“The future ain’t what it used to be.” – Yogi Berra ||
Hello everyone, and happy Friday!!!
This will be a short email today as I have plumbers traipsing through the apartment and needing some attention – some of our key bathroom fixtures are old, really old, and have been making strange noises. So, I finally grappled with my years-long procrastination called a repair man who has shown up this morning with a full team. I find house maintenance stuff so stressful, which I’m sure is a sign of lingering immaturity, and no doubt a cognitive disconnect since I often write about how infrastructure needs to be updated.
👀 You’re reading Crypto is Macro Now, which covers the role of crypto in the changing landscapes of finance, economics, politics, culture and markets. 👀
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IN THIS NEWSLETTER
Opening doors: crypto rules and market reform
Markets: a different vibe
Crypto is Macro Now offers ~daily commentary and updates on the overlap between the crypto and macro landscapes. Plus links and more.
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WHAT I’M WATCHING:
Opening doors: crypto rules and market reform
Loud and clear, we’re getting the message that the US agencies aren’t going to wait for a decisive vote on the CLARITY Act before preparing their digital asset market frameworks.
Yesterday, CFTC Chair Michael Selig reiterated that his agency was ready to craft the necessary rules should CLARITY fail to pass. Meanwhile, it is working on a specific framework for perpetual futures, the structure for CFTC-regulated crypto trading platforms that offer leverage, prediction as well as compute markets, and more.
And on Tuesday, we got a 400-plus page document from the SEC called “Regulation Crypto Assets”.
This builds on the taxonomy of crypto assets published jointly by the agencies back in March – that covered what assets are, not how they can be sold to the general public.
The latest publication fills that gap. Basically, it cleans up and legalizes the ICO model of the early crypto days, by outlining two securities registration exemptions:
