CFTC, SEC deliver on regulatory promise with exemptions despite stalled CLARITY Act

The CFTC’s Market Participants Division has extended no-action relief to providers of passive crypto-trading software, sparing them from registering as brokers, two days after the Senate blocked the CLARITY Act. The relief is set out in CFTC Staff Letter 26-25, signed by division director DJ Hennes. Division staff said they will not recommend enforcement against...