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July 24, 2026

Security

Three DeFi Security Breaches Drain $35.5 Million in Six Hours

Three DeFi hacks drain $35.5M in six hours Three security incidents hit AFX Trade, Verus Ethereum Bridge and B² Network on July 23, draining about $35.5 million in six hours. The biggest loss was AFX Trade at $24.15 million, followed by Verus Ethereum Bridge at $7.54 million and B² Network at $3.86 million. The attacks targeted bridge and supporting infrastructure, not Bitcoin, Ethereum or Arbitrum themselves, underscoring growing risks in cross-chain and off-chain systems.

Mining

Poolin files Chapter 11 in US to sell West Texas mining sites

Poolin files Chapter 11 to sell Texas mining assets Poolin, once the world’s largest bitcoin mining pool, filed for Chapter 11 on July 22 with two U.S. affiliates to sell its West Texas mining sites and wind down operations. Court filings show about $173.1 million in prepetition obligations, including roughly $163.7 million in unsecured IOUs tied to Poolin Wallet customers after 2022 withdrawal freezes, while Thor CALAP LLC set a $52 million stalking-horse bid for the Pyote and Tarbush assets.

Court

Thailand SEC files criminal complaint against Bitkub over alleged false post-hack reports

Thai SEC files criminal complaint against Bitkub over 2021 hack reporting Thailand’s SEC has filed a criminal complaint against Bitkub Online and former directors Sakolkorn Sakavee and Thaweesap Rawan, alleging they filed false net capital reports after a May 2021 hack that stole 16 digital assets worth about 1.7 billion baht ($48 million). The case now goes to the Economic Crime Suppression Division; Bitkub said it withheld disclosure to prevent a bank run and later replaced the assets.

Mining

Kazakhstan ties strategic mining power access to contributions for a state crypto reserve

Kazakhstan links mining power access to state crypto reserve contributions Kazakhstan approved new rules on July 18 that give “strategic” crypto miners regulated electricity access only if they contribute part of their mined digital assets to a state-backed reserve managed by a National Bank investment company. The rules take effect August 1 and limit eligibility to large operators with at least 150 MW of installed capacity, designated power purchases, and full tax compliance.

Stablecoins

BPI tests stablecoin settlement rail for inbound cross-border payroll in the Philippines

BPI pilots stablecoin settlement for cross-border payroll in the Philippines Bank of the Philippine Islands has teamed up with Meridian to test a stablecoin-based settlement rail for inbound payroll payments, starting with freelancers and virtual assistants paid by overseas clients. BPI said the pilot will run with Bangko Sentral ng Pilipinas oversight under existing rules, with broader rollout planned before the 49th ASEAN Summit in November if consumer protection and stablecoin reserve transparency requirements are met.

Security

Robinhood confirms CEO Vlad Tenev’s X account was hacked in fake VLAD token scam

Robinhood confirms breach of CEO Vlad Tenev’s X account Hackers used Vlad Tenev’s compromised X account to promote a fake VLAD memecoin and post a fraudulent contract address, falsely claiming the token would be listed on Robinhood. The post was removed in under 20 minutes after drawing more than 175,000 views, and on-chain monitors estimated wallets tied to the scam extracted about 650 ETH, or roughly $1.2 million-$1.3 million.

Regulation

OKX exchange app disappears from Google Play in the Philippines amid SEC crackdown

OKX trading app removed from Google Play in the Philippines OKX’s main exchange app is no longer available on Google Play in the Philippines, the latest fallout from the SEC’s campaign against unlicensed crypto platforms. The SEC flagged OKX and nine other exchanges on Aug. 1, 2025, and said it would seek website blocks and takedowns from companies including Google and Meta over licensing, investor-protection, and AML concerns.

Regulation

South Korea set to publish security token rules as broader market reforms continue

South Korea to issue security token rules this month South Korea’s Financial Services Commission plans to release subordinate regulations and guidelines for security tokens this month, setting standards for eligible fractionalized assets, disclosures, OTC exchange licensing and investor trading limits. The move is a key step in the country’s STO rollout ahead of the revised Electronic Securities Act and Capital Markets Act taking effect in February 2027.

