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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.

U.S. CFTC: The latest proposed rule notice aims to establish a framework for the cryptocurrency spot market using existing authority

According to crypto journalist Eleanor Terrett, the latest Advance Notice of Proposed Rulemaking (ANPRM) released by the U.S. Commodity Futures Trading Commission (CFTC) attempts to utilize its existing authority to establish a market structure framework for spot trading in the crypto space. This framework will be built upon the existing DCM, DCO, and FCM registrations and create a new category called "crypto asset market."A significant difference from the Clarity Act is that the CFTC proposal is exploring a voluntary federal exchange registration pathway: spot exchanges that do not offer leverage can choose not to join this framework and continue to hold state money transmission licenses. Former CFTC Chairman Giancarlo stated that this provides exchanges with a "clear, voluntary single federal rulebook pathway" when customers trade using borrowed funds, and noted that the CFTC is acting within the authority granted by Congress in 2010, supported by court rulings recognizing assets like Bitcoin as commodities.Several lawyers have stated that this ANPRM is a "clever" or "creative" interpretation of Section 2(c)(2)(D) of the Commodity Exchange Act, potentially covering retail crypto spot trading that offers leverage, margin, or financing, even if customers do not actually use leverage. The proposal also addresses "actual delivery" under Section 2(c)(2)(D), seemingly focusing on whether customers own/control the assets rather than merely relying on the book records of a pooled account. However, the proposal still leaves significant questions regarding customer asset bankruptcy protection. Comments must be submitted within 60 days after the proposal is published in the Federal Register.
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