Confused as to what is a digital asset and which U.S. government agency has jurisdiction? The Tokenizer has a good overview at https://thetokenizer.io/2023/06/06/regulation-of-digital-assets-in-the-united-states-of-america/.
Digital assets are either a security regulated by the SEC, or a commodity regulated by the CFTC, or a currency regulated by Office of the Comptroller of the Currency. But on the other hand, maybe not.
Tokens may be utility tokens for consumption and not a security token for investment. Or a mix of the two – think timeshare tokens that are for your use (consumption) but may be sold for a profit (investment).
Digital asset markets may be an exchange subject to SEC regulation or a money-transfer-service subject to State regulation.
But in any case, FinCEN regulates KYC (Know-Your-Client) and AML (Anti-Money Laundering) and the IRS considers all digital assets “property” not “currency” and therefore subject to tax including capital gains – unless it isn’t.
Hope that helped. If not, reach out and we can discuss.