July 23, 2026

Regulation

EU sanctions 14 crypto platforms and 94 banks in new Russia measures

EU sanctions 14 crypto platforms in new package against Russia The EU’s 21st sanctions package adds 14 crypto service platforms and 94 banks and financial institutions to its Russia blacklist, targeting providers in Georgia, Panama, the UAE, the Marshall Islands, Kyrgyzstan and Belarus that the Council says helped Russia-linked transfers. Adopted on July 23, the package also gives the bloc power to ban crypto-asset services tied to an entire third country if local platforms are used to evade sanctions.

Regulation

SEC’s Peirce says some crypto vaults and onchain lending products may face securities rules

SEC’s Peirce warns some crypto vaults may fall under securities laws SEC Commissioner Hester Peirce said July 22 that crypto vaults and onchain lending products can trigger U.S. securities rules depending on how they are structured, operated and managed. She said products where developers or managers choose investments, rates, loan-to-value ratios or liquidation thresholds may face closer scrutiny, and urged builders to engage with the SEC instead of assuming onchain activity sits outside federal law.

ETF & Funds

Japan’s Crypto Law Overhaul Extends Timeline for Any Future Spot Bitcoin ETFs

Japan lays legal groundwork for future spot Bitcoin ETFs Japan’s Cabinet has submitted amendments to the Financial Instruments and Exchange Act and the Payment Services Act to the 221st National Diet, moving crypto assets toward treatment as financial assets under the FIEA rather than only payment instruments. The shift could give the FSA a clearer basis to build rules for investment products such as spot Bitcoin ETFs, but no such ETFs are approved or trading in Japan, and 2028 is described only as a target window, not a launch date.

Payments

Ripple Invests in Notabene to Expand RLUSD Use in Institutional Stablecoin Payments

Ripple invests in Notabene to expand RLUSD institutional payments Ripple has invested in regulated on-chain transaction network Notabene as the companies move to widen RLUSD use in institutional stablecoin payments. RLUSD will be integrated into Notabene Flow, its B2B stablecoin payments platform, while the two also plan to explore using Notabene’s transaction authorization and compliance infrastructure with Ripple Payments. Notabene says its network connects more than 2,300 institutions across 100+ jurisdictions.

Regulation

Goldman Sachs CEO Backs Clarity Act as Senate Crypto Vote Nears

Goldman Sachs CEO David Solomon backs Clarity Act ahead of Senate vote Goldman Sachs CEO David Solomon said he supports moving the Clarity Act forward, breaking with JP Morgan CEO Jamie Dimon and banking trade groups as the crypto market-structure bill nears a possible Senate floor vote. Solomon told Politico the bill would help create market structure and a “level playing field,” while bank critics warn its stablecoin-yield provisions could pull deposits from traditional lenders.

Security

Bitcoin Security Consortium launches with $15 million from Coinbase, BlackRock, Strategy

Bitcoin Security Consortium launches with $15M backing from Coinbase, BlackRock, Strategy A group of major financial institutions and Bitcoin companies including Strategy, Coinbase, BlackRock, ARK Invest, Anchorage Digital, Block, Blockstream, Fidelity Digital Assets and Galaxy has launched the Bitcoin Security Consortium, committing $15 million over three years to support Bitcoin’s long-term security. The group will focus on research and development aimed at future quantum computing threats while funding independent developers and researchers.

Tokenization

Mubadala Capital Brings Tokenized Fund to Solana, Base and Sui

Mubadala Capital tokenizes Alternative Solutions Fund across Solana, Base and Sui Mubadala Capital has tokenized its Alternative Solutions Fund via KAIO, with the product launching across Solana, Base and Sui and securing $75 million in commitments from traditional and digital investors. The move, made with Coinbase and KAIO, puts part of the Abu Dhabi sovereign wealth fund arm’s private markets strategy onchain and is aimed at broadening access for qualified investors through regulated crypto infrastructure.

DeFi

Uniswap adds Permissioned Pools to let regulated tokenized assets trade on v4

Uniswap launches v4 Permissioned Pools for regulated token trading Uniswap Labs on July 23 rolled out “Permissioned Pools,” a new Uniswap v4 feature that lets issuers of tokenized funds and securities limit trading and liquidity provision to approved wallets. Built with a v4 hook, the standard is designed to bring regulated assets onto an automated market maker without requiring issuers to build separate trading systems; Superstate, Securitize and Dowgo launched with the standard.

