Pragmatic Safe Harbor

The CFTC’s first crypto rulebook defines self custody around unilateral control of private keys and avoids treating neutral wallet software as a regulated custodian. This is the most likely path because the agency is asserting authority after the CLARITY Act failed, but still needs a defensible rule that can survive litigation and industry implementation.

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