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  • Solana Unveils Open-Source DvP for Institutional Settlement

    Solana Unveils Open-Source DvP for Institutional Settlement

    Solana Unveils Open-Source DvP Program to Streamline Institutional Trades

    Solana has launched an official delivery versus payment (DvP) program, an open-source initiative designed for institutions seeking to settle trades on-chain in a single step. The program enables both parties in a transaction to settle atomically on the Solana blockchain, achieving finality in seconds rather than days, according to Decrypt. This represents a significant shift for an industry accustomed to waiting one to two business days for many trades to clear.

    DvP: Ensuring Simultaneous Exchange

    Delivery versus payment, or DvP, addresses the challenge of simultaneous exchange by ensuring that an asset and its payment are transferred at the exact same moment, or neither transaction occurs. Solana’s reference implementation applies this logic directly on-chain, facilitating the atomic exchange of tokenized securities, such as commercial paper, for payments in USDC.

    An atomic transaction is designed to either complete entirely or fail entirely, preventing scenarios where one party receives both the asset and the payment while the other is left with nothing. This structure effectively eliminates counterparty risk from the swap.

    Speed and Efficiency

    Research underpinning the implementation indicates atomic execution can occur in under one second. Solana’s finality is achieved at approximately 400 milliseconds, with transaction fees remaining very low. This stands in stark contrast to traditional settlement processes, which can take one to two days.

    The tokenized securities leverage SPL Token-2022 extensions, Solana’s advanced token standard that integrates additional features directly into the token itself. This approach eliminates the need for issuers to develop custom smart contracts to represent their assets.

    Compliance and Control

    The DvP program also incorporates compliance features, such as whitelisting, which restricts asset ownership and receipt to approved wallets. This ensures that regulated securities remain within a controlled environment.

    A Landmark Transaction

    A significant early demonstration of the program’s capabilities occurred on December 11, 2025, when J.P. Morgan facilitated a $50 million commercial paper issuance for Galaxy Digital Holdings LP on the Solana blockchain. This transaction utilized the DvP functionality for both the issuance and redemption of the commercial paper, a form of short-term corporate debt typically used for operational funding, using USDC. Galaxy Digital Holdings LP acted as the issuer in this deal.

    Solana further bolstered its enterprise offerings with the launch of its Solana Developer Platform on March 24, 2026, providing a suite of APIs for issuing and settling tokenized assets.

    Institutional Adoption

    Several major financial institutions are already exploring or implementing solutions leveraging Solana’s capabilities for asset workflows. Among them are Morgan Stanley, BNY, State Street, and Société Générale, all of whom have participated in pilots or deployed solutions.

    Open-Source Advantage

    By releasing the DvP program as open-source, Solana is lowering the barrier for institutions to review the code, customize it, and implement it without the need for lengthy proprietary license negotiations.

    Potential Market Impact

    An increase in institutions settling tokenized securities against USDC could drive demand for USDC as a settlement asset, given its role as the payment component in these transactions.

    Navigating Risks

    The primary risks associated with this development are operational and regulatory. Institutions will require assurance of the network’s reliability under heavy load, while regulators will seek clarity on how on-chain finality aligns with existing legal definitions of a completed trade.

    Future Outlook

    Key developments to monitor include whether the J.P. Morgan and Galaxy Digital deal serves as a blueprint for future issuances, the extent to which the named institutions transition from pilot programs to full production, and any subsequent growth in USDC settlement volumes related to tokenized securities in the coming months.

  • CFTC Unveils New Crypto Market Rules

    CFTC Unveils New Crypto Market Rules

    CFTC Unveils Proposed Rules for Crypto Trading and Markets

    The U.S. Commodity Futures Trading Commission (CFTC) has officially released comprehensive details regarding the regulation of crypto asset transactions and markets. The proposed framework aims to provide clearer directives for the burgeoning digital asset industry.

