XRP Designated Digital Commodity in New SEC-CFTC Joint U.S. Crypto Framework

A memorandum of understanding signed on March 11 establishes a unified U.S. regulatory framework for digital assets and launches a Joint Harmonization Initiative to align enforcement, asset classification, and rulemaking between the SEC and CFTC. Under the 2026 framework, XRP is officially treated as a digital commodity for secondary market activities, building on Ripple's $50 million SEC settlement, with the CFTC assigned primary oversight of spot trading and the SEC retaining authority over primary issuance. Despite these regulatory developments, XRP is trading at $1.38, down 40% year-to-date, as broader bearish sentiment, macro factors, and a stalled CLARITY Act are described as counterbalancing the policy progress.