{"id":1560,"date":"2026-06-11T00:36:43","date_gmt":"2026-06-10T19:06:43","guid":{"rendered":""},"modified":"2026-06-11T00:36:43","modified_gmt":"2026-06-10T19:06:43","slug":"clear-explanation-crypto-jurisdiction-between-sec-cftc-2","status":"publish","type":"post","link":"https:\/\/stnews.live\/pt\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc-2\/","title":{"rendered":"Explica\u00e7\u00e3o Clara da Jurisdi\u00e7\u00e3o Cripto Entre a SEC e a CFTC"},"content":{"rendered":"\n

Este artigo \u00e9 apenas para fins informativos e n\u00e3o constitui aconselhamento financeiro ou de investimento. Os mercados de criptomoedas s\u00e3o altamente vol\u00e1teis. Fa\u00e7a sempre a sua pr\u00f3pria pesquisa antes de tomar qualquer decis\u00e3o de investimento.<\/em><\/p>\n\n\n

A Comiss\u00e3o de Negocia\u00e7\u00e3o de Futuros de Commodities Cftc<\/a> e a Comiss\u00e3o de Valores Mobili\u00e1rios (SEC) afirmam ambas ter autoridade estatut\u00e1ria para regular partes do mercado de criptomoedas, mas tra\u00e7am suas linhas legais de forma diferente, como confirma Caldwelllaw<\/a>. A CFTC trata ativos como Bitcoin e Ethereum como commodities e regula seus derivados. A SEC aplica o Teste Howey para determinar quando tokens digitais se qualificam como valores mobili\u00e1rios, de acordo com Merklescience<\/a>.<\/p>\n\n\n

\n\n\n

Definindo Limites de Jurisdi\u00e7\u00e3o em Cripto<\/h2>\n\n\n

A Caldwelllaw, um escrit\u00f3rio de advocacia, observa que os ativos cripto geralmente se enquadram em tr\u00eas grupos principais: moedas, commodities ou valores mobili\u00e1rios. Cada um desencadeia implica\u00e7\u00f5es legais \u00fanicas. Esta classifica\u00e7\u00e3o define qual regulador federal tem a autoridade. Para projetos, investidores e plataformas, acertar a categoria continua a ser vital. Se uma criptomoeda \u00e9 designada como moeda, a supervis\u00e3o geralmente se desloca tanto da SEC quanto da CFTC para ag\u00eancias como a FinCEN, que s\u00e3o respons\u00e1veis pela conformidade com a legisla\u00e7\u00e3o contra a lavagem de dinheiro.<\/p>\n\n

SEC E CFTC \u201cUNEM FOR\u00c7AS\u201d PARA REGULAR CRIPTO: A LUTA PELO PODER CHEGA AO FIM, A NOVA ERA DAS REGRAS COME\u00c7A? \ud83d\udea8

Ap\u00f3s muitos anos de \u201ctens\u00e3o\u201d pelo controle do mercado cripto, as duas maiores ag\u00eancias reguladoras financeiras dos EUA – a Comiss\u00e3o de Valores Mobili\u00e1rios dos EUA (SEC)\u2026 https:\/\/t.co\/jl6aH1Au4V<\/a> pic.twitter.com\/7dlC7d5Sr6<\/a><\/p>\u2014 Upside GM \ud83d\udc4b (@gm_upside) 16 de mar\u00e7o de 2026<\/a><\/blockquote>\n\n\n\n

E porque a aplica\u00e7\u00e3o da lei depende dessas fronteiras legais, se um token ou projeto enfrenta interven\u00e7\u00e3o da SEC ou da CFTC realmente depende de seu design central. A Merklescience aponta que esta estrutura de supervis\u00e3o multi-ag\u00eancias \u00e9 distinta dos Estados Unidos e mant\u00e9m desenvolvedores e participantes em uma incerteza cont\u00ednua. Com essa ambiguidade, o Congresso introduziu recentemente v\u00e1rios projetos de lei, visando esclarecer a jurisdi\u00e7\u00e3o federal sobre ativos digitais e reduzir a confus\u00e3o para as partes interessadas em toda a ind\u00fastria cripto.<\/p>\n\n\n

\n\n\n

Autoridade da SEC e o Teste Howey<\/h2>\n\n\n

O cerne da jurisdi\u00e7\u00e3o da SEC em cripto \u00e9 o Teste Howey\u2014um quadro de quatro partes do caso da Suprema Corte de 1946 SEC v. Howey Co. Como explica a Merklescience, o teste pergunta se h\u00e1 (1) um investimento de dinheiro, (2) em uma empresa comum, (3) uma expectativa razo\u00e1vel de lucro, e (4) lucro proveniente dos esfor\u00e7os de outros.<\/p>\n\n\n