    Delivery and Self-Custody Clarification

    One key aspect of the proposal addresses the delivery of crypto assets in leveraged or margin trading. Under the new guidelines, retail-financed, leveraged, or margin trading will be considered complete if crypto assets are delivered to a non-custodial wallet within 28 days. This provision is intended to distinguish normal crypto purchases and self-custody from activities requiring more stringent exchange regulation.

    Federal Licensing Option for Crypto Exchanges

    The CFTC is also proposing a new, optional federal licensing system for crypto exchanges. This federal license would allow exchanges to bypass individual state registration requirements. Crucially, it would enable these licensed entities to offer retail margin, leveraged, and financed crypto trading, activities currently prohibited at the state level for spot market trading.

    Framework Details

    The proposals are divided into two main areas:

    • Derivatives and Financing Layer: This framework focuses on regulating retail crypto trading that utilizes borrowed funds, leverage, and margin, operating under Section 2(c)(2)(D) of the Commodity Exchange Act. The agency’s recognition of crypto sent to non-custodial wallets as “actual delivery” within 28 days falls under this section.

    • Market Structure and Platform Registration: This part of the proposal introduces customized, optional federal licenses for crypto exchanges under the CFTC’s Designated Contracts Management (DCM) system. These licenses would necessitate robust operational protections, including proof-of-reserves audits, anti-money laundering safeguards, and mandatory intermediation by commission-registered merchants. The primary benefit for exchanges would be the ability to operate under a single federal registration, avoiding the complexities of state-by-state compliance, and the authorization to offer leveraged and financed trading to retail customers.

    Oversight and Public Comment

    While the federal and state licensing structures offer different benefits, the CFTC would maintain ultimate oversight across the entire system. Following the publication of the proposals in the Federal Register, stakeholders, industry participants, and the public will have a 60-day period to submit comments.

    Industry Reaction and Caution

    The CFTC’s move is seen as a positive step towards regulatory clarity for the crypto sector. However, industry lawyers have cautioned that the proposed guidelines may lack permanence and could be subject to changes with shifts in agency or presidential administrations.

  • Bitcoin Rally Fuels Excitement for TOKEN2049 Singapore

    Bitcoin Rally Fuels Excitement for TOKEN2049 Singapore

    Crypto Leaders Descend on Singapore Amidst Renewed Optimism

    The titans of the cryptocurrency world are converging on Singapore this week, bringing with them a sentiment the industry has largely lacked in recent times: optimism.

    The TOKEN2049 Singapore conference, scheduled for October 7-8 at the Marina Bay Sands, arrives on the heels of a significant Bitcoin rally, fueling whispers among investors of a potential new bull market.

    Organizers anticipate approximately 25,000 attendees, representing over 7,000 companies from more than 160 countries. The event’s exhibition floor will feature over 500 exhibitors, with more than 300 speakers set to address attendees across the two-day program.

    TOKEN2049 Week, an extended series of events, runs from October 5-11 and encompasses over 1,000 associated gatherings. The conference’s timing also coincides with the highly anticipated Formula 1 Singapore Grand Prix, adding to the city-state’s vibrant atmosphere.

    The recent surge in Bitcoin’s value has been a key driver of this positive outlook. The cryptocurrency traded around $58,000 at the close of June and has since climbed to approximately $86,000. This performance marks Bitcoin’s strongest quarterly gain since late 2024.

    Major financial institutions are expected to have a significant presence at the conference, with representatives from BlackRock, J.P. Morgan, Nasdaq, and Franklin Templeton confirmed to attend.

    Industry leaders such as Hyperliquid CEO Jeff Yan and Polymarket CEO Shayne Coplan are scheduled to speak. Eric Trump, co-founder of World Liberty Financial, is also slated to appear.

    TOKEN2049 Singapore has seen substantial growth in attendance. In 2022, the event drew around 7,000 participants. By 2025, this figure had surged to a record 25,000, representing more than a threefold increase in three years. This year’s projected attendance of approximately 25,000 is expected to match last year’s record turnout.

