Is Spectral Shift legal in Standard, Modern, and Commander?

Spectral Shift is legal in: Modern, Legacy, Vintage, Commander.

Spectral Shift

Q: What type of card is Spectral Shift?

Spectral Shift is an Instant. Its oracle text reads: "Choose one — • Change the text of target spell or permanent by replacing all instances of one basic land type with another. (This effect lasts indefinitely.) • Change the text of target spell or permanent by replacing all instances of one color word with another. (This effect lasts indefinitely.) Entwine {2} (Choose both if you pay the entwine cost.)"