Regulation· ★★★★· neutral·

CFTC and SEC Diverge on What Counts as Crypto 'Delivery'

  • —CFTC: internal exchange ledger entries and book-entry title do not constitute delivery
  • —CFTC: delivery occurs when a customer receives wallet credentials or assets settle on-chain to their wallet
  • —SEC: the investment-contract question turns on issuer efforts and Form TR filings, not where the token sits
  • —An October 27 letter asks the agencies to coordinate 'two conflicting definitions of the same physical facts'
Why it matters: The delivery test decides whether exchange trading falls under futures rules, and the split leaves CEXs facing regulatory uncertainty.
Source: NullTX
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