After the procedural voting failed to pass, the SEC and the CFTC haven’t been idle; each has opened its own “narrow gate.”
SEC: Grant a five-year innovation exemption for the Tokenized Securities Venue, allowing registered AMM pool operators to trade tokenized U.S. stocks. There are limits on the number of underlying assets and trading volume, and issuers also have the ability to cast a veto within 30 days.
CFTC: Expand the no-action letter previously only available to Phantom into Letter 26-25. Passive software (including wallet interfaces) may connect with registered derivatives counterparties, but it cannot handle client assets and cannot place orders on their behalf.
Products may be able to launch first, but neither offers the long-term framework of Congressional legislation—conditions are plentiful and the permissions can be withdrawn. Institutions are waiting to see who will be the first to publicly pick up the tab.
#监管 #代币化 $BTC $ETH
SEC: Grant a five-year innovation exemption for the Tokenized Securities Venue, allowing registered AMM pool operators to trade tokenized U.S. stocks. There are limits on the number of underlying assets and trading volume, and issuers also have the ability to cast a veto within 30 days.
CFTC: Expand the no-action letter previously only available to Phantom into Letter 26-25. Passive software (including wallet interfaces) may connect with registered derivatives counterparties, but it cannot handle client assets and cannot place orders on their behalf.
Products may be able to launch first, but neither offers the long-term framework of Congressional legislation—conditions are plentiful and the permissions can be withdrawn. Institutions are waiting to see who will be the first to publicly pick up the tab.
#监管 #代币化 $BTC $ETH