  • Strive CEO: ASST to Outpace Strategy in Next Bitcoin Bull Run

    Strive CEO: ASST to Outpace Strategy in Next Bitcoin Bull Run

    Strive CEO Positions Company as Top Contender for Next Bitcoin Bull Market

    Matt Cole, CEO of Strive, is asserting his company’s position as the most likely “fastest horse” among Bitcoin treasury firms heading into the next bull market. He outlined his strategy in a series of seven principles on competition, shared via the social media platform X.

    Cole’s overarching argument, however, extends beyond direct competition. He contends that Strive and MicroStrategy, another prominent Bitcoin treasury firm, are mutually beneficial in expanding the market for Bitcoin-backed digital credit, rather than merely vying for the same investor base.

    “I think Strive has emerged as the leading contender to be the fastest horse in the next bull market,” Cole stated in an interview with podcaster Robin Seyr. He elaborated that achieving the highest total returns will depend on three key factors: maintaining a high amplification ratio, sustaining that ratio over time, and crucially, not sacrificing potential Bitcoin upside for amplification.

    Amplification, in this context, measures a company’s preferred stock and debt relative to its Bitcoin holdings. Strive’s internal tracker indicates an amplification ratio of 51.4%, derived solely from SATA preferred shares and with no outstanding debt. In contrast, MicroStrategy’s ratio stands at approximately 25%, placing Strive’s firm at roughly double the amplification of Michael Saylor’s company.

    Cole presented a bullish outlook for Bitcoin, forecasting a potential surge to between $400,000 and $500,000 by late 2029. He linked this projection to a potential U.S. debt crisis that could drive down long-term yields and weaken the dollar, a scenario he described as conservative.

    The Strive chief also sought to de-escalate any perceived rivalry with MicroStrategy, referencing a detailed article by MicroStrategy’s co-founder that envisioned the two firms collaborating.

    Cole pointed out that SATA’s daily trading volume is between 25% and 50% of MicroStrategy’s STRC. While some MicroStrategy investors interpret this as lost market share for Strive, Cole dismissed this as a “really bad argument.” He reasoned that even if MicroStrategy had captured all of SATA’s approximately $1 billion in market capitalization, STRC would only have grown by about 10%. According to Cole, the more critical metric is the potential for exponential growth in the digital credit market over the next three and a half years.

    He further noted that institutional investors face issuer limitations, necessitating multiple issuers for large buyers. Cole also claimed that both firms have adopted strategies from each other, citing MicroStrategy’s move to daily dividends and its cash reserve policies.

    “I’m glad that they innovate based on what we do and we innovate based on what they do,” he told Seyr.

    On X, Cole emphasized that management teams have a primary duty to their shareholders and that “competing and collaborating are not mutually exclusive.”

    As previously reported by CryptoPotato, Strive acquired 2,000 BTC for $169 million on October 5. On the same day, MicroStrategy announced a purchase of 334 BTC for $28.7 million. These acquisitions bring Strive’s total holdings to 29,462 BTC and MicroStrategy’s to 848,000 BTC.

    At the time of writing, ASST was trading near $30, marking a roughly 137% increase over the past three months, though down approximately 42% over the past year. Meanwhile, SATA is offering a daily dividend of 13%, compared to the 12% dividend on MicroStrategy’s STRC.

  • Strive Buys $169M Bitcoin in Largest Purchase in Four Months

    Strive Buys $169M Bitcoin in Largest Purchase in Four Months

    Strive Acquires 2,000 Bitcoin in Largest Purchase in Four Months

    Strive, a publicly traded company, significantly expanded its Bitcoin holdings last week, acquiring 2,000 BTC in its largest single purchase in four months. The company disclosed in a filing with the Securities and Exchange Commission (SEC) that it paid an average of approximately $84,422 per coin between September 28 and October 2, amounting to an investment of roughly $169 million.