Regulation

US freezes $130M IRGC crypto wallet as Iran financial crackdown widens

US freezes $130M IRGC crypto wallet in wider Iran crackdown The US Treasury Department has frozen a crypto wallet worth $130 million that officials say is controlled by Iran’s Islamic Revolutionary Guard Corps, as Washington steps up efforts to disrupt Iran’s financial network. Treasury Secretary Scott Bessent said the move is part of a broader push to track and block crypto tied to Iran, with investigators also tracing more accounts and other assets linked to the country’s leadership, including Ayatollah Ali Khamenei.

Regulation

EU approves new Russia sanctions package targeting 11 crypto platforms

EU agrees sanctions on 11 crypto platforms tied to Russia EU governments on Thursday approved a 21st sanctions package against Russia that targets 11 crypto platforms, most of them outside Russia, alongside 94 Russian banks and the Moscow Exchange. Officials have not named the platforms, but the move widens pressure beyond Russia’s domestic crypto sector while BTC and other cryptocurrencies remain legal to own and trade.

Regulation

FATF says crypto enforcement trails legislation as stablecoin and AI risks grow

FATF warns crypto enforcement is lagging behind new laws FATF’s 7th update on virtual asset rules found jurisdictions are passing crypto measures faster than they enforce them: 83% now have Travel Rule legislation, but 60% of those have taken no supervisory or enforcement action. The watchdog also flagged “freeze-resistant” stablecoins and AI-driven fraud as emerging risks, while saying wallet screening, blockchain analytics, and freezing or blocking tools should now be standard AML/CFT controls.

Mining

Kazakhstan sets strict strategic mining rules linked to state-backed crypto reserve

Kazakhstan sets strategic mining rules tied to state crypto reserve Kazakhstan plans to require crypto miners seeking “strategic” status to meet strict infrastructure standards and transfer part of their mined assets to a reserve mechanism via the state-backed Astana Hub. Under rules taking effect Aug. 1, 2026, applicants must own a 150 MW mining data center, use hardware with at least 150 TH/s per unit, and buy electricity from eligible generators at regulated tariffs if approved.

ETF & Funds

Binance Captured 74% of TradFi ETF Perpetual Futures Trading in July, Research Says

Binance takes 74% of TradFi ETF-perps market in July Binance Research said perpetual futures tied to traditional finance ETFs made up 19% of all real-world asset contract trading volume in July, with cumulative 2026 volume topping $116 billion after averaging 170% monthly growth over the past seven months. Binance held 74% of that market in July, and ETF-perps made up 30% of its own TradFi-perps volume.

Regulation

Bitget added to New Zealand financial services register, joins IFSO complaints scheme

Bitget registers on New Zealand financial services provider register Bitget has been added to New Zealand’s Financial Service Providers Register and joined the IFSO Dispute Resolution Scheme, giving eligible customers an external channel for complaints. The FSPR registration covers services including foreign exchange, domestic and cross-border money transfers, client asset custody, portfolio and money management, and execution of financial product or FX transactions on behalf of clients.

Security

NIGHT Drops 45% After Wanchain Bridge Exploit Hits Midnight Treasury

Wanchain bridge exploit sends NIGHT down 45% NIGHT, the Midnight ecosystem’s native token, fell about 45% on Monday after an attacker exploited a flaw in Wanchain’s Cardano-to-BNB Chain bridge and drained roughly $10 million from the Cardano-side treasury. The bug in Wanchain’s TreasuryCheck validator let the attacker turn an approved transfer of about 3,110 NIGHT into more than 203 million NIGHT, which was then dumped on Cardano DEXs.

Companies

The Smarter Web Company repays $11.7M convert early by selling 177.89 Bitcoin

The Smarter Web Company repays $11.7M convert early with Bitcoin sale The Smarter Web Company said it repaid its $11,698,540 Smarter Convert instrument about two weeks before maturity by selling 177.8909127 BTC at an average $65,762 per coin. The move eliminates a potential issuance of 7,718,551 ordinary shares tied to the financing structure, while leaving the company with a Bitcoin treasury of 2,700 BTC.

Companies

BitMEX to End Operations on Sept. 23 After Strategic Review

BitMEX to shut down on Sept. 23 after strategic review HDR Global Trading will close crypto derivatives exchange BitMEX on Sept. 23 following what Cointelegraph described as a broad strategic review. The company told users to close all open positions and withdraw funds before the shutdown, and said customer assets will remain fully secure until operations end. BitMEX did not disclose the reason for the closure or details of the liquidation process.

