TLDR
- Congress is considering a crypto market bill that would classify BTC ETH XRP and SOL as digital commodities.
- A Congress.gov legal sidebar reviewed SEC and CFTC crypto guidance issued on March 17, 2026.
- The sidebar says Bitcoin has never been treated by the SEC as a security.
- Legal uncertainty had slowed token listings, ETF progress, and institutional buying in the US.
- Supporters say mining staking airdrops and wrapping get clearer non-security treatment in the draft.
Congress is weighing a market structure bill that would define BTC, ETH, XRP, and SOL as digital commodities. A Congress.gov legal sidebar dated April 3 reviewed SEC and CFTC guidance from March 17, 2026.
The move matters because US crypto rules have stayed divided for years. It also matters because traders, fund issuers, and large firms have waited for clearer rules.
Congress review maps the legal split in crypto
The legal sidebar explains how US law splits crypto assets between securities and commodities. It says the SEC uses the Howey test. That test asks whether buyers expect profit from the work of others.
The review repeats a long standing SEC view on Bitcoin. It states, “The SEC has never treated Bitcoin as a security.” The sidebar says Bitcoin buyers do not depend on a central group for profit.
Other tokens face a harder test because the facts can differ. A token sale can start as a securities offering when a team promises to build a network. The review also says a token may later change status if that network becomes more decentralized.
On March 17, the SEC issued guidance on certain crypto assets and related activities. The CFTC joined that guidance and said its staff would act in line with it. That coordination gave Congress a fresh reference point for market structure talks.
Bill would place major tokens in a clearer commodity lane
The current debate goes beyond Bitcoin and Ether. Lawmakers are considering rules that would treat BTC, ETH, XRP, and SOL as digital commodities. That would give markets a clearer label for several major tokens.
That question has mattered because many tokens stayed in legal gray areas. XRP spent years in court, and the SEC sued exchanges over Solana listings. Cardano, Chainlink, and Avalanche also faced caution from some US-facing platforms.
Supporters say the draft also gives clearer treatment to mining and staking. They also point to airdrops and wrapping as activities outside securities rules. Those points still belong to a proposed bill, not a final law.
The wider policy debate also drew from the Ripple case. Courts examined token sales and secondary market trading during that dispute. Those rulings later shaped arguments around token status and exchange listings.
Access ETFs and institutions remain central to the debate
Unclear rules had direct effects on trading access. Some US-facing exchanges limited or removed tokens that the SEC had flagged. As a result, some traders lost easy access to SOL, ADA, and LINK.
ETF plans also slowed under that uncertainty. The supplied text says more than 90 crypto ETF filings were still pending by late 2025. Spot approvals remained easier for Bitcoin and Ether because they already had firmer commodity treatment.
Large institutions also waited for clearer legal status. Pension funds, insurers, and corporate treasuries often need clear rules before buying assets. So, many firms stayed out while regulators and Congress kept working.
The Congress sidebar does not say the bill is law. It says Congress is considering measures to clarify SEC and CFTC roles. For the crypto market, the search for a clear federal framework is still active.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