    This latest acquisition follows a substantial purchase of 2,500 Bitcoin between May 23 and June, which at the time increased Strive’s total holdings to 19,000 BTC. As of October 2, Strive’s total Bitcoin reserves now stand at 29,462 BTC. Valued at an average price of around $86,000 per coin, these holdings represent a market value of approximately $2.5 billion.

    Strive operates as a Bitcoin treasury company, a business model that involves raising capital from investors and allocating it to Bitcoin rather than traditional cash reserves. The company’s significant growth in Bitcoin reserves was further bolstered by its agreement in September 2025 to acquire Semler Scientific, a healthcare technology firm that held approximately 5,000 Bitcoin.

    Shareholders approved this acquisition in January, consolidating a combined Bitcoin stash of about 12,800 BTC. By late April, Strive’s holdings had grown to 14,557 Bitcoin, and by mid-August, this figure had reached 20,246 BTC.

    The cryptocurrency market has seen considerable movement since these acquisitions, largely in a direction favorable to Bitcoin holders. The average price of Bitcoin last week was approximately 41% higher than the figure recorded in July. Consequently, Strive’s Bitcoin holdings have appreciated by 48% in dollar value since July 2.

    While the recent SEC filing does not specify the exact source of funds for last week’s purchase, Strive has primarily raised capital in recent weeks through the sale of SATA, a type of preferred stock. SATA shares offer holders regular dividend payments ahead of ordinary shareholders. In the week ending September 4, SATA accounted for 70% of capital raised, and this figure rose to 85% in the week ending September 25.

    Each SATA share has a stated value of $100, and Strive currently offers an annual dividend rate of approximately 13%. This rate is adjustable, and the company previously announced its intention to begin paying dividends daily starting June 16. In practical terms, investors provide cash to Strive, which in turn pays out roughly $13 annually for every $100 share. As Bitcoin does not generate interest, these dividend payments must be funded from Strive’s existing cash reserves or through further capital raises. The company’s filing indicates $284.7 million in cash and no outstanding debt.

    The filing also notes that Strive’s average cost per Bitcoin at the end of September was $90,170, a figure that is above the approximate $86,000 trading price of Bitcoin on Monday. This means that, on paper, Strive’s current Bitcoin position is valued at less than its acquisition cost.

    For individuals unfamiliar with cryptocurrency, Strive’s structure offers a straightforward way to gain exposure to Bitcoin. Its stock, traded on the Nasdaq, allows investors to speculate on Bitcoin’s price movements through conventional brokerage accounts. The SATA preferred stock, meanwhile, provides a dividend stream from a company holding a substantial Bitcoin portfolio.

    According to Bitcoin Treasuries, Strive ranks fifth among public companies holding Bitcoin. It trails Strategy, Twenty One Capital, Metaplanet, and MARA. Twenty One Capital currently holds 43,514 Bitcoin, with Strive now holding 14,052 fewer coins than that entity.

  • Meta AI Forecasts Double-Digit XRP Price by 2026

    Meta AI Forecasts Double-Digit XRP Price by 2026

    Meta AI, the artificial intelligence developed by Mark Zuckerberg’s company, has projected a significant surge for XRP, predicting it could surpass $10 this year. This forecast, representing an eightfold increase from its current approximate price of $1.50, hinges on a confluence of factors: a robust cryptocurrency bull market, institutional fear of missing out (FOMO), and a truly transformative catalyst.

    A Transformative Scenario

    Meta AI outlines a highly improbable, yet not impossible, scenario for XRP’s ascent. This vision involves Ripple announcing that XRP has been officially designated as a global settlement and bridge asset by a consortium of major banks and payment networks. Crucially, this would signify the commencement of real-world transactions across multiple corridors, moving beyond pilot programs or partnerships to production-level settlement at scale.

    The hypothetical announcement would involve Ripple, several prominent global banks, a leading card or payment network, and potentially a significant initiative related to central bank digital currencies (CBDCs). Such a declaration would effectively confirm XRP’s utilization for cross-border transactions.

