1 entry tagged introducing broker. All writing.
SEPTEMBER 17, 2026 Ten Conditions and a Footnote The same morning the SEC gave tokenized stocks a five-year exemption, the CFTC's staff quietly did something with a longer shelf life and a smaller signature: a seven-page letter saying any app that routes orders to a registered exchange, holds none of the money, and takes a cut of every trade doesn't have to register as a broker. My friend sent the link with no caption. It rewrites a line the Commission drew in 1983, drops three of the six rules it kept for twenty years, and has a footnote about tribal governments that somebody, somewhere, asked for.