{"id":1558,"date":"2026-06-11T00:36:43","date_gmt":"2026-06-10T19:06:43","guid":{"rendered":"https:\/\/stnews.live\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc-2\/"},"modified":"2026-06-11T00:36:43","modified_gmt":"2026-06-10T19:06:43","slug":"clear-explanation-crypto-jurisdiction-between-sec-cftc","status":"publish","type":"post","link":"https:\/\/stnews.live\/de\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc\/","title":{"rendered":"Klare Erkl\u00e4rung der Krypto-Jurisdiktion zwischen SEC und CFTC"},"content":{"rendered":"\n<p class=\"has-small-font-size\" style=\"font-size:0.85em;color:#666\"><em>Dieser Artikel dient nur zu Informationszwecken und stellt keine Finanz- oder Anlageberatung dar. Die Kryptow\u00e4hrungsm\u00e4rkte sind \u00e4u\u00dferst volatil. F\u00fchren Sie immer Ihre eigenen Recherchen durch, bevor Sie Investitionsentscheidungen treffen.<\/em><\/p>\n\n\n<p>Die Commodity Futures Trading Commission <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9198-26\" rel=\"nofollow noopener\">Cftc<\/a> und die Securities and Exchange Commission (SEC) beanspruchen beide gesetzliche Befugnisse zur Regulierung von Teilen des Kryptow\u00e4hrungsmarktes, ziehen jedoch ihre rechtlichen Grenzen unterschiedlich, wie <a href=\"https:\/\/caldwelllaw.com\/news\/crypto-classification-securities-commodities-currencies\/\" rel=\"nofollow noopener\">Caldwelllaw<\/a> best\u00e4tigt. Die CFTC behandelt Verm\u00f6genswerte wie Bitcoin und Ethereum als Rohstoffe und regelt deren Derivate. Die SEC wendet den Howey-Test an, um zu bestimmen, wann digitale Token als Wertpapiere qualifizieren, so <a href=\"https:\/\/www.merklescience.com\/blog\/cftc-vs-sec-navigating-regulatory-overlap-in-the-crypto-market\" rel=\"nofollow noopener\">Merklescience<\/a>.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">Definition der Grenzen der Krypto-Jurisdiktion<\/h2>\n\n\n<p>Caldwelllaw, eine Kanzlei, stellt fest, dass Krypto-Verm\u00f6genswerte im Allgemeinen in drei Hauptgruppen fallen: W\u00e4hrungen, Rohstoffe oder Wertpapiere. Jede Gruppe hat einzigartige rechtliche Implikationen. Diese Klassifizierung legt fest, welcher Bundesregulator die Befugnis hat. F\u00fcr Projekte, Investoren und Plattformen ist es entscheidend, die Kategorie richtig zuzuordnen. Wenn eine Kryptow\u00e4hrung als W\u00e4hrung eingestuft wird, verschiebt sich die Aufsicht normalerweise weg von der SEC und CFTC hin zu Beh\u00f6rden wie FinCEN, die f\u00fcr die Einhaltung der Vorschriften zur Bek\u00e4mpfung von Geldw\u00e4sche verantwortlich sind.<\/p>\n\n<blockquote class=\"twitter-tweet\"><p dir=\"ltr\" lang=\"vi\">SEC UND CFTC \u201eARBEITEN ZUSAMMEN\u201c BEI DER REGULIERUNG VON CRYPTO: DER MACHTKAMPF IST BEENDET, EINE NEUE \u00c4RA DER SPIELREGELN BEGINNT? \ud83d\udea8<br \/><br \/>Nach vielen Jahren des \u201eRangels\u201c um die Regulierung des Krypto-Marktes haben die beiden gr\u00f6\u00dften Finanzaufsichtsbeh\u00f6rden der USA &#8211; die U.S. Securities and Exchange Commission (SEC)\u2026 <a href=\"https:\/\/t.co\/jl6aH1Au4V\" rel=\"nofollow noopener\">https:\/\/t.co\/jl6aH1Au4V<\/a> <a href=\"https:\/\/t.co\/7dlC7d5Sr6\" rel=\"nofollow noopener\">pic.twitter.com\/7dlC7d5Sr6<\/a><\/p>\u2014 Upside GM \ud83d\udc4b (@gm_upside) <a href=\"https:\/\/x.com\/gm_upside\/status\/2033351696009846836?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">16. M\u00e4rz 2026<\/a><\/blockquote>\n\n\n\n<p>Und da die Durchsetzung von diesen rechtlichen Grenzen abh\u00e4ngt, ob ein Token oder Projekt mit einer Intervention der SEC oder CFTC konfrontiert wird, h\u00e4ngt wirklich von seinem grundlegenden Design ab. Merklescience weist darauf hin, dass diese Aufsichtsstruktur mit mehreren Beh\u00f6rden in den Vereinigten Staaten einzigartig ist und Entwickler und Teilnehmer in st\u00e4ndiger Unsicherheit h\u00e4lt. Mit dieser Unklarheit hat der Kongress k\u00fcrzlich mehrere Gesetzentw\u00fcrfe eingebracht, die darauf abzielen, die bundesstaatliche Zust\u00e4ndigkeit \u00fcber digitale Verm\u00f6genswerte zu kl\u00e4ren und Verwirrung f\u00fcr die Beteiligten in der Krypto-Industrie zu reduzieren.