U.S. crypto regulation is currently split between the Securities Exchange Commission (SEC) and Commodities Future Trading Commission (CFTC), with many digital assets classified case by case through enforcement, guidance, and litigation. A commodities-market model, enforced by the CFTC, focuses on exchange oversight, custody, market integrity, and anti-manipulation rules (e.g., in gold or oil markets). On the other hand, an investor-protection model, enforced by the SEC, focuses on issuer disclosures, registration, and safeguards for buyers investing in projects that promise returns (e.g., in stock markets).