Entity background
The US Securities and Exchange Commission protects investors, maintains fair and orderly securities markets, and facilitates capital formation. Crypto-asset classification, platform registration, ETFs, issuer disclosure, and enforcement are major points of contact with the crypto industry.
Current focus
xiyu.news has tracked 13 related reports since 2026-08-22. The latest focus is “Bitwise’s NEAR ETF clears NYSE Arca and SEC hurdles, launch imminent - TradingView”. 12 continuing event timelines connect the coverage over time.
Recent developments
13 entries- #01
Bitwise’s NEAR ETF clears NYSE Arca and SEC hurdles, launch imminent - TradingView
Bitwise's NEAR exchange-traded fund has cleared NYSE Arca listing requirements and SEC regulatory hurdles, according to TradingView, with the launch described as imminent. The filing had previously been tracked as a pending crypto fund targeting NEAR Protocol. The clearance opens the way for US investors to gain exchange-traded exposure to NEAR, an asset that previously had no spot ETF listed in the United States. It follows the pattern of earlier spot altcoin ETF approvals moving through NYSE Arca and the SEC. Bitwise already offers a NEAR staking exchange-traded product in Europe, the Bitwise NEAR Staking ETP (DE000A4A5GV2), which was launched on 26 June 2025, is domiciled in Germany and had roughly €35 million in assets under management. NYSE Arca is an all-electronic exchange owned by NYSE Group, a subsidiary of Intercontinental Exchange, and accounts for the largest share of US ETP trading volume.
- #02
SEC Staff Clarifies Token Buybacks and Liquid Staking in New FAQs
SEC staff in the Division of Corporation Finance published new FAQs clarifying that qualifying liquid staking receipt tokens fall outside federal securities laws, and reaffirmed earlier guidance on token buybacks tied to maintenance and development funding. The staff guidance states that buybacks on functional protocols generally do not involve "essential managerial efforts" and that qualifying liquid staking tokens can be treated as digital commodities or digital tools rather than securities. The FAQs address two structures that market participants have treated as securities-law risk — liquid staking receipt tokens and protocol-funded token buybacks — giving staking service providers and token issuers additional criteria for assessing classification. The guidance is staff-level FAQ rather than a formal rule. It builds on the SEC's earlier crypto asset FAQs and its March interpretive release, and follows a parallel CFTC update addressing tokenized investments and onchain records.
- #03
Clarity Act Fails in Senate, Handing Crypto Rulemaking to SEC and CFTC
On Tuesday the Senate failed to advance the Clarity Act in a 49-50 procedural vote, far short of the 60 votes needed, with Democrats voting as a bloc and Republican Sens. Susan Collins, Josh Hawley and Jerry Moran joining them. Within days, SEC Chair Paul Atkins explicitly tied a new tokenized-stock "Innovation Exemption" to the bill's failure, while the CFTC expanded no-action relief for "passive software" providers and sent a broader crypto rulemaking package to the White House for review. The vote shifts the center of gravity for US crypto policy from Congress to the federal agencies, meaning the rules of the road for market structure, tokenized securities and DeFi interfaces may now be written through exemptions, no-action letters and guidance rather than legislation. That affects exchanges, brokers, wallet providers and tokenized-equity venues directly, and it leaves the resulting framework more vulnerable to reversal by a future administration than a statute would be. Sen. Thom Tillis initially voted yes before switching to no, a procedural maneuver that preserved the option of bringing the bill back later, and seven negotiating Democrats — Alsobrooks, Gillibrand, Warner, Booker, Cortez Masto, Gallego and Warnock — called the outcome "a setback, but not the end." The SEC's exemption gives Tokenized Securities Venues temporary relief from being treated as an "exchange" under the Exchange Act, while CFTC Staff Letter 26-25 expands earlier Letter 26-09 relief so passive software developers, including some wallet interfaces, generally avoid introducing-broker registration under Section 4d(g), Section 4k(1) and Regulation 3.12(a) when connecting users to regulated derivatives markets.
