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CFTC's End-Run Around Congress: CTX and CAM Rules Explained
Audio is available on Spreaker — see link below.
The CFTC is pressing ahead with crypto regulation without Congressional approval, while Ripple discloses $150M spent fighting the SEC and six major blockchain projects file a unified comment. XRP whale activity hits a 90-day low as price stalls below the $1.41 ceiling.
Audio is available on Spreaker — see link below.
The CFTC is moving to regulate crypto on its own, and it's doing it without waiting for Congress. With the CLARITY Act dead after failing a Senate vote in September, CFTC Chairman Michael Selig has signaled plans for two new rulemaking proposals: Regulation Crypto Asset Transactions, known as CTX, and Regulation Crypto Asset Markets, known as CAM.
On the SEC side, the comment period closed October twentieth, and Ripple used the deadline to file a twenty-page letter that's worth paying attention to. The key argument Ripple pressed: securities law should attach to issuer commitments, not to tokens themselves.
Ripple wasn't alone in the comment process. Chainlink, Cardano, Hedera, Stellar, Aptos, and Avalanche filed jointly, pushing the SEC to codify a digital commodity framework.
On price, the story this week is what didn't happen. Evernorth Holdings, the world's largest XRP treasury company with four hundred seventy-three million XRP valued at roughly six hundred forty-eight million dollars, debuted on Nasdaq in October.
The whale data makes this more legible. XRP whale withdrawals from Binance fell to a ninety-day average of forty-nine point seven million dollars, the lowest since October twenty twenty-one and down ninety-eight point six percent from a February twenty twenty-five peak of three point five billion.
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