The CFTC staff issued no-action relief for certain fully collateralized binary and bounded swaps that trade and clear like exchange contracts. While the no-action letter is in effect, these products do not have to meet real-time public reporting or swap data recordkeeping under Parts 43 and 45, or certain related Reg. 38 and 39 rules. The relief only applies if the contracts are fully collateralized and cleared, the venue promptly posts time-and-sales data on its website, the firm continues…

IOSCO’s findings offer few surprises in the "steady progress" being made by jurisdictions toward implementing the 2023 policy recommendations.  Although the United States is not a "Participating Jurisdiction," the recent passage of the GENIUS Act may push forward adoption of some of these recommendations in fuller force across the participating jurisdictions. The GENIUS Act allows for foreign stablecoin regulation to — though indeterminate at present — stand in for GENIUS in some…

Although Senator Warren’s comments are not isolated—they mirror, in part, some of the —GENIUS nevertheless has robust rulemaking potential. To that end, Senator Warren’s concerns have the possibility to be addressed in the Treasury’s rulemaking regarding the GENIUS Act. The Treasury will take these comments, among others, into consideration when drafting potential rulemaking ranging from conflicts of interest to foreign payment stablecoin issuers. Moreover, given that Chevron was done away…

It looks like concerns about a regulatory "turf war" . We’re seeing more cooperation between the CFTC and SEC, particularly with respect to crypto. It’s notable that the main topics to be discussed during this roundtable deal primarily with contracts and 24/7 markets, as those appear to be heating up at the moment. Since the CFTC and the , it’ll be interesting to see what more the two agencies have to say on these fronts—perhaps the SEC getting on board to the extent they can?—or if…