Market

Hyperliquid Open Interest Rises to $11.51 Billion as HIP-3 RWA Perps Pass Bitcoin

Hyperliquid open interest hits $11.51B as RWA perps overtake Bitcoin Hyperliquid’s total open interest has climbed to $11.51 billion, its highest level since the Oct. 10 crash, with HIP-3 builder markets now holding $3.61 billion. That pushed RWA perpetuals past Bitcoin as the biggest slice of the platform’s book, while Hyperliquid’s share of perp open interest versus major centralized exchanges rose to a record 9.5%, even though its own OI is still about 23% below the roughly $15 billion peak.

ETF & Funds

BancaStato rolls out Bitcoin, Ether, Litecoin and Solana trading via Sygnum integration

BancaStato launches regulated crypto trading with Sygnum Swiss cantonal bank BancaStato has rolled out regulated crypto trading through an integration with Sygnum and Avaloq, allowing clients to buy, hold and sell BTC, ETH, LTC and SOL in the bank’s existing web and mobile apps. Sygnum provides trade execution and institutional custody, while Avaloq keeps crypto and traditional assets in the same core banking setup, making BancaStato the first Avaloq SaaS bank to offer API-based crypto trading.

Companies

Mirae Asset completes Korbit deal and plans Digital X relaunch with STO and stablecoin push

Mirae Asset completes Korbit acquisition, plans relaunch as Digital X Mirae Asset Group has completed its acquisition of South Korean crypto exchange Korbit and plans to relaunch it as Digital X, expanding into real-world asset tokenization, security token offerings and stablecoins. The group said Korbit’s corporate entity and current services will remain unchanged for now, with no impact on crypto trading, KRW deposits and withdrawals, or customer fund management.

Security

AFX Trade loses about $24.15 million after bridge validator keys were compromised

AFX Trade drained for $24.15M after bridge validator key compromise AFX Trade, a USDC-settled perpetuals DEX on Arbitrum, lost about $24.15 million after an attacker used enough compromised hot-validator signatures to approve a bridge withdrawal. Blockaid said the on-chain logic worked as designed and Arbitrum said its native bridge was not affected; after a 200-second dispute period, the stolen USDC was moved to Ethereum and swapped for roughly 12,467 ETH.

Security

CertiK says crypto wrench attacks hit 52 in H1 as exposure reaches $124.1 million

CertiK: Crypto wrench attacks hit 52 in H1 2026, exposure jumps to $124.1M CertiK recorded 52 verified crypto wrench attacks worldwide in H1 2026, up 33.3% from a year earlier, while recorded financial exposure surged 1,079% to $124.1 million. Europe accounted for 39 cases, with France alone at 33, and home invasions became the leading attack method, rising to 20 incidents from one in H1 2025. This exposure figure includes stolen funds, ransom demands and frozen assets, not just confirmed losses.

Regulation

France Orders Nationwide ISP Block on Polymarket, Company Prepares Court Challenge

France orders ISPs to block Polymarket nationwide French gaming regulator ANJ ordered internet providers to block Polymarket before the FIFA World Cup final, arguing the site was still promoting unauthorized betting by showing live market odds. Polymarket plans to challenge the order in French courts, saying it had already stopped French users from placing bets in late 2024 and only continued offering market data and event probabilities.

Regulation

Peirce Says Some Crypto Vaults and Onchain Lending May Fall Under Securities Rules

SEC’s Peirce flags crypto vaults and onchain lending for securities review SEC Commissioner Hester Peirce said some crypto vaults and decentralized lending models could fall under existing U.S. securities laws, warning that blockchain technology alone does not put products outside federal oversight. She said platforms with human managers, portfolio-style asset allocation, or lending terms such as interest rates, collateral rules and liquidations may face closer scrutiny, and urged developers to engage with the SEC early.

Court

SEC to pay Coinbase $150,000 to settle records lawsuit over missing Gensler texts

SEC settles Coinbase records lawsuit for $150,000 The US Securities and Exchange Commission agreed to pay Coinbase $150,000 in legal fees to end a two-year lawsuit over internal agency records tied to the Biden-era crypto crackdown. The case followed a watchdog report that found the SEC lost nearly a year of former Chair Gary Gensler’s text messages because of “avoidable errors,” and Coinbase said the agency has since fixed its record-retention policies.

