The future of crypto could be determined by the Senate Agriculture Committee. No, that's not a misprint. That's because the Commodity Futures Trading Commission (CFTC) is angling hard to become the primary regulator of the crypto industry, and the CFTC falls under the purview of the Senate Agriculture Committee. An expanded role for the CFTC is generally perceived to be good news by the crypto industry, which views the CFTC as a much more crypto-friendly regulator than the SEC.

What's noteworthy is that the regulatory turf war between the CFTC and the SEC is being fought in public these days. SEC head Gary Gensler has been publicly calling for his agency to regulate the crypto industry, and now the CFTC is fighting back. The head of the CFTC, Rostin Behnam, just threw the crypto industry a bone by suggesting in a chat at NYU School of Law that Bitcoin (CRYPTO: BTC) could double in price if his agency gets to set the rules. A doubling would send Bitcoin on a trajectory from its current price of around $20,000 to nearly $40,000. 

Whether the CFTC or the SEC gets to regulate crypto comes down to a single question: Is crypto a security or is it a commodity? If it is a security, then the SEC gets to regulate it. If it is a commodity, then the CFTC gets to regulate it. According to current guidelines, crypto is a security only if an investment contract exists in which people are pooling their money in a common enterprise to make a profit.

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Source Fool.com