#数字资产市场动态 🔥Regulatory New Landscape: The US Cryptocurrency Market Embraces a Dual-Track Division Between SEC and CFTC

The regulatory logic of the US crypto industry is undergoing a complete reshaping. In the second year of the Trump administration, the ambiguous and tug-of-war boundary of authority between the SEC and CFTC is gradually being replaced by a clearer collaborative division of responsibilities. A "dual-track regulation" framework is quietly taking shape at the top of US financial regulation.

**SEC Side: Starting with Classification to Clarify Digital Asset Status**

The new SEC Chairman, Gary Gensler, has brought many changes. The most direct signal is reflected in the SEC’s 2026 fiscal year review report — cryptocurrencies are no longer listed as a "special risk" category for the first time. While it might sound like a cold shoulder, the reality is quite the opposite; this indicates that digital assets are being incorporated into the management framework of mature financial markets.

Gensler is promoting a "token classification system," with a simple core idea: different types of digital assets follow different regulatory paths. Meanwhile, after Bitcoin spot ETFs and Ethereum spot ETFs, the SEC is accelerating the approval standards for more types of crypto ETFs and has also listed asset tokenization as the next focus. Behind these actions is a desire to give the industry something — certainty. With certainty, innovation can truly flourish.

**CFTC Side: Commodity Regulation Takes the Lead, Market Expansion Depends on Them**

The Commodity Futures Trading Commission (CFTC) is also busy. Since the appointment of new Chairman, Mike Selig, the agency has launched the "Crypto Sprint" plan to accelerate rule clarification. According to legislative trends currently advancing in Congress, spot markets for digital assets with "commodity attributes," such as Bitcoin and Ethereum, are likely to be explicitly assigned to the CFTC for regulation. In other words, the CFTC’s dominant role in crypto commodity regulation will become increasingly prominent.

**Looking Ahead: What Will 2026 Look Like?**

By next year, the US crypto regulatory landscape is likely to be as follows — the SEC focuses on institutional innovation and asset classification, while the CFTC leads the rules for commodity markets, with each side performing its duties and collaborating. The benefits of this model are obvious: the uncertainty caused by the previous "enforcement-first" approach will significantly decrease, large institutions will dare to enter, and the overall compliance ecosystem of the industry will be able to keep pace.

The future direction of $BTC $ETH largely depends on how these two regulatory agencies coordinate. With clear rules in place, industry development can be more stable and faster.