Before: SEC and CFTC fought over every token. After: Commodities (BTC, ETH, XRP) = CFTC jurisdiction. Securities (tokens with contracts) = SEC jurisdiction. No overlap.
The MOU fast-tracks spot Bitcoin & Ethereum ETF approvals. It also opens the door for altcoin ETFs (Solana, Cardano, etc.) once CLARITY Act passes. Institutional capital incoming.
The biggest open question: is staking a security? The MOU framework says staking on commodity networks (not investment contracts) is a derivative, not a security. Staking becomes legitimate.
SEC is working on a token taxonomy. Which tokens are commodities, securities, or hybrids? First draft expected by Q4 2026. This is the endgame for crypto clarity.
Now: MOU in effect, reduced enforcement overlap. September: CLARITY Act vote. Q4: Token taxonomy framework. 2027: Full regulatory clarity for altcoins and DeFi tokens.
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