A aplica\u00e7\u00e3o da SEC aumentou a fiscaliza\u00e7\u00e3o de ofertas de valores mobili\u00e1rios n\u00e3o registradas, especialmente no setor cripto. Nos \u00faltimos anos, houve uma mira agressiva em tokens vendidos em ICOs p\u00fablicas, ou tokens com metas de lucro declaradas ligadas ao desenvolvimento de novas plataformas, destaca a Merklescience.<\/p>\n\n\n

Casos judiciais que exploram a aplica\u00e7\u00e3o do Teste Howey a novos modelos de tokens s\u00e3o centrais para a evolu\u00e7\u00e3o da regula\u00e7\u00e3o<\/a>. No terreno, essas disputas moldam o alcance da SEC e podem redefinir as prote\u00e7\u00f5es dos investidores com cada determina\u00e7\u00e3o legal. Os resultados aqui podem mudar a forma como a SEC fiscaliza o mundo cripto. Os riscos s\u00e3o altos para todos.<\/p>\n\n\n

\n\n\n
Fator de Jurisdi\u00e7\u00e3o<\/th>Teste\/Estatuto Relevante<\/th>Regulador<\/th><\/tr>\n<\/thead>\n
Contrato de Investimento<\/td>Teste Howey<\/td>SEC<\/td><\/tr>\n
Commodity\/Derivativo<\/td>Lei de C\u00e2mbio de Commodities<\/td>CFTC<\/td><\/tr>\n
Moeda\/Pagamentos<\/td>Orienta\u00e7\u00e3o da FinCEN<\/td>FinCEN\/Outro<\/td><\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n
\n\n\n

Papel Regulat\u00f3rio da CFTC Explicado<\/h2>\n\n\n

A Merklescience explica que a Comiss\u00e3o de Negocia\u00e7\u00e3o de Futuros de Commodities (CFTC) regula commodities e seus derivados, incluindo futuros, swaps e op\u00e7\u00f5es. Essa autoridade estatut\u00e1ria est\u00e1 fundamentada na lei federal, como confirma Scholarship<\/a>.richmond.edu. A CFTC pode intervir nos mercados de criptomoedas \u00e0 vista apenas quando h\u00e1 evid\u00eancias de fraude ou manipula\u00e7\u00e3o. Seu foco principal? Ativos digitais que sustentam derivados regulados\u2014como Bitcoin<\/a> e Ether. Nem todos os ativos se qualificam.<\/p>\n\n\n

Com esse quadro regulat\u00f3rio, a CFTC exige forte manuten\u00e7\u00e3o de registros, vigil\u00e2ncia em tempo real e padr\u00f5es contra fraudes para bolsas de derivados registradas, relata a Caldwelllaw. Essas regras impactam negocia\u00e7\u00f5es alavancadas, produtos de margem e plataformas de c\u00e2mbio, tudo para ajudar a conter abusos de mercado. A supervis\u00e3o da CFTC \u00e9 fundamental para os derivados de Bitcoin e Ethereum\u2014uma \u00e1rea que agora atrai uma enorme atividade institucional, de acordo com a Merklescience. No entanto, a aplica\u00e7\u00e3o direta nos mercados de cripto \u00e0 vista \u00e9 limitada. A CFTC pressionou o Congresso para fortalecer seu poder \u00e0 medida que plataformas n\u00e3o regulamentadas e riscos de manipula\u00e7\u00e3o crescem.<\/p>\n\n\n

Grandes investidores interessados em exposi\u00e7\u00e3o ao Bitcoin ou Ethereum geralmente dependem de futuros e op\u00e7\u00f5es supervisionados pela CFTC. Isso reduz o risco legal e permite que produtos para BTC e ETH flores\u00e7am mais rapidamente do que para a maioria das outras criptomoedas, mostram os dados de mercado.<\/p>\n\n\n

\n\n\n

Supervis\u00e3o do Bitcoin e Ethereum<\/h2>\n\n\n

A Caldwelllaw confirma que Bitcoin e Ethereum s\u00e3o classificados como commodities e est\u00e3o sob a autoridade da CFTC para negocia\u00e7\u00e3o de derivados.<\/p>\n\n\n

Ter um \u201clar\u201d regulat\u00f3rio definido para BTC e ETH possibilitou o lan\u00e7amento de ETFs de futuros e outros derivados.<\/p>\n\n\n

\n\n\n

Distin\u00e7\u00e3o entre Valores Mobili\u00e1rios e Commodities<\/h2>\n\n\n

Scholarship.richmond.edu afirma que os poderes da SEC v\u00eam de estatutos de valores mobili\u00e1rios, enquanto os da CFTC est\u00e3o fundamentados na regula\u00e7\u00e3o de commodities. Essa divis\u00e3o estrutura a ind\u00fastria. Uma commodity, como Bitcoin ou Ethereum, \u00e9 um ativo fung\u00edvel negoci\u00e1vel em mercados abertos.<\/p>\n\n\n

