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SEC's Reign Over Crypto Might Be Over Soon Enough

The SEC's recent lawsuits against major crypto exchanges like Binance and Coinbase are part of a broader effort to regulate the trillion-dollar crypto market. The agency's ability to take legal action against crypto firms and exchanges hinges on its classification of digital assets as securities rather than currencies or commodities.

However, the House Committee on Agriculture has drafted a bill that would consider crypto assets commodities, potentially limiting the SEC's jurisdiction over the market. The US Commodity Futures Trading Commission (CFTC) has also pushed back against the SEC's "regulation by enforcement" approach and may take over crypto regulation if Congress passes the bill.

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