Crypto and bitcoin have problems the CFTC and SEC can't fix - American Banker

The debate over how to regulate digital assets often centers on which agency should hold authority — the Commodity Futures Trading Commission or the Securities and Exchange Commission. But as American Banker notes, some of crypto's core problems may sit beyond the reach of either regulator.

That distinction matters for market participants. Jurisdiction questions shape enforcement priorities, disclosure requirements, and where certain tokens or platforms may be permitted to operate. Yet issues such as custody risk, market fragmentation, and the limits of on-chain transparency are structural, not purely legal. A clearer regulatory perimeter may reduce uncertainty, but it does not automatically resolve those underlying weaknesses.

What to watch: how the two agencies divide oversight responsibilities, whether Congress advances legislation that settles the jurisdictional question, and how enforcement actions evolve alongside it. For observers, the key takeaway is that regulatory clarity and market resilience are separate questions — progress on one does not guarantee progress on the other.