OKX has filed with the SEC to launch tokenized-stock trading in the US, Bloomberg reported, aiming at buyers barred from its 70-plus ticker offshore line. The SEC's new exemption admits only tokens with dividends and votes, so the synthetic product it sells abroad would need rebuilding first.
Perspective Coverage
6 publishers
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- Builder 22%
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- Operator 38%
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- Investor 40%
Reality
- Evidence60
- Adoption20
- Hype gap+25
- Incentives55
- Confidence58
SEC estimates its proposed crypto self-custody fallback will cost each adviser that uses it $433,833 a year, and assumes about 823 firms will. After the CLARITY Act's Senate failure, that price helps decide which advisers can hold newly launched tokens for clients.
Perspective Coverage
14 publishers
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- Operator 50%
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- Investor 37%
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- Evidence78
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- Insufficient
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Hester Peirce used her penultimate week as an SEC commissioner to urge replacing bulk KYC collection with zero-knowledge proofs of eligibility. She filed no proposal and spoke for herself, so the collection rules she criticized stay as written.
Perspective Coverage
3 publishers
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- Builder 35%
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- Investor 28%
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- Evidence62
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SEC Commissioner Hester Peirce, head of the agency's Crypto Task Force, resigns Oct. 2, leaving Paul Atkins and Mark Uyeda as its only two commissioners. Neither her seat nor Caroline Crenshaw's has a nominee, so crypto policy now rests on two Republican votes.
Perspective Coverage
6 publishers
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- Builder 23%
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- Operator 45%
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- Investor 32%
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- Insufficient
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- Incentives60
- Confidence74
SEC proposals approved Wednesday would give registered investment advisors much more room to charge performance fees on capital gains in client accounts. Interval-fund changes and a credential route to accredited status widen what retail clients can buy, and the fee rule changes how advisors get paid for it.
Perspective Coverage
3 publishers
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- Operator 47%
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- Adoption8
- Hype gap+30
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Hester Peirce exits the SEC on October 2, cutting it to two Republican commissioners with seven seats empty across the SEC and CFTC. Crypto Briefing warns that one recusal could then leave the commission short of a quorum on crypto and market rules.
Reality
- Evidence62
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- Insufficient
- Hype gap+20
- Incentives
- Insufficient
- Confidence65
SEC staff said on September 25 that token buybacks on functioning networks and staking receipts that only record ownership do not create investment contracts. Because they are staff views, live networks can plan repurchases around them while a future SEC or a private plaintiff could still contest them.
Reality
- Evidence68
- Adoption45
- Hype gap+30
- Incentives50
- Confidence70
Three federal agencies moved on crypto rules within 48 hours of the Senate's 49-50 vote that stalled the Clarity Act. Only the stablecoin rules sit on a statute, so businesses using the SEC and CFTC relief hold permissions a later administration can withdraw.
Perspective Coverage
3 publishers
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- Confidence60
CFTC staff cleared registered firms on September 24 to invest customer funds in tokenized forms of permitted investments and to keep their books on a blockchain. The update came days after the Senate stalled the CLARITY Act, but it only changes the form assets take and leaves the CFTC-SEC split to Congress.
Reality
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- Adoption
- Insufficient
- Hype gap+10
- Incentives
- Insufficient
- Confidence70
Trump is expected to join crypto, prediction market and AI executives on the 19th, with CME, Nasdaq, ICE and DTCC also invited. The CFTC's new advisory committee meets the next day.
Perspective Coverage
3 publishers
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Galaxy Digital's estimate for the US market-structure bill has fallen from 75% in May to 10%. Firms budgeting for a statute should budget for SEC and CFTC rulemaking instead.
Perspective Coverage
3 publishers
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A September 15 cloture vote needs 60 votes, and only 14 working days remain before the October recess. The SEC is drafting a token exemption in the meantime.
Perspective Coverage
3 publishers
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Regulation Crypto Assets borrows the JOBS Act structure for digital assets and preempts state registration, including on secondary trades. The preemption is the part that changes deal papering.
Perspective Coverage
7 publishers
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The CFTC chair has told staff to draft leveraged trading and DeFi rules under existing authority. A framework built by an agency is one a future agency can unbuild.
Perspective Coverage
5 publishers
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Both venues want cash-settled contracts on the largest US listings, with funding payments in place of an expiry date, and because the underlyings are securities the products need the SEC as well as the CFTC.
