SEC vs. CFTC: Who Regulates Crypto in the US?

The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission continue to divide crypto oversight, with the SEC claiming jurisdiction over securities offerings and trading while the CFTC covers commodity derivatives and spot-market fraud. The distinction matters because most tokens sit in a regulatory gray zone, and the agencies' overlapping and sometimes conflicting positions leave market participants uncertain about which rules apply. The next thing to watch is how the two agencies resolve jurisdictional turf battles and whether Congress steps in with legislation that clearly allocates authority over digital assets.