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">Befugnisse der SEC und der Howey-Test<\/h2>\n\n\n<p>Das Herzst\u00fcck der Zust\u00e4ndigkeit der SEC im Bereich Krypto ist der Howey-Test \u2013 ein vierteiliger Rahmen aus dem Fall SEC gegen Howey Co. von 1946. Wie Merklescience erkl\u00e4rt, fragt der Test, ob es (1) eine Geldanlage, (2) in einem gemeinsamen Unternehmen, (3) eine angemessene Gewinnerwartung und (4) Gewinne gibt, die aus den Bem\u00fchungen anderer resultieren.<\/p>\n\n\n<p>Die Durchsetzung durch die SEC hat die \u00dcberpr\u00fcfung von nicht registrierten Wertpapierangeboten, insbesondere im Krypto-Bereich, verst\u00e4rkt. In den letzten Jahren wurden aggressive Ma\u00dfnahmen gegen Token ergriffen, die in \u00f6ffentlichen ICOs verkauft wurden, oder Token mit angegebenen Gewinnzielen, die mit der Entwicklung neuer Plattformen verbunden sind, hebt Merklescience hervor.<\/p>\n\n\n<p>Gerichtsverfahren, die die Anwendung des Howey-Tests auf neue Token-Modelle untersuchen, sind zentral f\u00fcr die sich entwickelnde <a href=\"https:\/\/stnews.live\/de\/2026\/06\/mica-crypto-regulation-europe-explained-what-changes-2026\/\" rel=\"noopener\">Regulierung<\/a>. Vor Ort pr\u00e4gen diese Streitigkeiten die Reichweite der SEC und k\u00f6nnten den Anlegerschutz mit jeder rechtlichen Entscheidung neu definieren. Die Ergebnisse hier k\u00f6nnten beeinflussen, wie die SEC die Krypto-Welt \u00fcberwacht. Die Eins\u00e4tze sind hoch f\u00fcr alle.<\/p>\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr><th>Jurisdiktionsfaktor<\/th><th>Relevanter Test\/Gesetz<\/th><th>Regulator<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>Investitionsvertrag<\/td><td>Howey-Test<\/td><td>SEC<\/td><\/tr>\n<tr><td>Rohstoff\/Derivat<\/td><td>Commodity Exchange Act<\/td><td>CFTC<\/td><\/tr>\n<tr><td>W\u00e4hrung\/Zahlungen<\/td><td>FinCEN-Leitlinien<\/td><td>FinCEN\/Andere<\/td><\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">Die regulatorische Rolle der CFTC erkl\u00e4rt<\/h2>\n\n\n<p>Merklescience erkl\u00e4rt, dass die Commodity Futures Trading Commission (CFTC) Rohstoffe und deren Derivate, einschlie\u00dflich Futures, Swaps und Optionen, reguliert. Diese gesetzliche Befugnis basiert auf Bundesrecht, wie <a href=\"https:\/\/scholarship.richmond.edu\/lawreview\/vol57\/iss2\/11\/\" rel=\"nofollow noopener\">Scholarship<\/a>.richmond.edu best\u00e4tigt. Die CFTC kann nur dann in den Spot-Kryptow\u00e4hrungsmarkt eingreifen, wenn es Hinweise auf Betrug oder Manipulation gibt. Ihr Hauptaugenmerk? Digitale Verm\u00f6genswerte, die regulierte Derivate untermauern \u2013 wie <a href=\"https:\/\/stnews.live\/2026\/06\/jpmorgan-says-cash-crucial-bitcoin-giant-strategy-assure-investors\/\" rel=\"noopener\">Bitcoin<\/a> und Ether. Nicht alle Verm\u00f6genswerte qualifizieren sich.<\/p>\n\n\n<p>Mit diesem regulatorischen Rahmen verlangt die CFTC eine starke Dokumentation, Echtzeit\u00fcberwachung und Standards zur Betrugsbek\u00e4mpfung f\u00fcr registrierte Derivateb\u00f6rsen, berichtet Caldwelllaw. Diese Regeln wirken sich auf gehebelte Gesch\u00e4fte, Margin-Produkte und Handelsplattformen aus, um Marktmissbrauch zu verhindern. Die Aufsicht der CFTC ist entscheidend f\u00fcr Bitcoin- und Ethereum-Derivate \u2013 ein Bereich, der laut Merklescience derzeit enormes institutionelles Interesse anzieht. Dennoch ist die direkte Durchsetzung auf den Spot-Kryptom\u00e4rkten begrenzt. Die CFTC hat den Kongress gedr\u00e4ngt, ihre Befugnisse zu st\u00e4rken, da unregulierte Plattformen und Manipulationsrisiken zunehmen.