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

CFTC

CFTC Proposes to Classify Event Contracts (Sports, Politics, Weather) as Swaps

The CFTC is proposing to explicitly include event contracts — covering sports, politics, cultural, and weather-related outcomes — within the definition of a 'swap,' which would subject them to CFTC regulation. This is directly relevant to crypto and fintech firms operating prediction markets or offering event-based contracts, as such platforms could face new registration, reporting, and compliance obligations if the rule is finalized. The proposal creates a potential conflict with the companion interim final rule excluding casino-style gambling, making the precise boundaries between included and excluded products a critical compliance question.

CFTC

CFTC Confirms Casino-Style Gambling Products Are Not Swaps

The CFTC has adopted an interim final rule formally codifying that casino-style gambling products — including sportsbook wagers and casino games — are excluded from the regulatory definition of a 'swap.' This matters to crypto and fintech compliance officers because some prediction market and betting platforms built on blockchain infrastructure have faced uncertainty about whether their products could be classified as swaps subject to CFTC oversight. This rule provides clearer regulatory boundaries for firms offering or integrating such products.

SEC

SEC Approves Generic Listing Rules for Options on Multi-Crypto Asset ETFs

Cboe BZX is establishing standardized listing criteria and continued listing standards for options on commodity-based trusts that hold multiple crypto assets, as well as options on ETFs. This creates a more defined regulatory pathway for crypto-basket investment products to have listed options, which may affect how crypto custodians, broker-dealers, and exchanges structure and offer these products. Compliance officers at firms dealing in crypto-linked securities should review the new listing standards to assess product eligibility and any associated disclosure or supervisory obligations.

CFTC

CFTC Seeks Public Input on New Rules for Crypto Asset Transactions and Markets

The CFTC has issued an advanced notice of proposed rulemaking signaling its intent to craft dedicated, fit-for-purpose regulations governing crypto asset transactions and markets under the Commodity Exchange Act. This is an early-stage rulemaking where the agency is actively soliciting public comment before drafting final rules, meaning the industry has a real opportunity to shape the outcome. Compliance officers at crypto firms should pay close attention, as these rules could define how crypto derivatives and spot markets are regulated at the federal level.

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