    Groundwork for Growth

    Elements of this scenario are not entirely speculative. XRP is already seeing institutional interest through spot ETFs, and Ripple has been actively expanding its regulated payments infrastructure. Furthermore, the XRP Ledger has demonstrated its capability by facilitating a cross-border transaction involving J.P. Morgan’s Kinexys, Mastercard, Ondo, and Ripple, with a tokenized Treasury asset leg settling in under five seconds.

    Technical Outlook

    From a technical standpoint, the outlook for a “moonshot” scenario is considered quite interesting. XRP is currently trading around $1.51, holding above all eight monitored moving averages. The 50-day moving average is above the 200-day, and the daily Relative Strength Index (RSI) hovers around 58, indicating bullish momentum without being excessively overbought.

    Immediate key resistance levels are identified at approximately $1.52 and then around $1.60–$1.66. Support is found near $1.49 and $1.40. A sustained break above the $1.60–$1.70 range would be significant, as $1.70 has historically acted as a strong resistance point. XRP’s previous all-time high stands at around $3.65, suggesting that a move beyond this level would propel the asset into uncharted price discovery territory.

    The technical roadmap for such a significant price increase would progress through stages: $1.70, then $2, $2.50, the all-time high of $3.65, followed by $5, $7.50, and ultimately $10. The most compelling aspect of this projection lies in what transpires above the $3.65 all-time high, where historical price discovery is limited. If XRP breaks this barrier on substantial volume, coupled with a shift in the fundamental narrative, technical resistance would become far less influential.

    While XRP’s institutional event calendar supports a long-term bullish case, near-term gains remain contingent on confirmed news and sustained price momentum. A strong headline can elevate expectations, but it does not guarantee enduring demand.

    Alternative Risk Profiles

    For traders seeking a different risk-reward dynamic, early-stage tokens offer exposure to community-driven momentum, albeit with distinct liquidity and execution risks.

    One such token is Maxi Doge ($MAXI), an Ethereum ERC-20 meme token centered around a large canine character and a trading community identity that embraces 1000x leverage. Its presale price is set at $0.0002841, with $4.8 million already raised. The project also features a substantial 60% APY in staking rewards, trading competitions exclusively for holders with leaderboard prizes, and a Maxi Fund treasury dedicated to liquidity and partnerships. The project explicitly positions itself as meme-first, rather than claiming established utility, acknowledging the role of memes in attracting individuals to the cryptocurrency sector.

  • OKX and ICE File with SEC for Tokenized Stock Trading Exchange

    OKX and ICE File with SEC for Tokenized Stock Trading Exchange

    OKXICE LLC, a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), has filed with the U.S. Securities and Exchange Commission (SEC) to establish a regulated exchange for trading tokenized U.S. stocks. The initial offering is expected to include 63 companies listed on the New York Stock Exchange (NYSE).

    The filing, which occurred on October 4, aims to allow for the trading of tokenized versions of U.S. equities. Companies whose stocks are selected for tokenization will have a 30-day period to opt out before trading can commence. This venture combines OKX’s blockchain infrastructure with ICE’s market technology.

    According to a report by Bloomberg, the SEC introduced its temporary Innovation Exemption in September. This exemption permits certain tokenized securities venues to facilitate secondary trading of tokenized U.S. stocks through permissioned automated makers and liquidity pools, provided specific conditions are met. These conditions include that tokenized shares must carry the same shareholder rights as the underlying securities, smart contracts must be auditable and run on public, permissionless blockchains, and trading must cease if the underlying stock is suspended on its primary exchange.

    As CryptoPotato reported, Coinbase had previously announced in June plans to offer tokenized stocks to customers outside the U.S., with shares backed 1:1 by the underlying assets and carrying shareholder rights. This move predated the SEC’s September exemption and indicated a growing trend among crypto exchanges to explore connections with stock trading infrastructure.

