Key Highlights The CFTC issued a no-action letter exempting eligible crypto and prediction market software providers from broker registration requirements, provided they maintain zero trade discretion, never hold user assets, and avoid volume-based commissions. The relief builds on a March precedent granting Phantom Technologies no-action relief, allowing Phantom Wallet to partner with Kalshi as a ...
Key Highlights The SEC granted a temporary, conditional exemption for “Tokenized Securities Platforms” enabling on-chain trading of tokenized U.S. stocks under specific transparency, record-keeping, and security requirements. Uniswap founder Hayden Adams emphasized SEC Commissioner Hester Peirce’s assessment that “truly decentralized systems operated by autonomous software” do not create the intermediary risks that securities regulation targets. ...
Key Highlights The U.S. Securities and Exchange Commission has granted a five-year temporary “innovation exemption” allowing Tokenized Securities Platforms (TSVs) to conduct on-chain trading of tokenized U.S. stocks under specific conditions. Tokenized shares must be physically backed with identical rights to traditional shares—including dividends and voting rights—while synthetic price-tracking assets are explicitly excluded. Issuing companies ...