CFTC and SEC Dispute Over Crypto Jurisdiction in the United States
The US crypto landscape is in limbo amid an ongoing jurisdictional "turf war" between the CFTC and SEC
CFTC Chair, Rostin Behnam, claims that most crypto assets are commodities under existing laws.
However, a prolonged "turf war" with the SEC is complicating this matter and hindering regulatory guidelines for the US crypto industry
During an interview with CNBC, Behnam urged the need for legislative action, citing the complexity faced by the crypto industry.
Congress is actively working to grasp the regulatory landscape
Despite being a crypto hub, the lack of regulatory clarity in the US pose challenges
Between 2019 and 2023, the US crypto industry spent $56.44 million on lobbying, with $20.2 million in 2023 alone.