ETF & Funds

Japan may see its first Bitcoin ETF by 2028 as regulators rewrite fund rules

Japan could allow its first Bitcoin ETF by 2028 Japan’s Financial Services Agency plans to revise investment-fund rules after lawmakers brought crypto assets under the Financial Instruments and Exchange Act, opening a path for investment trusts and ETFs to hold crypto directly. Nikkei said a first Bitcoin ETF could launch by 2028, with Japanese Bitcoin ETFs potentially attracting as much as ¥3 trillion by fiscal 2028 as major asset managers prepare products.

Regulation

Injective Seeks SEC Transfer Agent Status to Support On-Chain Securities Records

Injective files SEC transfer agent registration for on-chain securities records Injective has filed Form TA-1 with the US Securities and Exchange Commission to register as a transfer agent, seeking a role in official recordkeeping for securities ownership on blockchain rails. If approved, the registration could support tokenized stocks, funds and credit products on Injective’s infrastructure; the filing does not register the INJ token as a security.

Infrastructure

Pyth adds USDY/USD oracle feed for Ondo’s asset on Aptos and Sui

Pyth launches USDY/USD oracle feed for Aptos and Sui Pyth Network has rolled out a USDY/USD price feed to support Ondo Finance’s yield-bearing USDY asset across Aptos and Sui DeFi ecosystems. The feed gives developers real-time pricing data needed to use USDY in lending, collateral and trading products, removing a key infrastructure barrier for broader on-chain RWA integration.

Infrastructure

Sui Begins Devnet Testing for Confidential Transactions

Sui starts devnet testing for confidential transactions Sui has begun testing confidential transactions on devnet as of June 8, 2026, bringing a privacy upgrade into a live developer environment. The feature is designed to hide transaction amounts and balances while keeping sender and recipient addresses visible for auditability, a selective confidentiality model Sui says could suit enterprise and financial applications. It is not live on mainnet yet.

DeFi

Uniswap DAO Reviews Optimism Fee Routing Proposal for UNI Token Burns

Uniswap weighs UNI burn test using fees from Optimism pools Uniswap governance is reviewing a proposal to route protocol fees from selected Optimism pools toward UNI token burns, creating a narrower test of how deployment-level activity could link to UNI economics. The plan is limited to Optimism rather than all Uniswap deployments, giving tokenholders a contained case to debate before any broader change.

Infrastructure

Base and Optimism Advance Native Account Abstraction for the OP Stack

Base and Optimism test native account abstraction for OP Stack Base and Optimism are bringing native account abstraction to the OP Stack, with developer testing now live on Base Vibenet and mainnet rollout planned for the Cobalt upgrade in September 2026. The work centers on EIP-8130 and is meant to make accounts more flexible across OP Stack chains, supporting smoother onboarding, transaction flows, and wallet features such as sponsored transactions, recovery, spending limits, and batched actions.

July 22, 2026

Security

Zilliqa halts native ZIL transfers after Ledger signing flaw exposes private keys

Zilliqa freezes native ZIL transfers over Ledger key-exposure flaw Zilliqa halted native ZIL transactions on July 22 after confirming a Ledger app bug dating to 2019 that can let attackers reconstruct private keys from public on-chain signatures. The flaw affects only native, non-EVM ZIL transfers signed on Ledger devices; Zilliqa said about five affected signatures may be enough, warned users not to move funds, and said Ledger is preparing a patch.

Court

Movement Labs Seeks Chapter 11 Protection After Months of MOVE Token Fallout

Movement Labs files for Chapter 11 in Delaware Movement Labs has filed for Chapter 11 protection in the U.S. Bankruptcy Court of Delaware, listing under 1,000 creditors, $100,000-$500,000 in assets and more than $1 million in liabilities. The filing follows months of fallout from the MOVE token scandal, including a $66 million dump tied to market maker Rentech after the Binance listing; the largest unsecured claim, at over $1.6 million, belongs to former co-founder Ruhikesh Manche. The first creditor hearing is set for Aug. 20.

