Massad and Clayton’s recommendations come at a potentially pivotal time in crypto’s brief history, and amid an ongoing jurisdictional feud between the CFTC, which considers crypto a commodity and the SEC, which sees it as a security. Both agencies have filed multiple legal actions against exchanges and other key crypto organizations, testing the applicability of current regulations but leaving investors and entrepreneurs deeply unsettled about crypto’s future in the U.S., which has largely spearheaded global interest in the space. Last month, the SEC sued Binance and Coinbase, saying the exchanges had violated securities laws by, among other things, offering unregistered securities.