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FollowingKey Insights
The U.S. Commodity Futures Trading Commission (CFTC) News Today focuses on conditional broker registration exemptions for eligible passive software providers. At the same time, the U.S. Securities and Exchange Commission (SEC) has separately granted temporary conditional exemptions to certain tokenized stock exchanges. The Senate failed to advance the CLARITY Act after a 49 - 50 closing vote.
CFTC new rules: Crypto regulation expands software exemptions
The latest U.S. CFTC news shows that eligible passive software providers have gained broader avenues under certain conditions to avoid introducing crypto broker registration requirements. The CFTC's Market Participants Department issued this "no enforcement" position statement on September 17. Staff of the department said that for qualified providers, enforcement action will not be recommended for failing to meet certain crypto broker registration requirements. This exemption covers software that assists users in trading with regulated futures intermediaries and designated contract markets.
This development expands the CFTC's previous methodology for self-managed wallet software. On the same day, the SEC also issued temporary exemptions for certain tokenized stock exchanges. Both moves come after the Senate failed to advance legislation on federal digital asset market structure earlier this week.
The CFTC Market Participants Department pointed out that the new position broadly covers passive software providers. However, the provider must meet the conditions specified in the employee letter. 
根据该立场，部门工作人员不会因未能以介绍经纪商身份注册而建议采取执法行动。同一立场也涵盖了原本可能面临关联人员注册要求的相关人员。但是，豁免仅适用于该部门确定的软件活动。提供商可以促使用户与注册的期货佣金经纪人、介绍经纪商以及指定合约市场之间的交易。
此次最新的CFTC加密监管措施紧随今年3月授予Phantom Technologies的早期豁免。Phantom开发自托管加密资产钱包软件。在那一案例中，Phantom提议的软件连接用户与注册的期货公司及指定合约市场。CFTC工作人员针对这些活动有条件地免除了介绍经纪商和关联人员的注册要求。9月的行动现在将类似的待遇更广泛地提供给符合条件的被动软件提供商。然而，员工立场仍受部门设定条件的约束。
SEC发布单独的创新豁免
与此同时，美国证券交易委员会在数小时前发布了其自身的监管行动。SEC授予了代币化证券场所（TSVs）临时有条件豁免。该豁免允许符合条件的TSV通过许可的自动做市商和流动性池交易代币化的国家交易系统（NMS）股票。它暂时豁免符合条件的场所免受《证券交易法》中交易所定义的约束。
However, the SEC has attached a number of operating conditions to the exemption. Under this framework, tokenized stocks face restrictions on symbol and trading volume. TSV must also verify that tokenized shares provide the same rights as traditional NMS shares. In addition, when an unaffiliated third party tokenizes its securities, the issuer can raise objections. The SEC also requires the deployment of public and auditable smart contracts on public, permissionless distributed ledgers. When the underlying stock stops trading on its main exchange, trading must also stop.
SEC Chairman Paul Atkins described the measure as a temporary measure to allow the committee to evaluate further rule development. Jamie Selway, director of trading and markets, said the unit will work with parties seeking to operate TSVs.
CFTC News: Agencies take action after CLARITY vote
These two agencies 'actions follow Senate procedural vote on federal crypto market structure legislation. On September 15, senators voted 49 - 50 against the decision on H.R. Motion No. 3633 filed closing arguments. The measure requires 60 votes to overcome this procedural hurdle. As a result, the Senate failed to advance the bill at the time.
投票后，阿特金斯表示SEC将继续在其现有法定权力范围内采取行动。他在9月17日的声明中还提到，创新豁免与国会未能推进《CLARITY法案》的努力有关。CFTC主席迈克·塞利格同样表示，其机构计划继续在其现有法定权力下进行规则制定。与此同时，最新的被动软件豁免特别关注符合条件的提供商及其加密经纪商注册义务。
