Six Blockchain Groups Urge SEC to Codify Digital-Commodity Status

Published Oct 21, 2026, 3:41 PM UTC

Chainlink, Hedera, Aptos, Ava Labs, Stellar and Cardano want the SEC’s digital-commodity classification written into binding rule text. The joint push seeks greater certainty as Regulation Crypto Assets remains a proposal.

By Matt Brienen

Six organizations ask for a firmer foundation

Chainlink Labs, Hedera, Aptos Labs, Ava Labs, Stellar Development Foundation and the Cardano Foundation have joined a push for the SEC to place its digital-commodity classification directly into regulatory text. Their joint letter concerns the proposed Regulation Crypto Assets framework and asks the agency to make its treatment of these assets more durable.

The request is relevant to the ecosystems associated with LINK, HBAR, APT, AVAX, XLM and ADA. It is an effort to influence the final rules, rather than an announcement that the SEC has just granted those tokens a new approval.

At the center of the argument is a practical concern for developers: an explanation of how a regulator views an asset is useful, but businesses also want clear language in the rules they must plan around.

What the coalition wants written down

The letter asks the SEC to reinforce the digital-commodity classification from its March 2026 interpretation in the operative provisions of Regulation Crypto Assets. The signatories argue that the clarity and durability of the framework affect where developers build and which networks they choose to use.

This is a request about the legal framework surrounding crypto activity, not a claim that every token has the same design or economic purpose. The organizations have different technology and business priorities, yet share an interest in a clearer boundary between a network asset and a security.

The distinction between explanatory material and rule text may sound narrow. For a company deciding whether to commit capital to a product, however, the ability to identify a specific regulatory provision could make its planning more predictable. That is the commercial significance of the coalition's argument, even before any change is adopted.

The SEC has already drawn an important distinction

On March 17, 2026, the SEC issued an interpretation addressing federal securities laws and crypto assets. The CFTC joined it to explain that it would administer the Commodity Exchange Act consistently with the SEC's interpretation. The framework describes categories including digital commodities, digital collectibles, digital tools, stablecoins and digital securities.

The SEC also distinguishes an asset from the investment contract that may surround its sale. Its announcement explains that an asset which is not itself a security can nevertheless become subject to an investment contract, and that such a contract can later cease to exist.

That is why a token label alone does not answer every question about a particular offering. What a purchaser was promised and how a transaction is structured remain relevant to understanding the arrangement. The coalition's request should therefore be read as a push for clearer asset classification, rather than a promise that every activity involving those assets will be outside securities oversight.

Where the proposal stands

The SEC issued Regulation Crypto Assets as a proposal on August 18, 2026, with Federal Register publication on August 21. Its listed public-comment deadline was October 20. The agency's rulemaking page continues to identify the measure as proposed.

The proposal would create two registration exemptions for certain investment contracts involving crypto assets: offerings of up to $5 million over four years and offerings of up to $75 million during each 12-month period. It also includes a conditional investment-contract safe harbor. Disclosures would still be required, and antifraud and antimanipulation provisions would remain applicable.

Those details show that the broader rulemaking is about how crypto-related capital formation can operate within a defined framework. The joint letter seeks an additional clarification within that process. Its publication does not establish that the SEC has accepted the requested language or determine what the final regulation will contain.

What matters for the market next

The next meaningful signal is the text of any final rule and the SEC's explanation of how it addresses the classification question. Clearer provisions could reduce one source of uncertainty for developers, service providers and businesses evaluating these networks.

For token holders, the development is relevant policy news, but its economic effect will depend on what follows. Regulatory clarity can improve the environment in which a network operates; it does not independently create users, transaction demand or sustainable revenue.

The coalition has put a specific request in front of the regulator. The question now is whether that request becomes part of the rules, and whether the resulting framework gives businesses enough confidence to move from evaluating crypto infrastructure to using it.