Is Izzet Keyrune legal in Standard, Modern, and Commander?

Izzet Keyrune is legal in: Modern, Pioneer, Legacy, Vintage, Commander.

Izzet Keyrune

Q: What type of card is Izzet Keyrune?

Izzet Keyrune is an Artifact. Its oracle text reads: "{T}: Add {U} or {R}. {U}{R}: Until end of turn, this artifact becomes a 2/1 blue and red Elemental artifact creature. Whenever this artifact deals combat damage to a player, you may draw a card. If you do, discard a card."