Regulation & Politics
Examining the laws, guidelines, and policies governing the operation of cryptocurrencies, blockchain technology, and financial services.
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SEC Crypto Custody Rewrite Enters White House Review
The planned rule would cover advisers and investment companies and clarify digital-asset custody, following the withdrawal of a separate 2023 proposal.

Senate Republicans Post Revised CLARITY Act Text Five Days Before Cloture Vote
The Sept. 10 substitute adds CFTC registration and Bank Secrecy Act obligations for trading protocols that are not decentralized, limits the DeFi title to spot and cash digital commodity transactions, and clarifies what credit unions may do with digital assets. The seven Senate Democrats who have negotiated the bill for a year have not withdrawn the statement of opposition they issued in July.
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SEC Crypto Custody Rewrite Enters White House Review
The planned rule would cover advisers and investment companies and clarify digital-asset custody, following the withdrawal of a separate 2023 proposal.

Senate Republicans Post Revised CLARITY Act Text Five Days Before Cloture Vote
The Sept. 10 substitute adds CFTC registration and Bank Secrecy Act obligations for trading protocols that are not decentralized, limits the DeFi title to spot and cash digital commodity transactions, and clarifies what credit unions may do with digital assets. The seven Senate Democrats who have negotiated the bill for a year have not withdrawn the statement of opposition they issued in July.

ARK Asks SEC To Approve Tokenized Share Class of Venture Fund
A pending exemptive application would let ARK Venture Fund record ownership of a new share class using distributed ledger technology and trade it on registered ATS venues. Hearing requests are due Sept. 18.
Wyoming Puts Its Stablecoin Reserves Onchain With Under $1 Million Outstanding
The Wyoming Stable Token Commission adopted Chainlink Proof of Reserve for the Frontier Stable Token on Sept. 2. FRNT's total supply is 967,948 tokens, about 0.2% of the 508.7 million the Commission projected to the state legislature as its base case.
Tether Froze $42.4 Million Three Months Before A Seizure Warrant, Lawsuit Says
Two Thai businessmen are suing Tether in Manhattan federal court over 42,417,785.62 USDT blacklisted across 10 Ethereum addresses. Onchain records show all 10 were frozen in a single two-and-a-half-minute batch on Oct. 30, 2025, and the seizure warrant the complaint cites is dated Feb. 19, 2026.

SEC Proposes Transfer Agent Rules for Blockchain-Based Share Records
The proposal would update electronic recordkeeping rules and add risk-management and compliance requirements for registered transfer agents using blockchain systems.

Ninth Circuit Says Kalshi Sports Contracts Aren’t Swaps, Splitting With Third Circuit
The panel affirmed the dissolution of Kalshi’s Nevada injunction after finding no likely federal preemption, reaching the opposite preliminary conclusion from the Third Circuit.

Trump Says CFTC Working to Onshore Hyperliquid
The president said CFTC Chair Michael Selig is working to bring the geoblocked perpetual futures venue into the US "in a fully compliant and legal fashion," sending HYPE and Hyperliquid Strategies shares up and CME and Cboe down.
SEC Proposes Token Offering Rules With $75 Million Exemption
The proposal pairs two registration exemptions with a conditional safe harbor that would take the "investment contract" label off a token, and preempts state securities law. All three sitting commissioners backed it in a vote held outside a public meeting.

SEC Advances Tokenized-Securities Exemption That Could Enable 24/7 Trading
Atkins says the framework would support compliant onchain trading while long-term rules are developed; Friday's scheduled Commission consideration covers a separate offering proposal.