    The filing by OKXICE LLC represents one of the first attempts by a crypto exchange to offer tokenized U.S. stocks through a regulated exchange under the SEC’s temporary regulations. The partnership with ICE, which acquired a stake in OKX in March, provides a foundation for combining exchange infrastructure with blockchain-based trading. This framework could potentially enable round-the-clock trading of U.S.-listed stocks, subject to the SEC’s stipulated conditions.

    However, the launch of OKX’s tokenized stock trading platform is contingent on regulatory processes and the decision of the 63 NYSE-listed companies to participate. The exact date of the launch remains uncertain, depending on the completion of the 30-day notice period and other requirements outlined by the SEC. Whether these companies will opt out of the tokenized stock trading remains a key uncertainty.

    Why This Matters

    The materials describe a narrow update: OKXICE LLC, a joint venture between OKX and ICE, has filed with the SEC to establish a regulated exchange for trading tokenized US stocks. Whether the 63 NYSE-listed companies will opt out of the tokenized stock trading.

    Broader Context

    Source materials place the factual news in this context: The SEC introduced its temporary Innovation Exemption in September, allowing certain tokenized securities venues to facilitate secondary trading of tokenized US stocks through permissioned automated makers and liquidity pools.

  • CFTC Offers Limited-Time Regulatory Path for Crypto Futures to Become True Perpetuals

    CFTC Offers Limited-Time Regulatory Path for Crypto Futures to Become True Perpetuals

    A narrow regulatory window, expiring June 30, 2026, now allows U.S. exchanges to convert existing perpetual-style crypto futures contracts into true perpetuals, provided specific conditions are met. The CFTC’s Division of Market Oversight issued Staff Letter No. 26-19 on June 12, 2026, granting conditional no-action relief to designated contract markets (DCMs).

    This guidance permits DCMs to remove expiration dates from qualifying digital commodity futures contracts, effectively transforming them into true perpetual futures. A no-action letter signifies that the CFTC staff will not recommend enforcement action if certain conditions are followed. This move is not a new rule but rather a written assurance that specific actions will not draw regulatory scrutiny under the outlined circumstances.

    Expedited Conversion Pathway
    The primary benefit of this relief is speed. Ordinarily, altering contract terms can trigger self-certification timing requirements under CFTC Regulation 40.6. Staff Letter No. 26-19 allows DCMs to bypass these usual delays by dropping expiration dates. This action was prompted by requests from Bitnomial Exchange, LLC, and Coinbase Derivatives, LLC, which sought relief for 16 and 22 contracts, respectively.

    Conditions and Eligibility
    However, the relief is conditional. Only contracts tied to digital commodities with “deep, active, and continuous” spot markets are eligible. Bitcoin is cited as a prime example of such an asset. Exchanges must still submit amendments under CFTC Regulation 40.5 or 40.6, certifying compliance before implementing any changes. Furthermore, DCMs are required to solicit market feedback and fulfill risk disclosure obligations.

    Limited Timeframe and Market Impact
    The relief takes effect immediately but expires on June 30, 2026, providing exchanges with a window of under three weeks to act. This limited timeframe suggests a controlled, time-boxed transition rather than an open-ended exemption. Exchanges that miss this window may need to pursue the standard regulatory process.

    This development aligns U.S.-regulated markets with recent CFTC decisions regarding perpetual futures for digital commodities. The approval of KalshiEX LLC’s BTCPERP contract previously set a precedent, making the status of “perpetual-style” contracts with distant expiration dates—some extending up to 25 years—increasingly outdated. Staff Letter No. 26-19 aims to close this gap, allowing exchanges to convert existing products rather than launching entirely new listings.

    For traders, the change offers greater clarity, as a perpetual contract without an expiration date is simpler to understand than one with a distant, regulatory-driven expiry. The eligibility rule is also expected to shape competition, likely concentrating the first wave of true perpetuals around the most established digital commodities, with Bitcoin at the forefront.

