and Exchange Commission (SEC). The move is part of broader efforts to create a more detailed regulatory framework for crypto assets in the United States.

The CFTC plans to differentiate between various activities and asset types, rather than applying a single regulatory standard to the entire crypto market. Selig emphasized that the institution will develop specific rules for areas such as digital commodities, retail crypto transactions, and physical delivery conducted on the blockchain.

He also noted that wallets without custody services and software developers should be treated separately within the regulatory framework. The goal is to distinguish between organizations that hold assets or provide trading services and those that solely develop software.