BTC $75,982.52 -5.53%
ETH $2,239.04 -7.75%
BNB $689.74 -4.11%
XRP $1.23 -6.37%
SOL $90.02 -5.43%
TRX $0.3183 -0.48%
DOGE $0.0718 -6.76%
ADA $0.1817 -8.20%
BCH $270.76 -4.36%
LINK $10.73 -6.52%
HYPE $77.50 -7.34%
AAVE $129.32 -2.21%
SUI $0.8477 -8.74%
XLM $0.1542 -8.03%
ZEC $1,276.16 -2.28%
AAPL $342.78 -2.13%
AMZN $257.20 -3.39%
GOOGL $280.80 -3.90%
MSFT $530.85 -4.46%
META $599.53 -5.28%
NVDA $182.18 -9.79%
TSLA $340.17 -11.74%
SNDK $824.61 -20.91%
INTC $52.18 -10.80%
SPCX $123.60 -8.49%
MU $666.92 -16.66%
AMD $408.81 -17.13%
BTC $75,982.52 -5.53%
ETH $2,239.04 -7.75%
BNB $689.74 -4.11%
XRP $1.23 -6.37%
SOL $90.02 -5.43%
TRX $0.3183 -0.48%
DOGE $0.0718 -6.76%
ADA $0.1817 -8.20%
BCH $270.76 -4.36%
LINK $10.73 -6.52%
HYPE $77.50 -7.34%
AAVE $129.32 -2.21%
SUI $0.8477 -8.74%
XLM $0.1542 -8.03%
ZEC $1,276.16 -2.28%
AAPL $342.78 -2.13%
AMZN $257.20 -3.39%
GOOGL $280.80 -3.90%
MSFT $530.85 -4.46%
META $599.53 -5.28%
NVDA $182.18 -9.79%
TSLA $340.17 -11.74%
SNDK $824.61 -20.91%
INTC $52.18 -10.80%
SPCX $123.60 -8.49%
MU $666.92 -16.66%
AMD $408.81 -17.13%

framework

All
Article
Flash

first_img On-chain treasury infrastructure Veda, in collaboration with Aave and Kamino, submitted a legal framework to the SEC

On November 3, Veda, an on-chain treasury infrastructure provider, announced that Veda, Aave Labs, and Kamino Foundation released a public summary of a legal framework discussing how U.S. federal securities laws apply to decentralized lending protocols and non-custodial treasuries. Veda stated that the framework addresses how securities laws should apply when financial activities traditionally performed by intermediaries are executed by smart contracts, and ownership, control, and decision-making are decentralized among different participants. The three parties submitted a more detailed version to the U.S. Securities and Exchange Commission (SEC) on October 26 and requested to communicate with the commission's staff. Aave Labs clarified that the detailed version was submitted to the SEC's crypto working group and corporate finance department, and requested a meeting with the staff, with the complete submitted documents remaining confidential.Veda stated: Securities regulation should follow the rights, obligations, and powers that are actually formed by arrangements, including who owns the assets, who bears the obligations, who exercises the authority, and whose economic outcomes are affected. Common infrastructure, receipt tokens, or discretionary service providers cannot unilaterally decide the above issues. The document analyzes against the Howey investment contract standard, Reves note standard, the Investment Company Act of 1940, and the Investment Advisers Act of 1940, and concludes that the analyzed agreements and treasury arrangements do not constitute investment contracts or notes, and the described treasury does not constitute an investment company, nor does the discretionary investment compensation necessarily constitute custody of client assets.Veda also stated that these conclusions depend on the specific structure, contractual arrangements, and distribution of rights and powers described in the document; if the ownership structure, repayment commitments, discretionary powers, or redemption restrictions differ, the legal analysis may also change. This submission did not request the SEC to establish exemptions, safe harbors, or specialized regulatory regimes for decentralized finance, but rather to apply existing securities laws and ask the commission to confirm that the law has distinguished between activities such as issuance, investment management, and custody. The blog post noted that the content is for informational reference only and does not constitute legal advice, and the SEC has not endorsed the conclusions of the document. According to publicly available information from RootData and Veda, Veda was established in 2024 and completed an $18 million financing round led by CoinFund in June 2025.

Bitget deepens its RWA strategic layout, building an institutional-level liquidity framework with Super Match

According to official news from Bitget, the platform announced an upgrade to its RWA strategy, further expanding its tokenized stock business from asset trading access to institutional-level liquidity infrastructure construction. This upgrade introduces the Super Match Engine, breaking through the traditional single model of direct connection to brokers, adopting an internal matching priority mechanism, and providing market makers with lower latency trade execution, clearer liquidity distribution, and more efficient capital utilization through exclusive quoting channels and layered depth market data. At the same time, Super Match supports differentiated order processing and market services to meet the diverse trading and operational needs of institutional traders.Previously, Bitget launched the rToken US stock transfer function on October 13, supporting over 3,000 US stocks and ETFs. Users can transfer eligible stock assets from traditional brokerage accounts to Bitget, and once the stocks are credited, they will be automatically converted into US stock spot rTokens based on the corresponding number of shares. On this basis, relying on the Super Match framework, the efficiency of US stock trading will be continuously enhanced.Bitget CEO Gracy Chen stated that the next phase of tokenized asset development is crucial for bridging the asset and liquidity channels between traditional finance and the digital asset market. Bitget will continue to improve cross-market trading infrastructure, promote the application of rToken in scenarios such as spot trading, lending, margin, and asset management, enhance asset liquidity and capital efficiency, and deepen the strategic layout of the panoramic exchange (UEX).

first_img TD Cowen: CFTC's cryptocurrency regulatory framework may be difficult to complete before 2028

Investment bank TD Cowen's Washington research group Managing Director Jaret Seiberg stated in a report released on Monday that the proposed rulemaking advance notice issued by the CFTC last week is a positive step for crypto platforms, but the agency may not complete the rulemaking until early 2028. As the 2028 election cycle approaches, there is a risk that the rule may ultimately not be implemented. Seiberg noted, "Time is running out," and expects that the CFTC will not issue proposals until the end of the first quarter or early second quarter of 2027, with final rules possibly not being finalized until early 2028.Last week, the CFTC proposed a federal regulatory framework for crypto platforms but avoided direct jurisdiction over spot market trading. According to Seiberg, the proposed rules will require platforms to maintain "reserve proof audits" and grant the CFTC jurisdiction over state-licensed platforms. Previously, the U.S. Senate failed to pass legislation that would grant the CFTC broad powers over spot crypto trading in a preliminary vote, leading the CFTC and SEC to intervene in regulating the crypto industry, including the introduction of long-awaited innovation exemptions, but both agencies lack the permanence that legislation could provide.Seiberg also pointed out that if the CFTC decides to expedite the rulemaking process, it may actually increase the risk of court intervention. He stated that speeding up this process would raise the risk of judges blocking the rule on procedural grounds, and even if the agency is cautious enough, legal challenges could extend beyond 2028.
app_icon
ChainCatcher Building the Web3 world with innovations.