$BTC 1. ON MARCH 17–18, 2026, THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) TOGETHER WITH THE COMMODITY FUTURES TRADING COMMISSION (CFTC) ISSUED: - official interpretation + joint rule - The aim: to provide legal clarity on crypto The main outcomes: - Crypto is categorized into several categories - Many large cryptos are no longer considered securities. This ends years of regulatory uncertainty
2. NEW CRYPTO CLASSIFICATION BY SEC SEC now divides crypto into 5 main categories: 1. Digital Commodities 2. Digital Securities 3. Stablecoins 4. Digital Collectibles (NFTs, etc.) 5. Digital Tools (utility tokens) Digital commodities = NOT securities
3. WHICH CRYPTOS ARE CATEGORIZED AS COMMODITIES? SEC & CFTC explicitly mention many large coins as digital commodities: - Bitcoin (BTC) - Ethereum (ETH) - Solana (SOL) - XRP - Cardano (ADA) - Avalanche (AVAX) - Chainlink (LINK) - Dogecoin (DOGE) - Polkadot (DOT) - etc. (±16 major assets) - These coins are treated like gold/oil (commodities) - Not like stocks or bonds
Major impact on the crypto market Positive impact (Bullish) - Legal certainty increases - SEC lawsuit risk decreases - Institutions are more confident to enter - ETFs & financial products are easier to create Risks / Limitations - New tokens can still be classified as securities - Exchanges still have to comply with regulations - Stablecoins remain a gray area
1) If MVRV enters the red zone It means: BTC price is already too far above its fair value The market is usually euphoric / FOMO The risk of a local top / cycle top is increasing ➡️ Trader action: start taking profit gradually, don't FOMO into large entries. 2) If MVRV enters the green zone It means: BTC is cheap on-chain Many holders are in a loss / capitulation condition Often becomes a cycle bottom area ➡️ Trader action: focus on gradual spot accumulation, not panic selling. For now: The MVRV Z-Score is currently around a low level (close to 0–1)