Is Laughing Mad legal in Standard, Modern, and Commander?

Laughing Mad is legal in: Standard, Modern, Pioneer, Legacy, Vintage, Commander, Pauper, Historic.

What type of card is Laughing Mad?

Laughing Mad is an Instant. Its oracle text reads: "As an additional cost to cast this spell, discard a card. Draw two cards. Flashback {3}{R} (You may cast this card from your graveyard for its flashback cost and any additional costs. Then exile it.)"