Stricter Final Rule

The agency adopts a tougher-than-expected interpretation that sharply limits retail access to leveraged spot crypto, perpetual swaps, and DeFi-based synthetic margin products. This outcome is less likely than a phased rule but plausible given the CFTC's post-FTX enforcement posture and its 2023 DeFi derivatives actions.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.