The joint SEC–CFTC interpretive release was announced today at The Digital Chamber’s DC Blockchain Summit, where SEC Chairman Paul Atkins and CFTC Chairman Michael S. Selig appeared together to lay out a coordinated framework for digital asset regulation. Hearing the guidance delivered in that setting—by both agency heads, using a shared vocabulary and a shared premise—made clear that this was more than a routine interpretive exercise. What stood out was the coherence of the approach and the…

The policy motivation in the GENIUS Act is certainly to prohibit yielding or interest-bearing stablecoins as such. Not every benefit derived from an asset is an investment return, and not every benefit derived from a deposit-like asset or store-of-value asset is interest. Think of cash back and other rewards programs. These certainly give asset owners value, and they often aren’t treated as interest payments. Of course, that doesn’t mean it’s a free-for-all. Benefits other than yield or…

The ABA’s recommendations underscore a simple truth: tokenization doesn’t erase regulation. Whether it’s CFTC, SEC, or state regimes, digital assets live in a crowded jurisdictional neighborhood. In some circumstances, tokenization may even add a layer of new or different regulation on top of something that is already regulated. It’s a good idea to make a set of plans before you start building. 

The essence of SIFMA’s proposal is procedural, not substantive. It would give advisers and brokers a more level playing field to execute principal trades under blanket informed consents, with client objections affecting future transactions, but not unwinding those already executed. Crucially, advisers would remain subject to the Advisers Act’s fiduciary duty at all times, while brokers would continue to fall under the Reg BI standard. This is not a safe harbor for advisers to sidestep their…