\n\n\n
Categoria<\/th>Exemplos<\/th>Regulador<\/th><\/tr>\n<\/thead>\n
Commodity<\/td>Bitcoin, Ethereum<\/td>CFTC<\/td><\/tr>\n
Security<\/td>muitos tokens DeFi<\/td>SEC<\/td><\/tr>\n
Moeda<\/td>Stablecoins, tokens de pagamento<\/td>FinCEN, outros<\/td><\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n
\n\n\n

Riscos Regulat\u00f3rios das Stablecoins Algor\u00edtmicas<\/h2>\n\n\n

A SEC revisa qualquer stablecoin vendida com promessas de lucro ou gerida por uma parte central. Nesses casos, a legisla\u00e7\u00e3o de valores mobili\u00e1rios se aplica. Se um derivativo baseado em stablecoin \u00e9 negociado em uma bolsa regulamentada, a jurisdi\u00e7\u00e3o da CFTC tamb\u00e9m pode se aplicar, como mostra a Merklescience.<\/p>\n\n\n

Quando os Derivativos Cripto S\u00e3o Regulados<\/h3>\n\n\n

A Merklescience afirma que o poder da CFTC entra em a\u00e7\u00e3o uma vez que um derivativo\u2014como um contrato de futuros ou swap\u2014referencia uma commodity digital como Bitcoin ou Ethereum. Este quadro cobre a maior parte do volume de negocia\u00e7\u00e3o institucional em bolsas regulamentadas dos EUA. Ele traz rigorosos padr\u00f5es de anti-fraude, vigil\u00e2ncia e transpar\u00eancia para os derivativos cripto. A Lei de C\u00e2mbio de Commodities \u00e9 a espinha dorsal que capacita a autoridade da CFTC aqui.<\/p>\n\n\n

A Caldwelllaw observa que esses ativos podem chamar a aten\u00e7\u00e3o tanto da SEC quanto da CFTC, dependendo do design, promo\u00e7\u00e3o ou se s\u00e3o usados em derivativos ou contratos de investimento.<\/p>\n\n\n

Se a manipula\u00e7\u00e3o de mercado ou abusos aumentarem, a press\u00e3o sobre o Congresso por poderes mais claros da CFTC sobre todos os mercados cripto \u00e0 vista provavelmente aumentar\u00e1.<\/p>\n\n\n

Casos Essenciais que Moldam a Jurisdi\u00e7\u00e3o Cripto<\/h3>\n\n\n

Perspectivas de scholarship.richmond.edu e Merklescience demonstram que a jurisdi\u00e7\u00e3o depende da estrutura do projeto e do marketing do ativo. A\u00e7\u00f5es de destaque\u2014como o processo de alto perfil da SEC contra a Ripple Labs sobre o XRP\u2014estabeleceram precedentes importantes.<\/p>\n\n\n

Por enquanto, a falta de nova legisla\u00e7\u00e3o significa que os processos judiciais impulsionam a aplica\u00e7\u00e3o da lei. Projetos podem realocar ou alterar modelos de neg\u00f3cios \u00e0 medida que as decis\u00f5es judiciais mudam, em vez de seguir um \u00fanico protocolo. Novas decis\u00f5es ou projetos de lei legislativos esperados para o final de 2026 podem finalmente esclarecer qual ag\u00eancia est\u00e1 no comando\u2014redefinindo o risco para startups e investidores. At\u00e9 l\u00e1, espere uma arena regulat\u00f3ria altamente din\u00e2mica e uma cont\u00ednua disputa entre a SEC e a CFTC pelo controle do futuro da ind\u00fastria cripto.<\/p>\n\n\n

\n\n

<\/p>\n\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

SEC vs CFTC: jurisdi\u00e7\u00e3o sobre criptomoedas explicada: Compreenda como as criptomoedas s\u00e3o reguladas como commodities ou valores mobili\u00e1rios, com testes e casos-chave que definem a supervis\u00e3o.<\/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],"tags":[27,57,30,40],"class_list":["post-1560","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","tag-bitcoin","tag-cftc","tag-ethereum","tag-sec"],"yoast_head":"\nExplica\u00e7\u00e3o Clara da Jurisdi\u00e7\u00e3o Cripto Entre a SEC e<\/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\/pt\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc-2\/\" \/>\n<meta property=\"og:locale\" content=\"pt_PT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Explica\u00e7\u00e3o Clara da Jurisdi\u00e7\u00e3o Cripto Entre a SEC e a 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\/pt\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc-2\/\" \/>\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=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":[\"Organization\",\"NewsMediaOrganization\"],\"@id\":\"https:\\\/\\\/stnews.live\\\/pt\\\/#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\\\/pt\\\/\",\"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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