    Remaining Uncertainties
    Several uncertainties remain. The exact process Bitnomial and Coinbase Derivatives will employ for contract conversion and how they will handle the required risk disclosures are yet to be detailed. Additionally, it is unclear whether exchanges that do not act before the June 30 deadline will successfully navigate the standard CFTC process.

    Future amendment filings under Regulations 40.5 and 40.6 will provide insight into how quickly exchanges convert their contracts and manage the necessary disclosures.

    Why This Matters

    The materials describe a narrow update: The CFTC’s Division of Market Oversight issued a no-action letter (Staff Letter No. The exact process Bitnomial and Coinbase Derivatives will use to convert their contracts.

    Broader Context

    Source materials place the factual news in this context: The letter aligns US-regulated markets with recent CFTC decisions on how perpetual futures for digital commodities should be treated.

  • Securitize CEO Carlos Domingo Advocates for Blockchain-Based Shareholder Records

    Securitize CEO Carlos Domingo Advocates for Blockchain-Based Shareholder Records

    Securitize CEO Carlos Domingo is advocating for the adoption of blockchain technology to serve as the definitive ledger for public company ownership, a move that would fundamentally alter the current system of shareholder record-keeping reliant on multiple intermediaries.

    The Problem with Traditional Systems

    The core proposition, according to Securitize, is to replace the complex, layered infrastructure involving entities like the Depository Trust Company (DTC) with a blockchain-based register. This onchain ledger would provide issuers with direct insight into their capitalization tables and streamline communication with shareholders, dividend payments, and proxy voting processes.

    Currently, the system is described as akin to a “game of telephone,” where layers of intermediaries obscure beneficial ownership, making direct engagement with shareholders administratively challenging for companies. Securitize’s pitch is that a blockchain ledger cuts through this opacity, offering a clearer, real-time view of ownership.

    Securitize’s Blockchain Proposal

    Securitize, which is an SEC-registered transfer agent, proposes that the blockchain itself become the ledger of record, operating within existing legal and regulatory frameworks. Under this model, shareholders would retain their existing rights, with the primary change being the method of record-keeping. This approach is distinct from freely circulating crypto assets, as it incorporates mandatory Know Your Customer (KYC) checks and whitelisting for all participants, ensuring only verified parties can trade.

    Market Actions and Partnerships

    This initiative aligns with a broader trend in asset tokenization that favors issuer-led structures. Securitize has actively demonstrated this model. On July 2, 2026, the company listed on the New York Stock Exchange under the ticker SECZ, tokenizing approximately $295 million of its common stock on the Solana and Avalanche blockchains. This event marked a significant equity tokenization milestone.

    Further illustrating its commitment to this model, Securitize partnered with Computershare in April 2026 to enable US issuers to create Issuer-Sponsored Tokens (ISTs). A key feature of ISTs is that shareholders maintain their full rights, including dividends and voting, with ownership recorded on the onchain ledger. Securitize currently oversees between $4 and $5 billion in tokenized assets.

    Benefits for Issuers and Investors

    For public companies, a transparent, real-time capitalization table could significantly reduce the administrative burden associated with shareholder communications, dividend disbursements, and proxy voting. For investors, the IST model ensures that dividends and voting rights remain intact, with their ownership position visible on a ledger accessible to the issuer.

    Uncertainties and Future Outlook

    However, the widespread adoption of this blockchain-based system faces uncertainties. Key questions remain regarding how many US issuers will utilize the Computershare partnership to launch ISTs and how Securitize’s own tokenized shares will perform in practice, particularly concerning onchain dividends and voting. These factors will be crucial in observing the evolution of blockchain in corporate governance.

    Why This Matters

    The materials describe a narrow update: Securitize, an SEC-registered transfer agent, proposes using blockchain as the definitive ledger for public company ownership, aiming to provide issuers with direct insight into their capitalization tables and simplify investor communication, dividend payments, and proxy voting. How many US issuers will adopt the Computershare partnership to launch ISTs.

