HUGE SHIFT! CFTC'S NEW CRYPTO REGULATION & OKX EXCHANGE NYSE TOKENIZED STOCKS!

Tony Edward (0:05)

Hey, folks, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button, as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to follow and leave a five-star rating. All right, folks, we have a huge update coming out from the Cftc. So we've been seeing lately, SEC and Cftc have been ramping up their crypto rulemaking because the Clariac failed to pass. Now, this is really great because you're seeing them move at a rapid pace. You're getting a lot of guidance here. It's kind of like drinking from the fire hose. So let me give you a headline here. US. Cftc joins the SEC in proposing crypto regulations, though spot market gap lingers. The derivative regulator is proposing two rules meant to cover the waterfront of crypto activity and exchanges, as long as it's not simple direct trading. So what are the two guidelines they're providing here? Well, the first is one that directly handles transactions and another that governs the firms hosting the activity. The latter will establish a new category of platforms known as crypto asset markets, CAMS, C-A-M-S. So here's what the Cftc put out. Today, the Cftc is doing its part to deliver clear rules of the road for crypto asset markets with its advanced notice of proposed rulemaking on regulation crypto asset transactions and regulation crypto asset markets. Cftc Chairman Mike Seelig said in remarks prepared for delivery at Fordham Law's Annual Blockchain Regulatory Symposium. So the details continue saying these rules would codify a pathway for crypto asset exchanges to operate under uniform national oversight by the Cftc pursuant to the same statutory authorities that the prior administration instead utilized to regulate by enforcement.

So this is all great guys and they're putting the guardrails in place to protect consumers because even Chair Seelig, he put out a video and he put out some details, you know, highlighting what happened with FTX with Sam Bank-Mehr-Fried and that these regulations which would, if they were in place at that time, could have helped prevented FTX. So this is all good. They are fostering innovation and they're protecting consumers. I think we can all get behind that. This is really, really great. And it's awesome to see the agencies just moving at a very fast pace and providing the guidance that's needed. Now we just talked about the Clarity Act not passing, but is there still a chance? I've been saying that potentially after the midterm elections, once the whole political arena and ballgames out of the way, we could go back to the table and we could potentially, now it's not guaranteed, but potentially get something passed. And here Patrick McHenry, who is a former House Financial Services Committee Chairman. Many of you may recall when he grilled Gary Gensler many times at those hearings, right, those famous back and forths, when he was like straight up asking Gary Gensler, is Ethereum a security? And Gary Gensler is like, oh, like he can't answer. But we know it was all a sham what Gary was putting on because he was trying to protect the incumbents. But Patrick McHenry said in a recent interview that there's a path for the Clarity Act to pass post midterm lame duck.

He says when the political cycle will have passed, he says they can have a final dish here in the midterm. So we shall see. Now, am I banking on this? No. And honestly, I don't think a lot of people are really like, okay, we absolutely need to get the bill passed immediately because the regulatory agencies are providing the guidance. So it could be that they do get it passed, and that would be incredible, especially if the markets are in a great spot, rallying, the rally is continuing.

It could be like pouring gasoline on the fire. But, you know, we'll have to wait and see. There's no guarantee that these things happen. But there is a probability of this happening after the midterm elections. Now we have some very good news coming out of the US Treasury. So the US Treasury withdraws two major crypto surveillance proposals, scrapping 2020 rules that would have imposed identity checks on self-custodial wallet transactions and 2023's rules targeting crypto mixers. This is awesome. This is the draconian anti-crypto stuff that was put into place by who? Elizabeth Warren and her cronies. Remember we talked about this over the years, that Elizabeth Warren leading her anti-crypto army. She had a lot of her people, like how Gary Gensler was situated at the SEC. She had them at the Treasury and the Fed and so forth. So that whole anti-crypto army got destroyed and we know the end result, right? But now they're rolling back these draconian rules. So this is very, very good, guys.