SEC-CFTC Commodity Stance Faces Its First Real Political Stress Test

The SEC and CFTC have spent years circling the same problem from different directions: where does crypto fit inside the US regulatory system?
A joint commodity stance on major digital assets sounds, on paper, like the kind of thing the market has wanted for a long time. The problem is that interpretive releases do not exist in a vacuum. They land inside Washington, where every attempt to define crypto also becomes a fight over agency power, enforcement reach, investor protection, and who gets th