ETF & Funds

U.S. Bitcoin ETFs Take In $203 Million, Lifting Combined Assets Above $80 Billion

Bitcoin ETFs Add $203M, Pushing Assets Above $80B U.S. spot bitcoin ETFs took in $203.14 million on Tuesday, extending their inflow streak to six sessions and lifting combined net assets to $80.94 billion. BlackRock’s IBIT led with $163.89 million, and no bitcoin ETF posted an outflow; spot ether ETFs added $37.47 million, while XRP and Solana funds brought in $5.66 million and $5.83 million, respectively.

Security

Ostium to Resume Trading on July 23 After $23.8M LP Vault Exploit

Ostium to reopen trading after $23.8M LP vault exploit Arbitrum perpetuals protocol Ostium said it will reopen trading Thursday, a week after a July 15 exploit drained nearly 23.8 million USDC from its liquidity provider vault. The protocol said trader collateral was unaffected because it sits in a separate contract, while open positions and pending orders will carry over and be repriced to the live market at reopening.

Security

CertiK says France led 52 crypto wrench attacks in first half of 2026

CertiK reports 52 crypto wrench attacks in H1 2026, led by France CertiK said confirmed physical attacks on crypto holders rose 33.3% year over year to 52 in H1 2026, with estimated financial exposure jumping to about $124.1 million from $10.5 million. Europe accounted for 39 cases and France for 33 alone, while crypto-related home invasions surged from one to 20; CertiK said the $124.1 million figure reflects exposure, not confirmed stolen funds.

ETF & Funds

Grayscale’s proposed Worldcoin ETF puts WLD back in focus amid weak price structure

Grayscale files S-1 for proposed Worldcoin ETF Grayscale filed a Form S-1 with the SEC on July 20, 2026 to launch a proposed spot Worldcoin ETF, offering investors exposure to WLD without directly holding the token. The filing puts WLD back in focus as it trades around $0.38, well below its mid-June peak near $0.71-$0.72, but it does not guarantee approval or immediate inflows.

Regulation

Hester Peirce Says Some DeFi Vaults Could Fall Under US Securities Laws

Peirce warns SEC could treat some DeFi vaults as securities SEC Commissioner Hester Peirce said on-chain DeFi vaults may fall under US securities laws if a pool or strategy is managed by a team rather than an autonomous algorithm. She warned that human control over interest rates or capital allocation could make a project a securities issuer, investment company, or even an unregistered investment adviser, and said tokenizing assets on-chain does not remove legal responsibility.

Court

SEC to Pay Coinbase $150K After Lost Gensler Texts in Records Dispute

SEC to pay Coinbase $150,000 over lost Gensler text messages The SEC agreed to pay Coinbase $150,000 and revise its record-retention policies after the agency lost nearly 11 months of former Chair Gary Gensler’s crypto-related text messages. An SEC Inspector General review said avoidable IT failures and a factory reset wiped messages from Oct. 18, 2022, to Sept. 6, 2023, despite Coinbase’s request for communications tied to crypto policy and enforcement.

Regulation

CLARITY Act’s Section 604 Seeks to Redefine Money-Transmitter Liability in DeFi

CLARITY Act Section 604 targets DeFi money-transmitter liability Section 604 of the CLARITY Act would make non-custodial developers and software publishers that never control user funds exempt from money-transmitter status under the Bank Secrecy Act, aiming to settle a dispute sharpened by the Tornado Cash and Samourai Wallet cases. The fight matters because operating an unlicensed money-transmitting business can be prosecuted under 18 U.S.C. Section 1960, while exchanges, custodial wallets and payment processors would remain regulated.

Regulation

EU digital euro talks advance as lawmakers target deal within six months

Digital euro talks move ahead with possible ECB decision by 2027 EU negotiations on the digital euro are underway, with lawmakers aiming to reach a legislative agreement within six months and a possible ECB issuance decision by 2027. The proposed CBDC would be fully backed by the ECB and offered through banks and payment providers, while critics warn it could expand surveillance and control despite promises of cash-like privacy for offline payments.

Regulation

Draft CLARITY bill would let crypto projects self-certify token maturity

CLARITY bill would let crypto projects self-certify token maturity A draft CLARITY framework would flip US crypto classification by letting an issuer, affiliate, or even a DAO certify that a blockchain is mature, starting a rebuttable presumption the SEC has 60 days to challenge. If unchallenged, the token would move out of SEC oversight and originator disclosures into CFTC jurisdiction as a digital commodity, using a maturity test centered on network functionality and a 20% control cap.