Timeline of events since Congress failed to pass the Crypto Clarity Act September 17: • SEC allows limited on-chain trading of tokenized US stocks. • CFTC allows developers to build passive derivatives software without registering as brokers, including for crypto markets. • SEC Chair Atkins says tokenization rules are moving toward a longer-term framework. September 18: • CFTC files new crypto market rules, moving them into White House review. September 23: • CFTC Chair Selig says the agency is establishing clear crypto market structure rules. • CFTC outlines plans for 24/7 on-chain, tokenized financial markets. • Trump administration considers promoting dollar-backed stablecoins internationally. September 24: • CFTC issues updated guidance on tokenized assets and blockchain recordkeeping. • Federal Reserve proposes rules for stablecoin issuers under the GENIUS Act. September 25: • SEC staff releases new guidance on how securities laws apply to crypto. • SEC Commissioner calls to end mass collection of sensitive KYC data.

JUST IN: 🇺🇸 SEC Commissioner Hester Peirce calls to end mass KYC data collection, warning it puts crypto holders at risk of phishing and physical attacks. Pierce says the current KYC/AML system creates massive databases of sensitive information that can be hacked, leaked, or exploited. She's pushing for zero-knowledge proofs (ZK proofs) that could verify users meet regulatory requirements without exposing their personal information.