Isaac Boltansky, head of policy research at BTIG, said that the Securities Exchange Commission (SEC) is about to face personnel changes, and if approved by the Senate, Paul Atkins will replace Gary Gensler for a five-year term. But Isaac Boltansky warned that despite the SEC personnel changes, there will still be "jurisdictional battles" in the future, noting that the agency and the US Commodity Futures Trading Commission have sometimes clashed over cryptocurrency regulation because "there are too many cooks in the kitchen who can't agree on what they are doing", and the key issue of whether cryptocurrencies should be classified as securities is still in court, beyond the jurisdiction of US federal regulators. The next Congress will have a narrow Republican lead and may at least make clearer regulations on stablecoins.