5 entries tagged sec. All writing.
OCTOBER 1, 2026 The Vault Rule Got Rewritten the Day Before She Left Today the SEC proposed the rule that decides whether your financial advisor can actually hold crypto for you, and it does something the custody rule hasn't done since it was written in response to Bernie Madoff: let the advisor be the vault. It also quietly blesses something the industry has been doing in a legal gray zone for years. The vote landed on commissioner Hester Peirce's second-to-last day on the job, and her own statement reads like a closing argument. SEPTEMBER 30, 2026 The Committee That Won't Say Its Own Name A policy paper published today calls index providers "Wall Street's invisible committee." I went and found the actual committees — six unnamed people at MSCI who can decide whether Bitcoin counts as an operating asset, a board at FTSE Russell that is contractually forbidden from naming its own members, and the one index manager anyone actually knows by name, only because the SEC caught him trading on what he knew. Feedback on the live MSCI proposal closes today. The decision lands October 16. 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.