still don't understand what he was talking about.  The CFTC only has jurisdiction on derivatives (as Chilton stated himself), so until those would be created, bitcoins as a currency and payment solution would come under banking laws (which have begun with FinCen.  If anything, the only jurisdiction the SEC or CFTC has is in regards to if a broker offered some sort of bitcoin product.  But then the regulation wouldn't be bitcoin related but would fall under their client safety and net capital requirements. 

No derivative trading, no CFTC.

Even were options or futures to be launched, they still wouldn't be regulating bitcoins, but only place laws on how those derivatives are traded and how the product is marketed and created.