The withdrawal of this program suggests more crypto normalization across the banking and financial sectors. Given the recent passage of the GENIUS Act and with market structure reform on the horizon, scrapping this program suggests that crypto is well underway to becoming a key component of the banking sector.

Further, this movement stems from a number of President Trump’s recent executive orders, including his most recent one on politicized and unlawful debanking, particularly its…

The Association's letter draws some attention to regulatory ambiguities in the GENIUS Act. The interest/yield question - a feature, not a bug, of the GENIUS Act - is particularly interesting. How will it ultimately be handled by exchanges? Although there is a prohibition on issuers paying yield outright, perhaps allowing yield to be passed on by third-parties isn’t such a bad thing. 

Questions remain about what happens when a private, non-predominantly-financial company issues a…

This statement follows a long string of opinions from the Division of Corporation Finance determining that mining, staking and more are not securities. ­The implications for DeFi are clear: staking one's token and using the receipt token does not constitute an investment contract, and thus, a protocol user can use the receipt token in a DeFi protocol's AMM to continue trading.

It is worth asking, then, what is the difference between a liquidity pool receipt token and a liquid staking…

It looks like all regulatory eyes are on crypto for the time being. Mirroring the SEC’s "Project Crypto," the CFTC is initiating its own "Crypto Sprint." The CFTC’s seems to be part of this, as does considerations around perpetual futures and 24/7 trading. 

When paired with SEC Chair Paul Atkins’ vision of traditional assets being brought on-chain, there is an undeniable trend from both regulators toward tokenization. For the CFTC, this may look slightly different—with…