Perspective Coverage
3 publishers
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A September 16 proposal would rescind Rule 14a-8 and widen the discretion companies hold over proxies already returned to them, completing a withdrawal the SEC's staff started nearly a year ago.
Reality
- Evidence72
- Adoption45
- Hype gap−6
- Incentives62
- Confidence70
The SEC's Sept. 17 order lets venues trade tokenized stocks in permissioned AMM pools without registering as exchanges, if the token passes the underlying's dividends and votes to the holder. Robinhood's 200 tokens are Jersey debt paper.
Reality
- Evidence62
- Adoption34
- Hype gap+18
- Incentives70
- Confidence55
The joint letter to SEC Commissioner Hester Peirce defines a qualifying decentralized exchange by four tests, three of them checkable against deployed code and the fourth a judgement about who holds discretionary privileges.
Reality
- Evidence33
- Adoption
- Insufficient
- Hype gap+22
- Incentives82
- Confidence41
The Coinbase CEO says the Wall Street Journal is preparing to blame him for the CLARITY Act's Senate defeat, and he has put his own account of January on the record while the SEC and CFTC say they will write crypto's rules themselves.
Reality
- Evidence45
- Adoption30
- Hype gap+35
- Incentives85
- Confidence45
Paul Atkins would raise the Section 404(b) float exemption from $700 million to $2 billion, releasing about 1,700 companies from a $430 million pool of attestation fees drawn out of the $3.8 billion they pay their auditors.
Reality
- Evidence38
- Adoption
- Insufficient
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- Confidence42
Earlier coverage
- A five-year SEC exemption lets tokenized NMS stocks trade in permissioned liquidity pools
Leadership · September 17, 2026 · 2 publishers
- SEC's five-year exemption turns tokenized stocks into a shippable US product line
Product · September 17, 2026 · 1 publisher
- The Clarity Act's 11-vote shortfall hands crypto's rulebook to the SEC and CFTC until 2027
Invest · September 15, 2026 · 1 publisher
- Circle and Coinbase fell more than twice as far as bitcoin after the Senate stalled CLARITY
Invest · September 15, 2026 · 1 publisher
- The SEC's Form 10-S would hand boards a reporting cadence decision they remake every year
Leadership · September 13, 2026 · 1 publisher
- The SEC has folded its accounting-fraud work into a single national enforcement unit
Leadership · September 10, 2026 · 1 publisher
- One investor's 2026 resolutions cleared 25% support at 125 companies
Leadership · September 10, 2026 · 1 publisher
- ARK asks the SEC to let its venture fund settle shares same-day on a blockchain
Invest · September 8, 2026 · 1 publisher
- SEC proposes letting investment advisers donate to officials who award public pension mandates
Invest · September 3, 2026 · 1 publisher
- Without SEC no-action letters, companies face greater risk in deciding whether to exclude shareholder proposals
Leadership · September 3, 2026 · 1 publisher
- General counsel now carry the whole risk of excluding a shareholder proposal
Leadership · August 31, 2026 · 1 publisher
- Off-channel enforcement moves from a $2.3bn SEC docket into FINRA's unpublished exam files
Invest · August 28, 2026 · 1 publisher
- Tokenization becomes the test of whether AMMs capture on-chain liquidity or get bypassed
Invest · August 26, 2026 · 1 publisher
- SEC's $18.5M insider case shows where a shrunken enforcement docket still bites
Invest · August 21, 2026 · 1 publisher
- The SEC cut crypto's legal risk using instruments the next chair can withdraw
Invest · August 21, 2026 · 1 publisher
- The SEC's crypto safe harbour turns a whitepaper roadmap into a legal exit condition
Product · August 20, 2026 · 1 publisher
- SEC forum's top early-stage asks: rewrite who counts as accredited, quadruple the Reg CF cap
Invest · August 19, 2026 · 1 publisher
- The SEC's Spring 2026 agenda reads like a planning document. Treat it as one
Leadership · August 18, 2026 · 1 publisher
- Hyperliquid and Pyth backers ask the SEC to swap the NBBO for an onchain reference price
Invest · August 17, 2026 · 1 publisher
- A trade group's litigation threat, not crypto's critics, stalled the SEC's token fundraising rules
Invest · August 17, 2026 · 1 publisher