SEC vs CFTC Rematch Booked Over Who Polices US Crypto—and Your Coins

The US Congress is considering two competing Senate drafts to establish regulatory clarity for digital assets, setting up a jurisdictional battle between the SEC and CFTC. The Senate Agriculture Committee's draft expands the CFTC's role, granting it authority over "digital commodities" and their spot markets, requiring exchanges to register and adhere to commodity-exchange logic, similar to the House's Digital Asset Market Clarity Act. Conversely, the Senate Banking Committee's draft, the Responsible Financial Innovation Act, focuses on assets straddling the line between securities and commodities by creating an "ancillary asset" category under explicit SEC oversight. This framework allows tokens linked to active projects, like Ethereum, to potentially "graduate" from securities treatment once decentralization thresholds are met, forcing the SEC to define decentralization formally. Centralized exchanges would likely face dual registration under both models. While both drafts aim to provide order, they leave key coordination issues unresolved, making the final regulatory map dependent on future legislative action.

(Source：CryptoSlate)