Congress fails to act on crypto market structure.
CFTC does not.
Devs can ship derivatives front ends without broker registration. The tradeoff is consenting to CFTC enforcement jurisdiction and taking on joint liability with the exchange, among other things.
Congress fails to act.
SECβs response: fine, weβll let stocks trade on permissionless chains.
(permissioned participants and the tokenized stocks have to come with the same rights as traditional shares)
π¨ TODAY: The SEC issued an order granting temporary, conditional exemptive relief to Tokenized Securities Venues from the definition of βexchangeβ in the Exchange Act to trade tokenized NMS stock using innovative permissioned automated market makers and liquidity pools.
CLARITY failed cloture.
No comprehensive market structure bill. No five years of arguing about implementation.
The SEC and CFTC will keep moving forward with rulemaking.
Crypto will be fine. It has spent most of its existence somewhere between regulatory uncertainty and
