The Law
1. Single Specialized Regulator
This is the solution that many are now calling for. We mentioned a few weeks ago that it was proposed in the UK and is also a vital part of the Coinbase proposal. The idea is that creating a single regulator to work on all currencies, derivatives, securities, non-fungible tokens, digital contracts and others which operate on the blockchain would eliminate the seemingly outdated distinction between securities and commodities regarding digital assets and avoid entrepreneurs needing to deal with disparities between standards and regulations with the SEC and CFTC.
2. Lummis-Gillibrand Approach
Under the Bill currently before Congress, which seems to have some bi-partisan support, there would also be a single regulator of the industry, but it would be the CFTC. The argument is that all digital assets are just commodities and should be regulated by the CFTC. This approach is really simplistic and fails to really show any basic understanding of the blockchain's capabilities and the uses of the technology but this method is the closest to becoming law.