Six Blockchain Groups Urge SEC to Classify Digital Commodities as Non-Securities

The industry's push for a formal commodity carve-out is less about winning a new argument than about locking in a distinction before the SEC's framework hardens. The signatories — infrastructure and smart-contract platforms rather than issuers of securities-like tokens — have the most to gain from a bright line, since ambiguity is what keeps token projects in a compliance gray zone. How the SEC treats the commodity/security boundary in its proposed rules will shape which projects can operate in the U.S. without bespoke legal workarounds. Whether the agency engages with the request at all is the open question.