Noteworthy here is the parallelism (and distinction) between the SEC and CFTC guidance on these topics—though perhaps "interrelationship" is more apt. The SEC's January 2026 joint staff statement and the represent similar but functionally distinct regulatory approaches to tokenization. While the SEC's statement addresses the fundamental question of what constitutes a tokenized security — it confirmed that the format of a security (whether recorded on-chain or off-chain) does not alter its…

The CFTC staff issued no-action relief for certain fully collateralized binary and bounded swaps that trade and clear like exchange contracts. While the no-action letter is in effect, these products do not have to meet real-time public reporting or swap data recordkeeping under Parts 43 and 45, or certain related Reg. 38 and 39 rules. The relief only applies if the contracts are fully collateralized and cleared, the venue promptly posts time-and-sales data on its website, the firm continues…

IOSCO’s findings offer few surprises in the "steady progress" being made by jurisdictions toward implementing the 2023 policy recommendations.  Although the United States is not a "Participating Jurisdiction," the recent passage of the GENIUS Act may push forward adoption of some of these recommendations in fuller force across the participating jurisdictions. The GENIUS Act allows for foreign stablecoin regulation to — though indeterminate at present — stand in for GENIUS in some…

Although Senator Warren’s comments are not isolated—they mirror, in part, some of the —GENIUS nevertheless has robust rulemaking potential. To that end, Senator Warren’s concerns have the possibility to be addressed in the Treasury’s rulemaking regarding the GENIUS Act. The Treasury will take these comments, among others, into consideration when drafting potential rulemaking ranging from conflicts of interest to foreign payment stablecoin issuers. Moreover, given that Chevron was done away…