Answers from officials are helpful. You can find answers in keynotes and speeches, you just need to read or listen. What does the CFTC regulates? Is DeFi needs to be regulated?
If you are thinking about investing in U.S.-listed company with contractual relationships with a China-based VIE (variable interest entity) structure. Think twice, and be aware of those investment huge risks. Losing your investment is an option.
If you read Chair Gary Gensler testimony from May 6 2021 you can find the answer (mostly, payments from wholesalers to brokers). Is it a problem? keep reading...