CFTC Advances Crypto Rulemaking Following CLARITY Act Collapse
Following the Senate's recent blockade of the CLARITY Act, the Commodity Futures Trading Commission (CFTC) has decided to bypass a stalled Congress. On September 17, the agency submitted RIN 3038-AF80, titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," to the White House Office of Information and Regulatory Affairs. As reported by Decrypt, the filing currently sits at the prerule stage, signaling the CFTC's intent to build a derivatives framework under its own authority.
Simultaneously, the regulatory environment for onchain trading saw a major breakthrough. The Securities and Exchange Commission (SEC) issued a five-year conditional exemption allowing tokenized National Market System (NMS) stocks to trade on permissioned automated market makers (AMMs). In tandem, the CFTC issued a no-action letter providing introducing-broker relief to passive software providers, opening the door for crypto apps to connect users to regulated derivatives markets without requiring broker registration.
Capitalizing on this shifting landscape, Coinbase has filed a pending request with the CFTC to launch US single-stock perpetual futures. If approved, the contracts would trade 24/5 on Coinbase Derivatives, utilize hourly funding, and clear through Nodal Clear.
Polymarket Rebuilds Order Book in Rust
In the prediction market sector, leading platform Polymarket is undergoing a massive technical overhaul. The company has hired the former CEO of Zora to lead a new onchain product push. According to The Defiant, Polymarket's vice president of DeFi engineering confirmed that the platform's existing central limit order book (CLOB) cannot be saved long-term and is currently being entirely rebuilt in Rust.
For traders tracking how these infrastructure upgrades impact market efficiency, predictionmarketstools.com offers essential real-time analytics and platform comparisons.
Macro Pressures Trigger Crypto Sell-Off
These regulatory and platform developments arrive amid heavy macroeconomic pressure. August producer prices came in at 0.4%, pushing the 30-year Treasury yield past every closing level seen in the last five years. Consequently, rate hike odds have reached 64% while Brent crude topped $106 per barrel.
The macro environment triggered a broad digital asset sell-off, with 103 of the 125 largest non-stablecoin tokens trading lower on the day. Bitcoin dropped to $77,120, though Ether.fi defied the trend, rising 14.2% following a buyback vote that closed a week ago.