Build for the question that is still open

The current push is aimed at those bottlenecks, not at a victory lap. A harmonisation initiative that works on collateral, clearing and dual registration is more useful to an institution than a speech about innovation. The CFTC’s FAQ work on tokenised permitted investments, tokenised collateral and blockchain recordkeeping is the sort of text an operations team can actually implement.

Innovation relief, where it is still only under consideration, would be a temporary legal path for specific onchain activity. Temporary is not an insult. It is a description. Products designed as if the exemption were the end state will be redesigned.