Does the CFTC regulate cryptocurrencies?

In the realm of cryptocurrencies and finance, a question that often arises is: Does the Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies? The CFTC, a US independent agency, primarily oversees derivatives markets, including futures, swaps, and options. Cryptocurrencies, however, are a novel and evolving asset class, raising questions about their regulatory status. The CFTC has taken steps to provide clarity, issuing guidance and, in some cases, enforcing regulations related to cryptocurrency derivatives. But does this mean the CFTC directly regulates cryptocurrencies themselves? Or are they limited to overseeing derivative products? Clarifying this question is crucial for investors, traders, and innovators in the crypto space.