SEC and CFTC Classify Bitcoin, Ether, XRP as Non-Securities
Bitcoin (BTC)
Editor:
Eugene Serbin
DigitalToday.co.kr reports that the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a joint interpretation classifying bitcoin, ether, and XRP as non-securities in principle. CFTC Commissioner Michael Selig unveiled this draft rule set during a symposium at Fordham University School of Law in New York on Sunday. The proposal introduces a new federal registration category called a “crypto market” for exchanges handling retail trades involving margin, leverage, or lending.
Selig divided exchanges into three stages, targeting stage 2 businesses that offer retail trading with leverage and lending. He stated that the framework relies on existing authority rather than new legislation from Congress. Citing the joint interpretation, Selig listed bitcoin, ether, XRP, Solana, Stellar, and Tezos as examples of digital commodities whose value is formed by programmatic operation or supply and demand.
The plan requires exchanges to demonstrate that listed assets are not vulnerable to price manipulation and imposes proof-of-reserves requirements. Selig clarified that transferring cryptocurrency to a user’s external non-custodial wallet would meet the “actual delivery” requirement within 28 days. This approach prioritizes overhauling retail trading with leverage rather than imposing a blanket federal registration on all spot trading.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 6 October 2026. Not the outlet's figures.
Bitcoin is trading at $85,766.87 with a 24-hour buy ratio of 44.0%, indicating that sellers are currently dominating the market. The 1-hour buy ratio stands at 42.9% and the 4-hour ratio is 47.4%, showing that short-term buying pressure is weaker than the broader daily average. A negative volume delta of -$167,050,199 over 24 hours confirms that more capital is flowing out than in. This metric means that the volume of sell orders has exceeded buy orders by that amount during the period. Net buying has only occurred for 5 out of the last 24 hours, suggesting a consistent trend of distribution rather than accumulation.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
The current 24-hour buy ratio of 44.0% is lower than the 7-day average of 48.2%, indicating a shift toward bearish sentiment compared to the recent week. Volume has remained stable at 1.04 times the average, but the price has only risen 2.7% over the past 8 days. This suggests that despite steady trading activity, buyers have struggled to push prices higher over the longer timeframe. Only 2 of the last 7 days saw net buying, highlighting that the current period is part of a broader pattern of mixed flows rather than a sudden spike in activity.