#SECCFTCOnchainRules
About SECCFTCOnchainRules
The SEC and CFTC both acted on Sept 17 to clarify on-chain compliance. The SEC launched a 5-year 'innovation exemption' letting qualifying venues trade tokenized NMS equities via permissioned AMMs; synthetic equities excluded. The CFTC extended a Phantom-specific position to qualifying passive software providers: it won't recommend enforcement solely for providing unregistered IB/AP access to regulated derivatives. Both temporary, with CLARITY stalled. Will interim exemptions become permanent?
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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
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
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
🚨 Prediction markets are coming to every app in America. The CFTC just cleared the way.
Opinion has been building for this.
CFTC No-Action Letter 26-25: any app can offer prediction markets and perps to US users. No broker license needed.
Onboard users. Promote contracts. Charge fees. Share exchange revenue.
Every app with users is now a potential prediction market 🧵
there's like 100 wallets making up a massive % of the tvl, this ain't in defi because it's illegal to put these into defi. the SEC confirmed that today. it's basically just private banking with mysterious subsidies.
Delphi Digital
Tokenized stocks are arriving onchain faster than DeFi can put them to work.
The value of distributed tokenized stocks is approaching $3B after growing nearly tenfold since the start of 2025. Securitize's SECZ is the largest individual tokenized stock by value. Strategy and Circle account for three of the next four largest products.
Use of tokenized stocks in DeFi remains limited. Deposits grew from almost nothing in mid-2025 to roughly $202M by early September, but they represent less than 7% of total tokenized-stock value. Most of that capital is concentrated in trading pools and early lending markets.
Trading and lending give investors ways to use tokenized stocks without moving their capital back through traditional markets. Keeping that capital onchain can support deeper markets and tighter pricing.
The next phase will depend less on how many stocks are tokenized and more on what investors can do with them once they arrive.
