XRP Classified as Commodity in CFTC Event Contracts

• XRP listed as a commodity in CFTC Event Contracts under Rule 13.43 specifications.
• Court ruling affirmed XRP is not a security despite prior SEC allegations.
• Classification may enhance XRP derivatives, aligning it with Bitcoin and Ethereum.

XRP has been designated as a commodity in newly listed U.S. Commodity Futures Trading Commission (CFTC) Event Contracts, signifying an important regulatory advancement for the cryptocurrency. The classification is noted in an official filing under Rule 13.43 of the exchange’s rulebook, which provides guidelines for XRP cryptocurrency event contracts. While the CFTC has not formally declared XRP’s overall regulatory standing, this categorization aligns the token with Bitcoin and Ethereum, both of which have been recognized as commodities in similar contexts.

The filing specifies the contract scope, confirming XRP as the underlying asset for this new category of event contracts. Additionally, the contracts refer to the spot XRP bid/ask midpoint prices quoted in U.S. dollars, provided by Lukka, Inc.

> 🔥 Huge news! #XRP is now officially classified as a COMMODITY in CFTC Event Contracts! 💥
> — CryptoSensei (@Crypt0Senseii) August 9, 2025

For intraday trading purposes, the contracts will be available in two formats: 2-hour and 20-minute intervals. Initial expirations are set for 1:00 a.m. ET on Saturday and 11:20 p.m. ET on Friday, while final expirations will occur at 4:00 p.m. ET the following Friday. The strike interval widths are determined at 0.01 for 2-hour contracts and 0.004 for 20-minute contracts, with a total of nine strike levels for each series.

Regulatory Context and Legal Background

The designation of XRP as a commodity follows years of legal ambiguity. The U.S. Securities and Exchange Commission (SEC) had previously claimed that XRP was an unregistered security in its actions against Ripple Labs. Nonetheless, a federal court concluded that XRP itself was not a security, a decision that the SEC did not challenge even while appealing other aspects of the ruling.

Neither the SEC nor the CFTC has released an official statement regarding XRP’s regulatory status. The treatment of XRP as a commodity in this filing reflects similar approaches used in other financial products, such as commodity-based trusts cited in spot ETF applications.

Potential Market and Institutional Impact

While this filing pertains specifically to the derivative products listed on the exchange, classifying XRP as a commodity for trading could affect market participation. With this categorization, regulated derivative instruments like futures and options on XRP prices can be developed.

This decision aligns with a shift in regulatory perspectives. The current SEC Head, Paul Atkins, has indicated that most crypto assets do not meet the criteria of securities, which contrasts with the previous SEC Secretary Gary Gensler’s position, who only acknowledged Bitcoin as a non-security.