A White House meeting revived optimism around the Clarity Act, while the CFTC outlined a backup plan and the SEC unveiled its first crypto rulemaking proposal
The timing here is the tell: while the SEC's Regulation Crypto Assets was getting shelved over the tokenization-exemption fight you describe, Coinbase just launched tokenized Apple and Nvidia shares from an Abu Dhabi SPV under Reg S — closed to every US buyer. That's not a coincidence, it's the workaround: the domestic rulemaking stalled, so the actual tokenization product launched offshore instead, built by the same firm lobbying for Clarity. Selig's "the CFTC will act if Congress doesn't" warning reads different once you see a company already routing around both agencies.
The "seriatim" vote you flagged — commissioners approving Reg Crypto Assets individually, skipping a public meeting — is the same instinct behind last September's generic listing standards for crypto ETPs: the SEC building shortcuts so products don't need their own vote. That standard is about to get tested live — Grayscale's Zcash ETF lists Tuesday, but the six-months-of-regulated-futures requirement it needs (per Coinbase Derivatives' own CFTC filing) doesn't actually clear until September 2. If a live product jumps the gun eight days ahead of its own rule, that seems like exactly the kind of process shortcut worth a follow-up.
Selig's line about using "existing authorities" if Clarity stalls is the real story buried in your recap item. That's exactly the authority CME is now suing to challenge — Kalshi's Aug 18 perpetual futures filing on the S&P 500 knocked $18 billion off CME, Cboe, ICE and MIAX in two days per CNBC. The SEC's seriatim vote on Regulation Crypto Assets and the CFTC's perp push are both regulators moving faster than Congress, and Wall Street's incumbent exchanges are the ones absorbing the market-cap hit while that race plays out.
The timing here is the tell: while the SEC's Regulation Crypto Assets was getting shelved over the tokenization-exemption fight you describe, Coinbase just launched tokenized Apple and Nvidia shares from an Abu Dhabi SPV under Reg S — closed to every US buyer. That's not a coincidence, it's the workaround: the domestic rulemaking stalled, so the actual tokenization product launched offshore instead, built by the same firm lobbying for Clarity. Selig's "the CFTC will act if Congress doesn't" warning reads different once you see a company already routing around both agencies.
The "seriatim" vote you flagged — commissioners approving Reg Crypto Assets individually, skipping a public meeting — is the same instinct behind last September's generic listing standards for crypto ETPs: the SEC building shortcuts so products don't need their own vote. That standard is about to get tested live — Grayscale's Zcash ETF lists Tuesday, but the six-months-of-regulated-futures requirement it needs (per Coinbase Derivatives' own CFTC filing) doesn't actually clear until September 2. If a live product jumps the gun eight days ahead of its own rule, that seems like exactly the kind of process shortcut worth a follow-up.
Bullish on where this can go.
@THEHerbaKing
TG: https://t.me/THEHerbaCoin
CA: 4nLMnQ6pfXZxarab6F8h1ETUDceSzUcLEjWhqHLCpump
Selig's line about using "existing authorities" if Clarity stalls is the real story buried in your recap item. That's exactly the authority CME is now suing to challenge — Kalshi's Aug 18 perpetual futures filing on the S&P 500 knocked $18 billion off CME, Cboe, ICE and MIAX in two days per CNBC. The SEC's seriatim vote on Regulation Crypto Assets and the CFTC's perp push are both regulators moving faster than Congress, and Wall Street's incumbent exchanges are the ones absorbing the market-cap hit while that race plays out.