The proposed amicus brief supports joint SEC-CFTC oversight as a November 10 reply deadline approaches in the bid to halt single-stock perpetuals.

The activity matters: securities offerings and trading, commodity derivatives and spot-market fraud fall under different powers. A proposal is not the same as an exemption or a law.

The division views Canton Coin as a digital commodity, relying on its network utility and the absence of a controlling central party.

The guidance distinguishes independent governance participation from coordinated control and identifies unilateral powers that amount to overseeing a crypto system.

The agency says investors lost more than $100 million after the firms promised risk-free trading returns and used false filings to claim SEC approval.

Interpol’s public record identifies Finland as the requesting jurisdiction and lists aggravated tax fraud; Heart’s separate SEC case was dismissed in 2025.

Proposed tickers BITH and ETHK would use futures and reset leverage daily, exposing longer-term holders to compounding losses.

The proposal also sets conditions for state trust company custody, with public comments due 60 days after Federal Register publication.

Two New York lawsuits allege investors were shown fictitious profits and pressed for more money when they tried to withdraw.

The Sept. 25 answer referred only to a system’s functionality. The revised wording makes the absence of centralized control an explicit condition.