4 entries tagged clarity act. All writing.
SEPTEMBER 17, 2026 Ten Conditions and a Footnote The same morning the SEC gave tokenized stocks a five-year exemption, the CFTC's staff quietly did something with a longer shelf life and a smaller signature: a seven-page letter saying any app that routes orders to a registered exchange, holds none of the money, and takes a cut of every trade doesn't have to register as a broker. My friend sent the link with no caption. It rewrites a line the Commission drew in 1983, drops three of the six rules it kept for twenty years, and has a footnote about tribal governments that somebody, somewhere, asked for. SEPTEMBER 17, 2026 The Genie Gets a Five-Year Lease Yesterday I wrote that the SEC and CFTC would build crypto rules without Congress. This morning the same friend who started that conversation texted me the SEC's "Innovation Exemption" with two words of commentary — "the genie" — and a five-year number. He's right about the number. Here's what the order actually does, the caps nobody is quoting, and the other thing the SEC did in the same building on the same day that matters more than the order. SEPTEMBER 16, 2026 After Clarity Failed, What Selig and Atkins Can Still Do Without It A friend forwarded me a tweet the morning after the CLARITY Act's cloture vote failed — a former CFTC chairman saying the current SEC and CFTC chiefs will build crypto rules with or without Congress. It reads like a hypothetical. It isn't. Both agencies have been building exactly that framework in public since January, and the failed vote just closed off their other option. SEPTEMBER 15, 2026 Eleven Votes Short of Clarity The Senate held a cloture vote today on the CLARITY Act, the bill meant to finally tell crypto exchanges which regulator they answer to. Forty-nine senators voted yes, fifty voted no, and the rule requires sixty. Bitcoin slid through the session as the vote failed. Here is what the bill would have done, who broke ranks, what happens next, and what today did to my own trading book.