Did you see it? I’ve been saying this repeatedly over the past few days: just because CLARITY didn’t pass doesn’t mean the U.S. crypto regulatory momentum is over. The congressional route is temporarily blocked, so the SEC and CFTC will instead directly use their existing powers—whatever can be implemented first will be implemented, and rules that can be established first will be established. Last night it was the SEC, tonight it’s the CFTC’s turn. The White House OIRA has already received a draft crypto regulation proposal submitted by the CFTC—‘Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,’ RIN 3038-AF80. It was received on September 17 and is currently under review, but the full text hasn’t been made public yet. However, the CFTC chairman already laid out the roadmap back in January: 1. Clarify the actual delivery rules for retail crypto leverage and margin trading; 2. Provide specific rules for existing DCMs offering crypto leverage trading; 3. Explore creating a new registration framework for DCMs specifically serving crypto assets, aiming to bring back the large volume of leverage trading currently happening on offshore platforms into the U.S. regulatory system. At the same time, the CFTC is also studying how non-custodial wallets, DeFi, and on-chain protocol developers can legally remain in the U.S. Bitcoin surged past the $80,000 mark tonight—it’s all lining up perfectly. Let’s go, let’s see how far it can climb!