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SECLicensingJune 24, 2026

SEC & CFTC Seek Comment on Clearer Rules for Innovative Swap Products

This is the SEC-side publication of the joint CFTC/SEC request for comment on clarifying the definitions of 'swap' and 'security-based swap' for novel financial products, including alternative compliance approaches. Digital asset products that straddle the SEC/CFTC boundary — such as crypto perpetuals or tokenized derivatives — are directly implicated. Clearer lines could significantly affect how crypto firms register and comply.

What to do

  • Identify any products in your lineup that may qualify as swaps or security-based swaps and engage outside counsel to draft or support a comment letter addressing definitional clarity for digital assets.

Who this affects

Crypto ExchangeBroker-Dealer / RIADeFi / Web3Other

Does this affect your program?

Pick your institution type for an instant read on whether you're in scope — then see exactly which sections of your own policies this changes.

Source

Read the official publication

This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

Related developments

SEC

SEC & CFTC Seek Input on Overhauling Swap Data Reporting Rules

This is the SEC-side publication of the same joint CFTC/SEC request for comment on redesigning swap and security-based swap data reporting requirements. Crypto exchanges and broker-dealers offering digital asset derivatives should track this rulemaking closely as it could reshape trade reporting obligations. The comment period represents an opportunity to influence how crypto-linked instruments are treated.

CFTC

CFTC & SEC Ask How to Clarify 'Swap' Definition for Innovative Products

The CFTC and SEC are seeking comment on how to draw clearer regulatory lines between swaps and security-based swaps, particularly for innovative products that may implicate both agencies' jurisdiction. This is directly relevant to crypto firms offering derivative or hybrid digital asset products that could be classified as swaps or securities. The request also covers alternative compliance pathways, which could benefit crypto-native firms.

SEC

SEC Opens Review of VanEck JitoSOL (Solana Staking) ETF Listing on Nasdaq

The SEC has opened formal proceedings to determine whether to approve or disapprove Nasdaq's proposal to list and trade shares of the VanEck JitoSOL ETF, a commodity-based trust tied to a Solana liquid staking token. This signals the SEC is subjecting staking-based crypto ETF structures to heightened scrutiny, beyond standard Bitcoin/Ethereum spot ETF precedents. Compliance officers at exchanges, custodians, and broker-dealers should monitor this closely as it may shape how staked digital asset products are classified and regulated.

SEC

SEC Approves Pilot to Trade Tokenized Securities on 24X National Exchange

24X National Exchange filed a rule change — effective immediately — to allow securities to be traded in tokenized form during a pilot program operated by the Depository Trust Company. This is a significant structural development for firms dealing in digital asset securities, as it signals a regulated pathway for tokenized equities on a national exchange. Compliance officers at broker-dealers, exchanges, and custody providers should monitor how AML, KYC, and settlement obligations will apply to tokenized security transactions under this pilot.

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