Firstly the CFTC calls things a commodity to reserve the right to regulate those things. If the SEC also claims jurisdiction that doesn’t actually make the regu

Firstly the CFTC calls things a commodity to reserve the right to regulate those things. If the SEC also claims jurisdiction that doesn’t actually make the regulation more lax, it means to stay on the right side of the regulation you have to satisfy both regulators. Normal financial firms trading normal financial products deal with this all the time and are very familiar with jurisdictional disputes between their regulators. For example every US bank is more than familiar with keeping the OCC and their state Fed happy. This is BAU in US bank regulation.