The 21st Century Financial Innovation and Technology Act passed by the U.S. House of Representatives granted the CFTC the main regulatory power over crypto.

That means that U.S. legislators believe that most cryptos are virtual commodities and are therefore regulated by the Commodity Futures Commission (CFTC).

The SEC only regulates the part of crypto that involves securities.

For example, Bitcoin is a virtual commodity and is regulated by the CFTC.

However, Bitcoin ETFs are securities and are naturally regulated by the SEC.