- #04
SEC Approves 'Innovation Exemption' for Tokenized US Stock Trading
The SEC approved an "Innovation Exemption" allowing qualifying venues, called Tokenized Securities Venues (TSVs), to trade tokenized US stocks on public blockchains without registering as national exchanges; the relief took effect immediately and runs for five years. The same day, the CFTC issued a no-action letter letting passive software providers connect users to regulated derivatives without registering as introducing brokers, extending relief first granted to Phantom in March, and altcoins rallied 10% to 20%. This is a landmark shift in the US regulatory posture toward tokenized securities: it lands just two days after the Senate blocked the Clarity Act 49 to 50, so the SEC is advancing market-structure reform through its own statutory authority rather than waiting for Congress. It materially changes who can list, pool, and trade tokenized US equities onchain, and hands issuers a formal objection mechanism in the dispute over third-party stock tokens. Two limits stand out: the exemption covers only genuinely tokenized stocks carrying full rights including dividends and voting, which excludes the price-tracking synthetics behind most offshore volume, and an unaffiliated party may tokenize a company's stock while the issuer gets 30 days to object and effectively stop it. There is no application queue — a firm that meets the requirements simply notifies the SEC and starts operating, and firms supplying liquidity get separate relief from dealer registration.
- #05
SEC Grants Five-Year Exemption for Tokenized US Stock Trading
On Sept. 17, the SEC issued a five-year "Innovation Exemption" that lets regulated US stocks trade on blockchain-native Tokenized Securities Venues (TSVs), two days after the Senate's CLARITY Act procedural vote failed 49-50, short of the 60 votes needed to advance. SEC Chair Paul Atkins framed the action as the agency moving "within its statutory authority" after the broader market-structure bill stalled. This is the first time the SEC has formally opened a supervised path for tokenized equities to trade on-chain in the US, potentially touching a US equity market the article sizes at roughly $70–77 trillion and pulling offshore tokenized-equity activity onshore. It also shows that with comprehensive crypto legislation stalled, US digital-asset policy is increasingly being set through agency exemptions rather than statute — a channel that industry participants can use but that can be reversed. TSVs must run permissioned automated market makers and liquidity pools with symbol and volume caps, plus requirements for transaction transparency, trading halts, recordkeeping and technology safeguards; venues must publish prices, trade sizes, timestamps, pool addresses and daily volume, and the relief expires after five years. The framework includes issuer vetoes and faces thin off-hours liquidity, which may limit adoption before permanent rules are written.
- #06
SEC Issues Interpretive Release on Crypto Asset Securities Classification
On March 17, 2026, the U.S. Securities and Exchange Commission issued an interpretive release setting out how federal securities laws apply to certain types of crypto assets and to transactions involving them, with reports indicating the CFTC joined the guidance. It is the clearest Commission-level statement to date on when crypto assets fall inside — and outside — U.S. securities law. The interpretation gives token issuers, exchanges and custodians a Commission-level framework for classifying assets, which could reshape how tokens are listed and traded in the United States and reduce the industry's reliance on case-by-case enforcement. It also forms the baseline that follow-on rulemaking, such as the proposed Regulation Crypto Assets, is built on. The release is format-neutral: issuing a security onchain rather than offchain does not change how federal securities laws apply, and the Howey test remains the touchstone for whether an asset is an investment contract. The separately proposed Regulation Crypto Assets would create a safe harbor under which an asset meeting specified conditions is deemed not subject to an investment contract, and would preempt state registration and qualification requirements for offerings made under that exemption.
- #07
Coinbase Files SEC Notices for 24/7 Leveraged Stock Trading in US
Coinbase has filed regulatory notices with the U.S. Securities and Exchange Commission (SEC) that could pave the way for offering 24/7 leveraged stock trading to American customers. The filings are a preliminary step and do not mean the product has been approved or launched yet. If approved, this would mark a major US crypto exchange moving into around-the-clock, leverage-enabled equities trading, blurring the line between crypto and traditional markets. It could pressure legacy brokerages to offer similar 24/7 access and expand Coinbase's business beyond digital assets. The notices are part of a regulatory process with the SEC, but no official confirmation or product details have been published. Leveraged stock trading involves borrowing capital to amplify both potential gains and losses, while 24/7 trading relies on electronic communication networks (ECNs) to match orders outside regular exchange hours.
- #08
Coinbase Seeks SEC Approval to List 24/7 Equity Perpetuals
Coinbase has asked the U.S. Securities and Exchange Commission (SEC) for permission to list 24/7 equity perpetuals, according to The Block. The product would enable round-the-clock, leveraged trading of instruments tied to traditional equities or indices. This marks a major U.S. exchange attempting to formalize crypto-style perpetual swaps on traditional equity under the SEC's regulatory umbrella. If approved, it would blur the line between crypto derivatives and stock market trading, expanding Coinbase's product scope and setting a precedent for other platforms. Equity perpetuals are synthetic, cash-settled derivatives without expiry dates, allowing leveraged exposure to stocks like Apple, Tesla, or indices such as SPY. The request is still a filing; the SEC has not yet approved or rejected it, and there is no confirmed launch timeline.
