Policy
Exchange Ledgers in the Middle as CFTC and SEC Diverge on What “Delivery” Means
NullTX·October 30, 2026·1 min read
A customer buys a token on a U.S. exchange and the app shows the balance. Under the CFTC's December 14 framework, nothing has been delivered yet. Under the SEC's crypto proposal, delivery doesn't decide the question. An October 27 comment letter asks the two agencies to settle on one answer.
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