The CLARITY Act stalled in the Senate. As a result, the CFTC directly sent its pre-rule on crypto asset trading and markets to the White House for review. On the same day, the SEC also approved an “innovation exemption,” opening a new path for tokenized stocks. When Congress hits a deadlock, the two agencies each run forward using existing authorities—it's a pretty ironic picture.
The market reaction, however, was clear-cut. Crypto-related stocks like Coinbase and Strategy rebounded collectively on Friday. Bitcoin rose 4.0% over 24 hours, with trading volume of $1.6 billion. In the CoinDesk 100, 98 were up. I’m watching this logic: regulatory head starts are viewed as a positive because what the market has never feared is the rules themselves, but rather the absence of rules.
But don’t get too excited. What the CFTC has issued is only a pre-rule, and it still has to go through the White House. The SEC’s innovation exemption details also haven’t been finalized. In the short term, what you can trade is only sentiment.$BTC $ENA
The market reaction, however, was clear-cut. Crypto-related stocks like Coinbase and Strategy rebounded collectively on Friday. Bitcoin rose 4.0% over 24 hours, with trading volume of $1.6 billion. In the CoinDesk 100, 98 were up. I’m watching this logic: regulatory head starts are viewed as a positive because what the market has never feared is the rules themselves, but rather the absence of rules.
But don’t get too excited. What the CFTC has issued is only a pre-rule, and it still has to go through the White House. The SEC’s innovation exemption details also haven’t been finalized. In the short term, what you can trade is only sentiment.$BTC $ENA