$BTC & SEC Regulation**

The SEC does not consider Bitcoin a security; instead, it is regulated as a commodity under the CFTC. This means Bitcoin is not subject to SEC securities laws (e.g., the Howey Test), unlike certain tokens or stocks classified as securities.

Recent SEC guidance primarily targets crypto exchanges and custodians. For instance, **Staff Accounting Bulletin No. 121 (SAB 121, 2024)** mandates that firms holding Bitcoin for clients must list it as both an asset and a liability on their balance sheets—affecting financial reporting but not Bitcoin’s core functionality.

While the SEC continues to scrutinize crypto platforms, Bitcoin’s decentralized structure largely insulates it from direct regulation compared to altcoins or staking services. Discussions on X (Twitter) highlight this distinction, emphasizing Bitcoin’s unique regulatory position.