Citadel Securities Urges SEC to Keep Equity-Linked Event Contracts Under Its Watch
Citadel Securities has urged the SEC and Commodity Futures Trading Commission to keep event contracts and perpetual derivatives tied to public companies under SEC oversight, arguing venues are using the CFTC’s faster approval process to sidestep securities rules. The market maker filed a comment letter with both agencies on Sept. 9, responding to a joint request for comment on event contracts, and said products linked to US public companies belong in the SEC’s regulatory and surveillance system. The letter, written by Stephen John Berger, Citadel’s global head of government and regulatory policy, is posted on the SEC’s website as part of the comment file. Citadel’s core complaint is the gap between the two agencies’ approval processes. Under CFTC rules, registered venues can self-certify a new product as compliant and potentially begin trading it the next business day, without public comment. SEC-regulated venues generally have to demonstrate compliance, take public comment and win affirmative SEC approval before trading starts. The letter warns that trading venues could rely on that self-certification path to sidestep SEC jurisdiction over equity-linked products. “A trading venue should not be able to effectively choose its regulator for an equity-linked product based on its own unilateral characterization of such product,” Berger said in the letter. He pointed to key performance indicator contracts, whose payouts depend on whether a company hits a specific metric, as an example. Some CFTC-registered designated contract markets have self-certified such contracts for trading under CFTC jurisdiction, according to the letter. Citadel argues they are security-based swaps, and so fall under SEC authority. The letter also says the instruments carry novel insider-trading risks, covering not only whether a metric is met but how an issuer reports it. On perpetual derivatives, futures-like contracts with no expiry date that are common in crypto markets, the firm said equity-linked versions could push trading activity outside the SEC’s existing surveillance and investor-protection framework. It asked both agencies to reaffirm SEC jurisdiction over equity-linked products, prevent self-certification from being used to circumvent it, clarify the treatment of event contracts and perpetual derivatives promptly, and commit to timely review of new product filings. “New products should succeed on their individual merits, rather than by taking advantage of distinctions between the SEC and CFTC regulatory frameworks,” the letter adds. Neither agency has publicly responded to the letter, and no decision date is attached to the joint comment process.
MetaMask goes solo as Consensys splits, and the wallet wants to be a bank
MetaMask will become its own company by the end of 2026, and its owner is betting the wallet built for crypto can grow into a mainstream consumer finance platform. Consensys Software Inc. announced on September 9 that it will split into two independent companies. The existing company rebrands as MetaMask, focused on the consumer platform, while a newly formed company takes the Consensys name along with the protocols and institutional infrastructure businesses, including Linea, Besu and Teku. Consensys co-founder Joe Lubin serves as chairman and CEO of MetaMask and executive chairman of the new Consensys. Mike Kriak leads the new Consensys as CEO, with David Cunningham as president. For MetaMask, the split formalises a shift that has been underway for months. The company said in the announcement that the wallet will keep its focus on consumer self-custody while expanding beyond crypto into payments, savings, investing and traditional financial products. The consumer buildout The buildout began in 2025, when MetaMask launched its mUSD stablecoin on Ethereum and Linea. It added Bitcoin support in December after adding Solana. In February, eligible users outside the United States gained access to 200 tokenized US stocks, ETFs and commodities through Ondo Global Markets, and the Mastercard-enabled MetaMask Card reached 49 US states that month, expanding a product already live in Europe, Canada, Mexico, Brazil and Argentina. In June, MetaMask launched Money Account, which lets users earn up to 4% variable APY on eligible mUSD balances and spend the funds through MetaMask Card. The company’s product leadership has framed the direction plainly: senior director of product Johann Bornman said at the time that the company was working toward a “neo-banking experience.” Lubin said in the announcement that MetaMask has grown into “a platform where people don’t just hold their assets, but manage their money in its many diverse forms and aspects.” The scale behind the bet is company-reported rather than independently checked: MetaMask says it has more than 100 million downloads across roughly 190 countries and has handled trillions of dollars in cumulative transaction volume. The separation is expected to complete by the end of 2026. The company did not disclose financial details of the separation, and stayed mum on a possible IPO and token.
2020年代初頭に暗号の世界を席巻した非代替性トークン市場は、3年後に大幅に落ち込んでいますが、徐々に成熟し、投機的なデジタル資産市場から必須のデジタルインフラに静かに移行しています。TONは非代替性トークン市場を再び盛り上げる重要なプレーヤーの一つです。TONはEthereumの後、NFT取引で2番目に活発なチェーンとして浮上しています。 TONがNFT市場チャートのトップに立つ TON(The Open Networkとしても知られる)は、高性能向けに設計された分散型レイヤー1ブロックチェーンネットワークです。スマートコントラクト、デジタル決済、分散型アプリケーションを含む幅広いアプリケーションを可能にします。TONネットワークは、スケーラビリティ、効率性、安全性に焦点を当てており、従来のブロックチェーンネットワークに対してより速く、コスト効果の高い代替手段を提供します。