    Broader Context

    Source materials place the factual news in this context: Securitize CEO Carlos Domingo is advocating for companies to communicate with investors digitally, replacing paper forms and mailed proxy votes with blockchain-based shareholder records.

  • CFTC Chair: Commodity Exchange Act Covers Bitcoin

    CFTC Chair: Commodity Exchange Act Covers Bitcoin

    CFTC Chief Argues Existing Law Sufficient for Crypto Regulation

    Washington D.C. – While Congress has grappled for years with how to regulate the burgeoning cryptocurrency market, the head of the Commodity Futures Trading Commission (CFTC) asserted on October 5, 2026, that existing legislation is already adequate. CFTC Chairman Michael S. Selig stated that the Commodity Exchange Act (CEA) has proven effective, and its broad definition of a commodity sufficiently encompasses Bitcoin and the broader digital asset landscape.

    This stance comes as the agency simultaneously unveiled an initial plan for two new rulebooks targeting leveraged cryptocurrency trading platforms.

    Selig articulated his core argument during a keynote address at the Fordham Law Blockchain Regulatory Symposium in New York. He emphasized that the CEA’s expansive definition of commodities naturally includes digital assets. He also highlighted Bitcoin’s established history under the act, noting its classification as a commodity in 2014 paved the way for regulated Bitcoin futures trading in subsequent years. Selig further invoked the “Lindy effect” to discuss Bitcoin, a concept suggesting that the longer something has endured, the greater its likelihood of continued survival.

    CFTC Proposes New Rulebooks for Crypto Trading

    In conjunction with Selig’s remarks, the CFTC released an advance notice of proposed rulemaking for two new regulations: Regulation Crypto Asset Transactions (CTX) and Regulation Crypto Asset Markets (CAM). An advance notice represents the earliest formal stage in the rulemaking process, signaling the agency’s considerations and soliciting public feedback before drafting definitive rules.

    The proposed regulations aim to establish a new registration category termed a “crypto asset market.” This initiative seeks to enhance federal oversight of platforms offering leveraged trading in digital assets. Crucially, these platforms would continue to operate under the existing statutory framework, rather than a completely new legal regime. Proposed safeguards include requirements for proof-of-reserves and measures to combat market manipulation.

    Legislative Efforts Stall, CFTC Turns to Existing Authority

    This move by the CFTC occurs against the backdrop of a stalled legislative effort. A recent attempt in the Senate to advance the Digital Asset Market CLARITY Act failed to pass a cloture vote, falling short by a narrow margin of 49-50. Cloture is a procedural vote required to end debate and advance a bill.

    With Congress unable to pass comprehensive market structure legislation, the CFTC is leveraging its authority under the CEA. Selig’s speech served as a foundational legal and philosophical justification for this approach. The 2014 precedent, which established Bitcoin as a commodity, lends significant weight to this argument. With Bitcoin futures having traded under CFTC supervision for years, Selig is positioning the new proposals as a natural extension of this established track record, rather than a departure into uncharted regulatory territory.

    For leveraged crypto trading venues, these proposals suggest a clearer, albeit potentially more stringent, pathway for operating within the United States. The creation of a dedicated “crypto asset market” registration would provide these platforms with a defined regulatory category.

    Challenges and Future Outlook

    However, significant caveats remain. An advance notice is not a final rule, and the specifics of CTX and CAM could undergo substantial changes following public comment. Furthermore, the durability of rules based on agency interpretation of existing statutes can be subject to legal challenges, unlike legislation enacted by Congress. A future Congress could still introduce market structure legislation that alters or supersedes the CFTC’s current initiatives. The close vote on the CLARITY Act indicates that the broader debate over crypto regulation is far from settled.

    Key developments to monitor include the public comment period on the advance notice, the response of exchanges to the proposed registration category, and any potential regrouping by Senate supporters of the CLARITY Act for future legislative attempts.