Crypto regulation in the United States is divided primarily between two federal agencies, each with distinct areas of authority. The Securities and Exchange Commission oversees crypto assets that function like investments in a company, applying securities law to tokens deemed to fit that definition. The Commodity Futures Trading Commission, by contrast, handles assets that behave like commodities, as well as futures and other derivatives tied to them. This division determines how different tokens and trading products are classified, which rules apply, and which agency has enforcement power. The distinction is often unclear in practice, as some assets can arguably fall under either category, creating uncertainty for projects, exchanges, and investors. Understanding which regulator claims jurisdiction over a given asset is central to how compliance obligations, disclosures, and legal risks are assessed across the crypto industry.
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