[joefigura]

No. They aren't investment contracts. They're just sneakers.

The SEC regulates the market for investment contracts (securities). The CFTC regulates the market for commodities. The legal point is that the SEC says Coinbase is a securities market, but haven't made a specific accusation, and Coinbase disagrees. But if some digital assets are securities, then the SEC definitely has jurisdiction.

Nobody regulates the pokemon card market or sneaker market. I suppose congress could decide that it's super important to regulate sneakers, and set up the Sneakers and Exchange Comission. But they haven't yet

[HWR_14]

The securities/commodities division is so strange, I find it hard to parse. Like, I understand "shares of stock" are different from "corn". Sure. But then you get into strange things and it's unclear which they are.