Regulation· ★★★★· neutral·

TD Cowen: SEC and CFTC rules more durable than orders, but both lag behind legislation

  • —CLARITY Act died on September 15 in a 49-50 procedural vote
  • —On September 17-18 the SEC granted a five-year conditional exemption for tokenized NMS stock trading via AMMs
  • —The CFTC broadened no-action relief for passive software providers accessing derivatives markets
  • —Agency actions can be withdrawn without a full commission vote, unlike legislation
Why it matters: Tokenized equity trading in the US now has a path, but without legislation it could vanish with a change in administration or SEC leadership.
Source: Crypto Briefing
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