SEC approved exchange-listed binary options that settle in cash on reported metrics at Coinbase, MARA and Robinhood. Chairman Paul Atkins said the order leaves CFTC oversight of differently structured products untouched, so event-style contracts now have a securities track and a CFTC track.
Perspective Coverage
4 publishers
- Builder
- Builder 11%
- Operator
- Operator 40%
- Investor
- Investor 49%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+20
- Incentives40
- Confidence75
Kahan and Rock expect some state to permit mandatory shareholder arbitration after the SEC's reversal
NYU law professors Marcel Kahan and Edward Rock expect some state to permit mandatory shareholder arbitration now that the SEC has dropped its opposition. They tie the effect on state charter competition to an assumption that a significant fraction of public companies will want it over time.
Reality
- Evidence35
- Adoption8
- Hype gap+10
- Incentives
- Not scored
- Confidence45
TD Cowen warns that the SEC and CFTC rules issued after the CLARITY vote are the easiest kind to rescind
The SEC unveiled a five-year exemption for stock tokens two days after the Senate's failed CLARITY cloture vote. TD Cowen cautions that agency rules like it are the easiest to rescind, so firms building on it carry that risk.
Reality
- Evidence55
- Adoption20
- Hype gap−10
- Incentives
- Not scored
- Confidence50
Governance proposals now lead shareholder filings as the SEC proposes to end Rule 14a-8
Sullivan & Cromwell reports that governance proposals were the majority of Rule 14a-8 submissions in H1 2026 for the first time since 2012. The SEC's plan to eliminate the rule leaves the right to file for the core 2027 proxy season intact, the firm says.
Reality
- Evidence58
- Adoption
- Not scored
- Hype gap
- Not scored
- Incentives
- Not scored
- Confidence60
SEC proposes a FINRA-administered exam of about 75 questions and $100 as a new route to accredited investor status. A pass would stay valid for 10 years, so the fee works out to $10 a year.
Reality
- Evidence50
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence55
A September 17 order lets qualifying platforms trade fully backed tokenized NMS stocks without registering as exchanges or dealers. Every stock takes 30 days of notice to an issuer that is free to refuse it.
Perspective Coverage
14 publishers
- Builder
- Builder 25%
- Operator
- Operator 40%
- Investor
- Investor 35%
Reality
- Evidence80
- Adoption12
- Hype gap+40
- Incentives60
- Confidence70
Two days after the Senate stalled the CLARITY Act, the CFTC's Market Participants Division opened Phantom's March no-action position to any software provider that stays clear of custody and order routing, on ten conditions.
Perspective Coverage
5 publishers
- Builder
- Builder 42%
- Operator
- Operator 29%
- Investor
- Investor 29%
Reality
- Evidence78
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence74
Trump asked Congress again for the CLARITY Act. A mid-September cloture vote, a crowded Senate calendar and an unresolved ethics fight say the clarity is not arriving this year.
Perspective Coverage
5 publishers
- Builder
- Builder 30%
- Operator
- Operator 36%
- Investor
- Investor 34%
Reality
- Evidence68
- Adoption20
- Hype gap+45
- Incentives72
- Confidence64
Kalshi and its investor Paradigm sat with Coinbase, Ripple and Chainlink at the White House, one day before the CFTC's new advisory committee met. The seating chart is the substance.
Perspective Coverage
9 publishers
- Builder
- Builder 19%
- Operator
- Operator 38%
- Investor
- Investor 43%
Reality
- Evidence60
- Adoption
- Not scored
- Hype gap+35
- Incentives65
- Confidence55
Algorhythm's $6 Million Cash Claim Tops Its Spendable Cash but Falls Short of Its Total Cash on the Books
Algorhythm Holdings' CEO cited more than $6 million in cash while the same release showed just under $5 million spendable plus about $3 million restricted. Quartz's review of SEC enforcement leaves shareholders in small AI rebrands to run that check themselves.
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+50
- Incentives70
- Confidence55
SEC estimates its proposed crypto self-custody fallback will cost each adviser that uses it $433,833 a year, and assumes about 823 firms will. After the CLARITY Act's Senate failure, that price helps decide which advisers can hold newly launched tokens for clients.
Perspective Coverage
15 publishers
- Builder
- Builder 21%
- Operator
- Operator 45%
- Investor
- Investor 34%
Reality
- Evidence76
- Adoption8
- Hype gap+10
- Incentives62
- Confidence70
French Hill, the House Financial Services chair, says SEC and CFTC crypto rules fall short of the CLARITY Act the Senate blocked 49-50 last month. His case is that a later administration can rewrite rules issued under existing agency authority, while a statute would hold.
