Regulation· ★★★★· bullish·

SEC and CFTC bypass Congress to open crypto access after CLARITY Act fails

  • —The SEC introduced a Tokenized Securities Venue category with limits: Tier 1 - 75 securities and 0.25% of volume, Tier 2 - 250 securities and 2.5%
  • —The SEC exemptions run until September 17, 2031 and can be amended
  • —CFTC letter 26-25 expanded relief from Phantom to all passive software providers
  • —An issuer can block trading of its tokenized shares within 30 days of notification
Why it matters: US regulators are bypassing Congress to avoid losing the tokenization race, but narrow and temporary measures do not replace full market rules.
Source: CryptoSlate
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