<\/p>\n\n\n<p>Gro\u00dfe Investoren, die an Bitcoin oder Ethereum interessiert sind, verlassen sich typischerweise auf von der CFTC \u00fcberwachte Futures und Optionen. Das reduziert das rechtliche Risiko und erm\u00f6glicht es Produkten f\u00fcr BTC und ETH, schneller zu gedeihen als f\u00fcr die meisten anderen Kryptow\u00e4hrungen, zeigen Marktdaten.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u00dcberwachung von Bitcoin und Ethereum<\/h2>\n\n\n<p>Caldwelllaw best\u00e4tigt, dass Bitcoin und Ethereum als Rohstoffe klassifiziert sind und unter die Befugnis der CFTC f\u00fcr den Derivatehandel fallen.<\/p>\n\n\n<p>Ein definierter regulatorischer \u201eZuhause\u201c f\u00fcr BTC und ETH hat die Einf\u00fchrung von Futures-ETFs und anderen Derivaten erm\u00f6glicht.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">Unterscheidung zwischen Wertpapieren und Rohstoffen<\/h2>\n\n\n<p>Scholarship.richmond.edu best\u00e4tigt, dass die Befugnisse der SEC aus den Wertpapiergesetzen stammen, w\u00e4hrend die der CFTC auf der Rohstoffregulierung basieren. Diese Trennung strukturiert die Branche. Ein Rohstoff, wie Bitcoin oder Ethereum, ist ein fungibles Verm\u00f6gen, das auf offenen M\u00e4rkten handelbar ist.<\/p>\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr><th>Kategorie<\/th><th>Beispiele<\/th><th>Regulator<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>Rohstoff<\/td><td>Bitcoin, Ethereum<\/td><td>CFTC<\/td><\/tr>\n<tr><td>Wertpapier<\/td><td>viele DeFi-Token<\/td><td>SEC<\/td><\/tr>\n<tr><td>W\u00e4hrung<\/td><td>Stablecoins, Zahlungstoken<\/td><td>FinCEN, andere<\/td><\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">Regulatorische Risiken von algorithmischen Stablecoins<\/h2>\n\n\n<p>Die SEC \u00fcberpr\u00fcft jeden Stablecoin, der mit Gewinnversprechen verkauft oder von einer zentralen Partei verwaltet wird. In diesen F\u00e4llen gelten die Wertpapiergesetze. Wenn ein auf Stablecoins basierendes Derivat an einer regulierten B\u00f6rse gehandelt wird, kann auch die Zust\u00e4ndigkeit der CFTC gelten, wie Merklescience zeigt.<\/p>\n\n\n<h3 class=\"wp-block-heading\">Wann Krypto-Derivate reguliert werden<\/h3>\n\n\n<p>Merklescience erkl\u00e4rt, dass die Befugnis der CFTC einsetzt, sobald ein Derivat \u2013 wie ein Futures- oder Swap-Vertrag \u2013 auf einen digitalen Rohstoff wie Bitcoin oder Ethereum verweist. Dieser Rahmen umfasst das meiste institutionelle Handelsvolumen an regulierten US-B\u00f6rsen. Er bringt strenge Standards zur Betrugsbek\u00e4mpfung, \u00dcberwachung und Transparenz f\u00fcr Krypto-Derivate mit sich. Das Commodity Exchange Act ist das R\u00fcckgrat, das die Befugnis der CFTC hier st\u00e4rkt.<\/p>\n\n\n<p>Caldwelllaw weist darauf hin, dass diese Verm\u00f6genswerte sowohl die Aufmerksamkeit der SEC als auch der CFTC auf sich ziehen k\u00f6nnen, abh\u00e4ngig von Design, Werbung oder ob sie in Derivaten oder Investitionsvertr\u00e4gen verwendet werden.<\/p>\n\n\n<p>Wenn Marktmanipulation oder Missbrauch zunehmen, wird der Druck auf den Kongress, klarere Befugnisse der CFTC \u00fcber alle Spot-Kryptom\u00e4rkte zu schaffen, wahrscheinlich wachsen.<\/p>\n\n\n<h3 class=\"wp-block-heading\">Wesentliche F\u00e4lle, die die Krypto-Jurisdiktion pr\u00e4gen<\/h3>\n\n\n<p>Perspektiven von scholarship.richmond.edu und Merklescience zeigen, dass die Zust\u00e4ndigkeit von der Struktur des Projekts und der Verm\u00f6gensvermarktung abh\u00e4ngt. F\u00fchrende Verfahren \u2013 wie die hochkar\u00e4tige Klage der SEC gegen Ripple Labs wegen XRP \u2013 haben wichtige Pr\u00e4zedenzf\u00e4lle geschaffen.<\/p>\n\n\n<p>Im Moment bedeutet ein Mangel an neuer Gesetzgebung, dass Klagen die Durchsetzung vorantreiben. Projekte k\u00f6nnen ihren Standort verlagern oder Gesch\u00e4ftsmodelle \u00e4ndern, w\u00e4hrend sich die Gerichtsurteile \u00e4ndern, anstatt einem einzigen Protokoll zu folgen. Neue Urteile oder Gesetzesentw\u00fcrfe, die Ende 2026 erwartet werden, k\u00f6nnten endlich kl\u00e4ren, welche Beh\u00f6rde zust\u00e4ndig ist \u2013 und das Risiko f\u00fcr Startups und Investoren neu gestalten. Bis dahin ist mit einer hochdynamischen regulatorischen Arena und einem fortw\u00e4hrenden Wettlauf zwischen der SEC und der CFTC um die Kontrolle \u00fcber die Zukunft der Krypto-Industrie zu rechnen.