The collapse of FTX has confirmed the need for a swift regulatory plan for the crypto industry. In their article “Cryptos Are Not All the Same, and the Market Knows It,” NERA’s Chair of Global Securities and Finance Practice Dr. Faten Sabry et al. present new empirical analysis regarding whether crypto tokens can be classified as commodities or securities and hence whether the CFTC and/or the SEC would have oversight. The article demonstrates that the market participants’ classification of crypto assets as securities (or not) has been consistent with the CFTC and SEC rulings on these tokens, with the notable exception of Ripple.