https://www.theguardian.com/technology/2023/jun/09/binance-coinbase-us-government-cryptocurrency

Regulators have been confused about whether cryptocurrency is a security or a commodity, but clarity appears imminent

For years, US financial regulators couldn’t agree on what to do about cryptocurrency. They wanted to do something, but couldn’t agree on what crypto was – a security, like a stock or bond, or a commodity, like a raw material or agricultural product, or neither? – and which agency would have jurisdiction.