Regulation & Policy

SGX Update: US Institutions Got a CFTC-Recognised Bitcoin Perpetual Venue Last Week — It Carried $19 Million of Open Interest, at End-August — 0.24% of a Single Crypto-Native Book on Monday — and on the Exchange’s Own Onboarding Timeline No US Client Can Use It for Wednesday’s Fed

SGX won CFTC authorisation under Regulation 48.10 on 10 September to open its bitcoin and ether perpetual futures to US institutions. The contracts carried $19 million of open interest at end-August — 0.2358% of the Binance BTCUSDT perpetual book alone, which this desk measured at $8,057.03 million at 00:00 UTC on 14 September. SGX’s entire cumulative volume since November 2025 is 73.5% of one Binance day. And onboarding takes two to four weeks through clearing members SGX said it was still preparing — so no US client can use it for Wednesday’s FOMC.

14/09/2026

CLARITY Act Update: The House Cancelled Its Last Two September Weeks Hours After We Counted the Votes — Four House Days Left (14–17 September), a Senate Cloture Vote on the 15th, and No Path to the President’s Desk Before the 9 November Lame Duck Even if Cloture Passes

On Thursday 3 September, the same morning we published a vote count that found the Senate short of 60 for the CLARITY Act’s 15 September cloture motion, Speaker Mike Johnson cancelled the House’s votes for the last two weeks of September — a reversal of what he had told reporters two days earlier. The House now returns on 14 September for four days and leaves on the 17th for six weeks of campaigning; the next scheduled session is the lame duck beginning 9 November, per ABC News. The Senate vote is procedural — cloture on the motion to proceed, needing 60 — and even if it succeeds, the Senate’s own post-cloture clock and amendment process cannot produce a passed bill the House can concur in before the House is gone. This update lays out the calendar arithmetic, what a 15 September yes and a 15 September no each mean in practice, and adds one falsifiable claim about whether the vote happens at all.

06/09/2026

CLARITY Act Update: 12 Days to the Cloture Vote, 53 Republican Seats Minus Paul and Hawley, Two Committed Democrats Against Ten Needed, and Polymarket at 16% — What Has to Change by 15 September

The Senate returns on 14 September and votes on cloture for the Digital Asset Market Clarity Act on 15 September, twelve days from today. Sixty votes are needed. Republicans hold 53 seats, Rand Paul and Josh Hawley are opposed, Thom Tillis is conditional, and two Democrats crossed over in committee. Seven Democratic senators say the text “falls short.” Three disputes — ethics rules that reach the president’s $1.4 billion in crypto income, DeFi developer liability under Section 604, and stablecoin yield — are unresolved after a recess that produced no deal. Polymarket, per crypto.news, prices 2026 passage at roughly 16%, down from 82% in February; Galaxy Digital is at 10%. Meanwhile the SEC’s Regulation Crypto Assets proposal, published 18 August, takes comments until 20 October and covers the offering side whether the bill lives or dies.

03/09/2026

SEC's March Crypto Taxonomy Plus GENIUS Act Stablecoin Rules: 2026 Regulation Map

U.S. crypto rules took two big steps in 2026: an SEC/CFTC joint taxonomy classifying Bitcoin as a digital commodity, and stablecoin rules under the GENIUS Act due to finalize by mid-year. Here is what changed and what is coming.

2026-05-13

GENIUS Act Update: FDIC and OCC Move Forward on US Stablecoin Rules

The OCC, FDIC, and Treasury have all moved on GENIUS Act implementation in 2026. Here is the timeline, what each rule covers, and what changes for issuers and users.

11/05/2026

CLARITY Act Update: What the Senate Compromise Means for Crypto Investors

The Senate's compromise CLARITY Act language clears the stablecoin yield hurdle and sets up a Banking Committee markup. Here is what investors should know.

05/05/2026

Morgan Stanley Launches MSNXX: A New Reserves Fund Built for Stablecoin Issuers

Morgan Stanley Investment Management has launched MSNXX, a money market fund designed to meet the reserve requirements of the GENIUS Act for stablecoin issuers.

26/04/2026

SEC's April 13 Staff Statement: How DeFi Front-Ends Got a Broker-Dealer Carve-Out

The SEC Division of Trading and Markets issued an April 13, 2026 no-objection statement creating a Covered User Interface Provider exemption from broker-dealer registration. Practical guide to what changed, the conditions, and how it interacts with the SEC/CFTC joint taxonomy.

23/04/2026

SEC and CFTC Publish Joint Crypto Taxonomy: What Changes for Airdrops, Staking, and Stablecoins

The April 2026 SEC/CFTC joint interpretation finally delivers a coherent token taxonomy. Here is what the rules say about airdrops, protocol staking, wrapped assets, stablecoins, and digital collectibles.

22/04/2026

Crypto Regulation in 2026: What Every Investor Must Know

Crypto regulation is evolving rapidly in 2026. From MiCA in Europe to US crypto bills, learn what regulations mean for your Bitcoin and crypto investments.

07/04/2026

Crypto Tax Guide 2026: What Every Investor Needs to Know

Complete crypto tax guide for 2026. Learn how cryptocurrency is taxed, which transactions are taxable events, and the best tools for crypto tax reporting.