Readit NewsSEC and CFTC are both claiming jurisdiction over Bitcoin.
"The Commodity Futures Trading Commission is an independent U.S. government agency that regulates the U.S. derivatives markets, including futures, options, and swaps."
Also from their official website: 20 quadrillion per week in settled trades. Too lazy to look up the equities numbers, but I would bet everything I own it's lower.
Also from the CFTC's website:
"Bitcoin is considered a commodity and is the underlying asset in bitcoin futures contracts… Bitcoin futures contracts — like other commodity futures contracts such as corn futures, market index futures, or gold futures — are regulated by the CFTC and must trade on CFTC-regulated exchanges."
Yeah, I'm gonna say no to that. I don't have numbers but if total trading volume on commodities is anything more than a tiny fraction of stock/derivatives trading on any given day I eat my proverbial hat.
Regardless, "The CFTC needs to sue us, not the SEC" isn't the argument being made by Robinhood either.
It does matter, because they aren't doing anything wrong if these crypto assets are considered commodities and not securities.
Also, just because a government agency is suing you, that doesn't mean it has any legal or moral imperative. I don't see your point.
The idea that crypto assets aren't "securities" and thus not subject to SEC regulation is, and always has been, laughable. Virtually everyone trading these things is doing so to engage in arbitrage of fungible assets to make money. I mean, come on.
Most issuers try very hard to keep their instrument in one bucket to avoid the kind of issues that cryptocurrencies are dealing with.
My point stands: OP claimed that most trading volume happens in securities and it simply does not. I highly doubt securities amount to more than the $20 quadrillion settled in the CFTC's realm last week.
I'm not claiming the jurisdictions of the CFTC and SEC are mutually exclusive. My point stands.