SEC and CFTC Advance New Trading Frameworks
In a landmark development for onchain derivatives, the Securities and Exchange Commission issued a five-year conditional exemption on Thursday allowing tokenized National Market System (NMS) stocks to trade on permissioned automated market makers (AMMs). Alongside this, Commodity Futures Trading Commission staff introduced introducing-broker relief for passive software.
The CFTC is taking broader regulatory matters into its own hands following the Senate's recent blocking of the CLARITY Act. On September 17, the agency submitted a prerule titled "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets" (RIN 3038-AF80) to the White House's Office of Information and Regulatory Affairs, bypassing a stalled Congress to build a derivatives framework on its own authority.
Coinbase Pushes for Single-Stock Perpetuals
Capitalizing on the evolving derivatives landscape, Coinbase has filed for CFTC approval to list single-stock perpetual futures on Apple, Tesla, and Nvidia. If approved, the contracts will trade 24/5 on Coinbase Derivatives, utilize hourly funding, and clear through Nodal Clear, giving US traders leveraged exposure without requiring underlying stock ownership.
Polymarket Overhauls Tech Stack Amid Market Selloff
In the prediction market sector, Polymarket has brought on the former Zora CEO to spearhead a new onchain product push. The platform is undergoing a major technical transition, with its vice president of DeFi engineering confirming that the existing central limit order book cannot be saved long term and is being rebuilt in Rust.
These infrastructure upgrades coincide with a broader crypto market contraction. Following August producer prices coming in at 0.4% and the 30-year Treasury yield passing every close of the past five years, rate hike odds have reached 64%. Bitcoin traded at $77,120 as 103 of the 125 largest non-stablecoin tokens moved lower on the day.
As traditional and decentralized financial rails continue to converge, market participants can track the probability of regulatory approvals and platform launches using predictionmarketstools.com.