Commodities, ETFs & the turf war between US regulators
The CFTC treats Bitcoin and Ether as commodities and regulates derivatives on them. The SEC regulates securities and must approve ETFs that hold them. In 2024 the SEC approved spot Bitcoin and Ethereum ETFs, giving traditional investors exposure without self-custody; futures ETFs (which hold derivatives) had launched earlier. This split between agencies — and between asset classifications — is a defining feature of the US landscape. A January 2025 US executive order on digital assets signaled a friendlier federal posture, and the GENIUS Act (July 2025) became the first federal stablecoin law.
Who oversees what in the US
MiCA and the EU framework
The EU’s Markets in Crypto-Assets (MiCA) regulation sets licensing and conduct rules for crypto-asset service providers across member states, with requirements around custody segregation, whitepapers, market abuse, and stablecoin reserves. MiCA is one of the most comprehensive crypto frameworks in force and is influencing policy elsewhere.