<\/p>\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\" style=\"border-radius:6px;padding-top:12px;padding-right:16px;padding-bottom:12px;padding-left:16px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained wp-container-core-group-is-layout-e5e508ba\">\n\n<p><\/p>\n\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEC vs CFTC Krypto-Jurisdiktion erkl\u00e4rt: Verstehen Sie, wie Kryptow\u00e4hrungen als Waren oder Wertpapiere reguliert werden, mit wichtigen Tests und F\u00e4llen, die die Aufsicht definieren.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"SEC vs CFTC crypto jurisdiction explained","_yoast_wpseo_metadesc":"SEC vs CFTC crypto jurisdiction explained: Understand how cryptocurrencies are regulated as commodities or securities, with key tests and cases defining oversight.","rank_math_description":"SEC vs CFTC crypto jurisdiction explained: Understand how cryptocurrencies are regulated as commodities or securities, with key tests and cases defining oversight.","rank_math_focus_keyword":"SEC vs CFTC crypto jurisdiction explained","_stn_article_citation":"","_stn_article_about":"","_stn_article_speakable":"","footnotes":""},"categories":[2,209,212,215,218,3,230,233,236,239,8,317],"tags":[27,57,30,40],"class_list":["post-1558","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-bitcoin-es","category-bitcoin-de","category-bitcoin-fr","category-bitcoin-pt","category-ethereum","category-ethereum-es","category-ethereum-de","category-ethereum-fr","category-ethereum-pt","category-regulation","category-regulierung","tag-bitcoin","tag-cftc","tag-ethereum","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Klare Erkl\u00e4rung der Krypto-Jurisdiktion zwischen SEC und\u2026<\/title>\n<meta name=\"description\" content=\"SEC vs CFTC crypto jurisdiction explained: Understand how cryptocurrencies are regulated as commodities or securities, with key tests and cases defining oversight.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/stnews.live\/de\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Klare Erkl\u00e4rung der Krypto-Jurisdiktion zwischen SEC und CFTC\" \/>\n<meta property=\"og:description\" content=\"SEC vs CFTC crypto jurisdiction explained: Understand how cryptocurrencies are regulated as commodities or securities, with key tests and cases defining oversight.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/stnews.live\/de\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc\/\" \/>\n<meta property=\"og:site_name\" content=\"STnews\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/stnews\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-10T19:06:43+00:00\" \/>\n<meta name=\"author\" content=\"Elena Petrova\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/stnews.live\/app\/uploads\/stn-default-og.png\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/x.com\/epetrova_law\" \/>\n<meta name=\"twitter:site\" content=\"@stnews_live\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Elena Petrova\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":[\"Organization\",\"NewsMediaOrganization\"],\"@id\":\"https:\\\/\\\/stnews.live\\\/de\\\/#organization\\\/\",\"name\":\"STnews\",\"alternateName\":[\"ST News\",\"STnews\",\"stnews.live\",\"STnews.live\",\"STN\",\"S T News\",\"\u0421\u0422\u043d\u044c\u044e\u0441\",\"\u30a8\u30b9\u30c6\u30a3\u30fc\u30cb\u30e5\u30fc\u30b9\",\"\u0625\u0633 \u062a\u064a \u0646\u064a\u0648\u0632\"],\"url\":\"https:\\\/\\\/stnews.live\\\/de\\\/\",\"description\":\"STnews is an independent digital crypto-news platform covering Bitcoin, Ethereum, stablecoins, DeFi, regulatory developments, and on-chain intelligence in 8 languages. 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