#SECCFTCOnchainRules

U.S. Crypto Policy Moves on Multiple Fronts $BTC remains at the center of the U.S. crypto policy push. While the Senate's CLARITY Act failed to advance this week, U.S. crypto policy is still moving through other channels. The IRS has already implemented new digital-asset reporting requirements for 2026, including Form 1099-DA reporting for brokered transactions. Meanwhile, the SEC has introduced a five-year exemption for tokenized stock trading, adding another major blockchain-market development.$BTC

Crypto regulation is starting to move closer to where crypto actually happens on-chain. That’s what makes the SEC and CFTC discussion interesting to me. For years, a lot of the regulatory debate has focused on exchanges, tokens and which agency should oversee what. But as DeFi, tokenized assets and on chain markets grow, regulators also have to think about how existing rules work when transactions happen directly through blockchain infrastructure. Personally, I think clearer rules could be positive if they answer practical questions without trying to force every on-chain activity into an old financial market framework. The difficult part is finding that balance. Too little clarity leaves developers and institutions uncertain. Too much restriction could make genuinely decentralized products harder to build in the U.S. For me, the important question isn’t simply whether crypto gets more regulation. It’s whether we finally get rules that actually understand how on-chain markets work. 👀 That distinction could matter a lot for the next phase of DeFi and tokenization #SECCFTCOnchainRules $BTC

#SECCFTCOnchainRules CLARITY failed the Senate vote — so the SEC and CFTC just moved on their own 👀 SEC launched a 5-year "innovation exemption" letting qualifying venues trade tokenized NMS equities via permissioned AMMs. Synthetic equities excluded. Real stocks on-chain, through a regulated pathway, for five years 📋 CFTC extended a Phantom-specific position to qualifying passive software providers — won't recommend enforcement solely for providing unregistered IB/AP access to regulated derivatives. Translation: passive infrastructure providers get breathing room 🤔 Both moves are explicitly temporary, designed to fill the gap while CLARITY stays stalled. Administrative rulemaking doing what legislation couldn't 🫠 The question everyone's asking: do these interim exemptions quietly become permanent? Five years is long enough for an entire market structure to build around them — and regulatory rollback after adoption is historically rare 📊 SEC and CFTC moving without Congress, tokenized equities getting a regulatory green light — is this the actual framework the industry needed, or a stopgap that creates uncertainty when it expires? 👇

This week started rough with CLARITY failing to advance. But by the end of the week, there’s honestly more to celebrate than cry about. Two major crypto bills got approved. SEC is enabling 24/7 tokenized stock trading. CFTC is starting to put clear rules for crypto. And the best part is Bitcoin is still holding strong despite the biggest regulatory setback and Fed rate hike. We’ve almost survived the worst, things can only get better from here. $BTC

This week started rough with CLARITY failing to advance. But by the end of the week, there’s honestly more to celebrate than cry about. Two major crypto bills got approved. SEC is enabling 24/7 tokenized stock trading. CFTC is starting to put clear rules for crypto. And the best part is Bitcoin is still holding strong despite the biggest regulatory setback and Fed rate hike. We’ve almost survived the worst, things can only get better from here. $BTC

Traditional finance keeps moving closer to crypto. Today, the SEC announced a five-year exemption aimed at making it easier for platforms to trade tokenized stocks. That is bigger than another token listing. We're talking about traditional equities being represented and traded on blockchain infrastructure. And this is where $ETH and $SOL become interesting to watch. If tokenized securities need public blockchains, liquidity and smart-contract infrastructure, networks capable of supporting that activity could become increasingly important. $BTC doesn't need to play the same role. Bitcoin's strength is its monetary design. Ethereum and Solana can compete more directly on the infrastructure side. Different layers. Same industry. #FedFirst25BpsHikeSince23

This week started rough with CLARITY failing to advance But by the end of the week, there’s honestly more to celebrate than cry about Two major crypto bills got approved SEC is enabling 24/7 tokenized stock trading CFTC is starting to put clear rules for crypto And the best part is Bitcoin is still holding strong despite the biggest regulatory setback and Fed rate hike 🪙 We’ve almost survived the worst, things can only get better from here

The SEC and the CFTC’s Market Participants Division both acted on Sept 17, creating conditional pathways for new technology to connect with regulated US markets. Two days earlier, the CLARITY Act failed to advance in the Senate. The 49-50 cloture vote fell short of the 60 votes required. These actions do not replace legislation, but address specific areas while broader rules remain stalled. The SEC issued its “Innovation Exemption,” a five-year conditional order for qualifying Tokenized Securities Venues, or TSVs. It allows tokenized NMS stocks to trade through permissioned AMMs and liquidity pools without TSVs being treated as exchanges. It also grants conditional dealer relief to certain liquidity providers. Key conditions: • Tokens must provide the same rights as equivalent traditional shares • For third-party tokenization, issuers must receive notice and a chance to object • TSV smart contracts must be public, auditable and deployed on public, permissionless ledgers • Synthetic products offering only price exposure are excluded • Eligible symbols and trading volumes are capped The SEC is also seeking public comment. Separately, CFTC Staff Letter 26-25 extends a no-action position to qualifying passive software providers. Subject to its conditions, staff would not recommend enforcement solely for failure to register as an introducing broker, or associated person, when software passively connects users to registered derivatives markets. This is not a blanket exemption. Providers cannot control user assets, solicit or recommend trades, or exercise discretion over orders. The position lasts until relevant CFTC rules or guidance take effect. Unlike the GENIUS Act, which became federal law in July 2025, neither action is a statute. Temporary relief can open lanes faster than Congress, but future leadership can revise them. Will these pathways drive adoption of tokenized equities and regulated derivatives access, or will users wait for permanent legislation? #SECCFTCOnchainRules

CFTC OPENS DOORS TO DEFI The CFTC says crypto developers can build trading apps without registering as brokers. More clarity for DeFi builders Lower regulatory friction for developers Could accelerate on-chain trading innovation A notable shift for U.S. crypto regulation. $HOME

Tokenized stocks are becoming a bigger crypto narrative. The SEC's new exemption could allow blockchain-based venues to offer tokenized securities under certain conditions. This puts chains like $ETH and $SOL directly into the conversation around on-chain markets.