General information, not legal or tax advice. Rules change; check the authorities in your country. Status 23 October 2026.
In the US the label matters. Securities are overseen by the SEC and need disclosure from an issuer. Commodities fall mainly under the CFTC.
The 2026 interpretation
On 17 March 2026 the SEC issued an interpretation of how securities law applies to crypto-assets, and the CFTC joined it. It sets out a taxonomy: digital commodities, digital collectibles, digital tools, stablecoins and digital securities. SEC Chairman Paul Atkins said it recognises that "most crypto assets are not themselves securities". The CFTC said certain non-security crypto-assets could meet the definition of a commodity.
Why bitcoin fits the commodity side
A security usually means investing money in a common enterprise and expecting profits from the efforts of others. Bitcoin has no company, no issuer and no team whose work you rely on. Anyone can mine it; no one sold it in an offering.
What is still open
- An interpretation is guidance, not a statute. Market-structure legislation in Congress had not been passed as of October 2026.
- Products built on bitcoin, such as exchange-traded products, are still securities and regulated as such. Spot bitcoin ETPs were approved in January 2024.