Perspective Coverage
5 publishers
- Builder
- Builder 20%
- Operator
- Operator 43%
- Investor
- Investor 37%
Reality
- Evidence72
- Adoption
- Not scored
- Hype gap+20
- Incentives62
- Confidence70
Bitwise's Matt Hougan says the Senate's 49-50 cloture failure will not end the crypto rally, and points to a summer in which prices rose as the odds of passage halved. Only Congress can give the CFTC spot authority.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 13%
- Investor
- Investor 80%
Reality
- Evidence50
- Adoption40
- Hype gap+30
- Incentives60
- Confidence55
The Senate blocked the Clarity Act 49-50 on Tuesday. By Thursday the SEC had published a tokenized-stock exemption its chairman tied to that defeat, on terms a future chairman can withdraw without a vote.
Perspective Coverage
7 publishers
- Builder
- Builder 21%
- Operator
- Operator 40%
- Investor
- Investor 39%
Reality
- Evidence70
- Adoption25
- Hype gap+20
- Incentives60
- Confidence65
Three federal agencies moved on crypto rules within 48 hours of the Senate's 49-50 vote that stalled the Clarity Act. Only the stablecoin rules sit on a statute, so businesses using the SEC and CFTC relief hold permissions a later administration can withdraw.
Reality
- Evidence52
- Adoption
- Not scored
- Hype gap+10
- Incentives55
- Confidence55
New SEC rule lets one commissioner alone constitute a quorum when all others are disqualified from a matter
Either Paul Atkins or Mark Uyeda can now act alone as the SEC's quorum under a rule effective Oct. 2, but only on matters where the other is disqualified. Decisions on the pending crypto custody and offering proposals therefore sit with a Commission of two people.
Reality
- Evidence64
- Adoption
- Not scored
- Hype gap+18
- Incentives
- Not scored
- Confidence60
Michael Selig filed an early-stage crypto rulemaking with the White House budget office two days after the Senate stalled the CLARITY Act, and the filing's own schedule puts a binding rule in late 2027.
Perspective Coverage
6 publishers
- Builder
- Builder 14%
- Operator
- Operator 45%
- Investor
- Investor 41%
Reality
- Evidence62
- Adoption6
- Hype gap+35
- Incentives55
- Confidence60
Hester Peirce used her penultimate week as an SEC commissioner to urge replacing bulk KYC collection with zero-knowledge proofs of eligibility. She filed no proposal and spoke for herself, so the collection rules she criticized stay as written.
Perspective Coverage
3 publishers
- Builder
- Builder 35%
- Operator
- Operator 37%
- Investor
- Investor 28%
Reality
- Evidence62
- Adoption
- Not scored
- Hype gap+25
- Incentives50
- Confidence65
SEC Commissioner Hester Peirce, head of the agency's Crypto Task Force, resigns Oct. 2, leaving Paul Atkins and Mark Uyeda as its only two commissioners. Neither her seat nor Caroline Crenshaw's has a nominee, so crypto policy now rests on two Republican votes.
Perspective Coverage
6 publishers
- Builder
- Builder 23%
- Operator
- Operator 45%
- Investor
- Investor 32%
Reality
- Evidence76
- Adoption
- Not scored
- Hype gap+10
- Incentives60
- Confidence74
SEC proposals approved Wednesday would give registered investment advisors much more room to charge performance fees on capital gains in client accounts. Interval-fund changes and a credential route to accredited status widen what retail clients can buy, and the fee rule changes how advisors get paid for it.
Perspective Coverage
3 publishers
- Builder
- Builder 6%
- Operator
- Operator 47%
- Investor
- Investor 47%
Reality
- Evidence68
- Adoption8
- Hype gap+30
- Incentives55
- Confidence62
Earlier coverage
- Hester Peirce's exit shrinks the SEC and CFTC to three commissioners across ten seats
Invest · September 29, 2026 · Confirmed2 publishers
- Token buybacks on working crypto networks fall outside the Howey test, SEC staff say
Invest · September 27, 2026 · Confirmed2 publishers
- CFTC staff let registrants invest customer funds in tokens that carry the original asset's rights
Invest · September 27, 2026 · Confirmed2 publishers
- With CLARITY stalled, crypto market structure shifts to a White House table and a one-man CFTC
Invest · August 16, 2026 · Confirmed3 publishers
- Galaxy cuts CLARITY odds to 10%, and crypto's regulatory plan B becomes the plan
Invest · August 17, 2026 · Confirmed3 publishers
- With CLARITY stalled, plan compliance against SEC and CFTC staff, not statute
Invest · August 18, 2026 · Confirmed3 publishers
- SEC's token on-ramp: a $5M starter round, a $75M tier, and the end of state review
Invest · August 18, 2026 · Confirmed7 publishers
- Selig says he will write the crypto rules himself if CLARITY stays stalled
Invest · August 20, 2026 · Confirmed5 publishers
- Kalshi and Coinbase filed near-identical US stock perpetual futures on the same day
Invest · September 19, 2026 · Confirmed3 publishers
- Armstrong publishes his defense before the Journal publishes its story
Leadership · September 21, 2026 · One report1 publisher
- A five-year SEC exemption lets tokenized NMS stocks trade in permissioned liquidity pools
Leadership · September 17, 2026 · Confirmed2 publishers
- One investor's 2026 resolutions cleared 25% support at 125 companies
Leadership · September 10, 2026 · One report1 publisher