The SEC
The Securities and Exchange Commission oversees securities markets, disclosure obligations and investor-protection rules.
In crypto, its attention often centers on tokens or offerings that resemble investment contracts.
The CFTC
The Commodity Futures Trading Commission regulates commodity futures, options and swaps, including major crypto derivatives.
Its authority over spot commodities is narrower, mainly covering fraud and manipulation rather than comprehensive exchange supervision.
The classification problem
A token can have both utility and investment characteristics, and its relationship to a founding team can change as a network matures.
That evolution makes a single permanent label difficult and has pushed many disputes into enforcement actions and courts.
Why legislation matters
A market-structure bill could define digital commodities, assign spot-market authority and create clearer paths for exchanges and issuers.
Until a framework is enacted, companies must treat classification, registration and product approval as moving legal questions.