Chapman Law Review


This Article compares and contrasts the SEC’s and CFTC’s approach to crypto regulation, as impacted by their respective missions and scope of authority. It then considers some of the largest gaps in the current regulatory system as it applies to cryptoassets. In light of that information, the Article then looks at three of the most widely discussed legislative proposals for regulatory reform and considers the potential impact of such legislative intervention. The conclusion of the Article is that some expansion of CFTC authority may be necessary and desirable, but political realities are likely to dictate small, incremental steps towards broader reforms that are unlikely to be achievable in the short term. The first step towards regulation might even be outside the remit of either the SEC or CFTC, and it might be limited to stablecoins—a narrow class of cryptoasset that has been particularly problematic for regulators. However, the bills currently before Congress have problems that will need to be addressed in order to make progress in crypto regulation, no matter how important, a reality."



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