- #09
SEC Proposes Modernizing Transfer Agent Rules to Embrace Blockchain
The SEC proposed updating transfer agent rules that have not been substantively revised since the late 1970s and early 1980s, adding new requirements for blockchain-based recordkeeping, tokenized securities, cybersecurity, and third-party service providers. Public comments are due 60 days after the proposal is published in the Federal Register. This signals that U.S. regulators are actively building a legal framework for blockchain-native transfer agents and tokenized securities, which could legitimize on-chain recordkeeping and expand institutional participation in digital asset markets. The proposal may set clear compliance standards for how securities are issued, transferred, and safeguarded in a tokenized environment. The proposal expands reporting requirements and introduces new rules governing restrictive legends on securities and the use of third-party service providers. The SEC noted that existing rules do not adequately address risks from cybersecurity, operational resilience, and the safeguarding of securities and investor records.
- #10
SEC Reviews Automatic ETF Filing Pathways Amid Exotic Crypto Proposals
The SEC issued a June 30 concept release requesting public comment on whether its automatic ETF filing pathways can adequately handle exotic products, including crypto assets, event-linked contracts, leveraged strategies, and private assets. Comments are due August 31. The review could reshape how crypto and event-linked ETFs are approved and regulated in the US, affecting product complexity, custody, liquidity, and valuation requirements. It signals that the SEC is scrutinizing whether familiar ETF tickers are masking unfamiliar risks as assets under management in US ETFs grew from $4 trillion to $12 trillion. Rule 6c-11, adopted in 2019, let qualifying ETFs under the 1940 Act launch without individual exemptive orders, helping the product count more than double to over 4,600. The SEC is examining whether existing staff authority and review time are sufficient for spot Bitcoin and Ethereum commodity-trust structures, exchange-traded notes, and other non-1940-Act vehicles.
- #11
SEC revives crypto custody rule that previously failed to pass
The SEC is resurrecting its proposed Safeguarding Advisory Client Assets rule, which would require investment advisers to place client digital assets with qualified custodians. The previous administration failed to finalize this rule, and the SEC has reopened the comment period for it. If adopted, this rule would redefine institutional custody requirements for crypto assets, imposing stricter safeguards and potentially limiting the use of self-custody or non-qualified custodians. It could significantly affect institutional adoption and the overall market structure of digital assets. The rule originates under the Investment Advisers Act of 1940 and would redesignate Rule 206(4)-2. Key requirements include that advisers must place client assets with a 'qualified custodian,' with digital assets posing unique challenges for possession and control definitions.
- #12
SEC proposes $75M crypto fundraising path with safe harbor to end securities contract
The SEC has proposed Regulation Crypto Assets, creating crypto-specific fundraising exemptions that allow projects to raise up to $75 million over 12 months, along with a conditional safe harbor (Rule 400) that lets issuers end the token's securities contract after fulfilling their promises. Comments are due October 20, and no project can use the exemptions until the SEC adopts a final rule. This is a landmark regulatory effort to give crypto projects a compliant on-ramp for capital formation and an off-ramp from securities status, potentially reshaping how tokens are issued, listed, and traded in the US. If finalized, it would reduce legal uncertainty for issuers and exchanges and clarify the dividing line between a security sale and a functional token ecosystem. The proposal includes three fundraising lanes: a startup exemption up to $5 million over a four-year period, a Tier 1 exemption up to $20 million in 12 months, and a larger path up to $75 million, with disclosures and retail limits scaled to each tier. The Rule 400 safe harbor is available to any qualifying issuer, even if it raised capital through Regulation D or other exemptions, and requires a public filing and written explanation.
- #13
Washington Goes All-In on Crypto: Trump, SEC, CFTC Advance New Rules
This week, the SEC proposed its first crypto-specific rulemaking, Regulation Crypto Assets, allowing certain offerings of up to $5 million over four years or $75 million annually without full registration. President Trump hosted crypto executives at the White House and pressed Congress to pass a "fair version" of the Clarity Act, while CFTC Chairman Mike Selig launched the Innovation Advisory Committee and warned that the CFTC would use existing authorities to build its own crypto regime if the Act stalls. This marks a coordinated shift in U.S. crypto policy from enforcement toward formal rulemaking across both the SEC and CFTC, with White House backing. If enacted, these proposals could materially reshape how digital assets are issued and traded in the U.S., affecting issuers, exchanges, and investors. The SEC proposal includes a conditional safe harbor for crypto assets once an issuer's essential managerial efforts have ended, and it would preempt certain state securities registration requirements. The proposal was formally issued days after the scheduled vote was abruptly cancelled, and CFTC Chairman Selig has already directed staff to explore crypto-asset rules.