The regulatory landscape in the U.S. is evolving, with significant attention on whether digital assets should be classified as securities or commodities. The SEC has historically used the Howey Test to determine if a digital asset qualifies as an investment contract and thus a security, leading to regulatory oversight.

Recent discussions indicate a potential shift towards giving the Commodity Futures Trading Commission (CFTC) more authority over digital commodities, suggesting a broadening regulatory scope beyond just securities to include commodities like Bitcoin and Ether. This move could lead to clearer guidelines for digital asset exchanges and trading platforms, aiming for better investor protection