U.S. crypto policy may be shifting back to regulators as Congress struggles to advance sweeping legislation. According to a Reuters report summarized by Techmeme, the Securities and Exchange Commission and the Commodity Futures Trading Commission are moving to establish rules for the sector while broader crypto legislation stalls. The most concrete reported change is at the SEC. Reuters reports that the agency is set to exempt certain token offerings from securities laws. The summary does not specify which offerings would qualify, when the exemption would take effect, or whether the move would come through formal rulemaking, guidance, or another mechanism. The CFTC is also described as moving to establish rules, though the provided material does not detail the agency’s specific proposals. That matters because U.S. crypto oversight has long been split between securities and commodities regulators, depending on how a token, trading venue, or product is classified. For now, the story is best read as a developing regulatory shift rather than a completed legal reset. The available material supports that regulators are acting as legislation stalls, but it does not provide the text, scope, or compliance obligations of the expected rules. Who benefits: Token issuers that fall within any eventual SEC exemption could benefit from a clearer path to offerings. The provided material does not identify which issuers or products would be covered. Who's exposed: The provided material does not identify who would be exposed by the reported SEC and CFTC moves.