CFTCLicensingJune 24, 2026

CFTC & SEC Ask How to Clarify 'Swap' Definition for Innovative Products

The CFTC and SEC are seeking comment on how to draw clearer regulatory lines between swaps and security-based swaps, particularly for innovative products that may implicate both agencies' jurisdiction. This is directly relevant to crypto firms offering derivative or hybrid digital asset products that could be classified as swaps or securities. The request also covers alternative compliance pathways, which could benefit crypto-native firms.

What to do

Assess your digital asset derivative and structured product offerings against current swap/security-based swap definitions and prepare a comment letter outlining how regulatory ambiguity affects your compliance posture.

Who this affects

Crypto ExchangeBroker-Dealer / RIADeFi / Web3Other

Does this affect your program?

Pick your institution type for an instant read on whether you're in scope — then see exactly which sections of your own policies this changes.

Source

Read the official publication

This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

Related developments

SEC

SEC & CFTC Seek Comment on Clearer Rules for Innovative Swap Products

This is the SEC-side publication of the joint CFTC/SEC request for comment on clarifying the definitions of 'swap' and 'security-based swap' for novel financial products, including alternative compliance approaches. Digital asset products that straddle the SEC/CFTC boundary — such as crypto perpetuals or tokenized derivatives — are directly implicated. Clearer lines could significantly affect how crypto firms register and comply.

CFTC

CFTC & SEC Seek Input on Overhauling Swap Data Reporting Rules

The CFTC and SEC are jointly requesting public comment on potential changes to how swap and security-based swap data must be reported. Crypto derivatives and tokenized swap products may fall within scope, making this relevant to exchanges and broker-dealers dealing in digital asset derivatives. Compliance officers should monitor whether proposed changes affect reporting obligations for crypto-linked swaps.

CFTC

CFTC Seeks Input on Rules That May Block Fintech Firms From Market Access

The CFTC is issuing a Request for Information under Executive Order 14405 to identify its regulations, guidance, no-action letters, and other items that may unnecessarily prevent fintech firms from partnering with CFTC-regulated intermediaries (FCMs, swap dealers, DCMs, etc.) or from obtaining CFTC registrations. Crypto and fintech firms that interact with derivatives markets—or that aspire to register with or partner with CFTC-regulated entities—have a rare opportunity to flag specific regulatory barriers. Comments submitted now can directly shape rule amendments and streamlined registration pathways.

OCC

OCC Clarifies How It Evaluates Bank Charter and License Applications

The OCC issued guidance clarifying the standards it uses when making decisions on filings such as charter applications, mergers, and licensing requests. This is directly relevant to crypto firms and fintechs pursuing national bank charters or trust company charters, as it signals what the OCC will and will not weigh in its approval decisions.

Stay ahead of every rule change

PliOS monitors FinCEN, OCC, OFAC, the SEC and CFTC and tells you which of your policies each new rule affects — with the edit already drafted. Start free.

Run My Free Assessment