A proceeding opened on 30 June is deciding what exchange traded funds holding unusual assets may look like. Two designs dominate it: funds that earn staking rewards, and funds tracking small altcoins. The comment period closes in days.
Six federal agencies were required to finalise the GENIUS Act rules by 18 July. They did not. The law still takes effect on 18 January 2027, which leaves issuers building to a rulebook that has not been written.
A joint classification named sixteen assets as digital commodities outside securities law. It resolved a long-running fight for those tokens and left the harder question completely open.
The bill meant to divide SEC and CFTC authority cleared the House and a Senate committee, then stopped. No floor vote, no cloture motion, no date, and firms are compliance planning into a vacuum.
Tokenized securities promise faster settlement and wider access, but custody, redemption, voting rights and bankruptcy treatment determine what an investor actually owns.