Welcome back. 👋 Each week we cut through the noise and explain what’s driving crypto. This week’s theme is clarity: the SEC and CFTC issued joint guidance for crypto trading while the Nasdaq is in conversation with the SEC.

- Validator Digital

What Happened:
For the first time, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are moving in step on crypto. On Sept. 2, staff from both agencies issued a joint statement clarifying that registered exchanges are not prohibited from listing certain spot crypto asset products. Just days later, the agencies doubled down with a Sept. 5 announcement: a joint roundtable on regulatory harmonization to be held on Sept. 29 in Washington, D.C.

As SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham put it: “It is a new day at the SEC and the CFTC, and today we begin a long-awaited journey to provide markets the clarity they deserve.”

Why It Matters:
For years, U.S. crypto policy has been paralyzed by turf wars between the SEC and CFTC. This joint effort shows a real shift: instead of pulling in opposite directions, regulators are now pledging to align definitions, streamline reporting, and even explore coordinated exemptions. That’s not just clarity for exchanges—it’s an open invitation for institutions to re-engage with the U.S. crypto market.

Sharp Take:
Not a regulatory revolution yet—but with a roundtable on the books, it’s the first time the refs are drawing up a shared playbook.

Nasdaq has filed a proposal with the SEC that would allow stocks and ETFs to trade in tokenized form alongside their traditional versions. If approved, it would be the first time tokenized securities are listed on a major U.S. exchange, with the first trades possible in late 2026 once clearing infrastructure is ready.

In its filing, Nasdaq said tokenized shares would have the “same material rights and privileges as traditional securities,” keeping them under existing investor protections. Tal Cohen, Nasdaq’s President, described tokenization as “an extraordinary opportunity to accelerate trade settlements, automate processes, and improve efficiency.”

This demonstrates that tokenization is no longer confined to crypto projects—it’s being built directly into U.S. financial markets. By moving securities onto blockchain rails, Nasdaq is testing whether settlement can be faster, cheaper, and more transparent, while still operating within the safeguards of the national market system.

A token is a digital representation of value or ownership stored on a blockchain. Unlike normal stocks, which are settled through clearinghouses and brokerages, tokenized assets live on a blockchain, where trades can be recorded and settled almost instantly with fewer middlemen.

Global Corporate Bitcoin Holdings Top 1 Million BTC
Corporate Bitcoin holdings have steadily grown from about 260,000 BTC in late 2023 to just over 1 million BTC today, showing a shift from early adoption toward a longer-term role in corporate treasury management.

Bitcoin’s recent 12% dip may feel dramatic, but history shows these pullbacks are a normal part of every bull cycle. The bigger trend remains intact, with key levels still pointing higher. Watch the video to learn how past cycles put today’s drop in perspective.

Think of a block as a page in the record book. Every time people use the blockchain — sending money, signing a contract, moving digital assets — those actions get written down on the page.

Once the page is full, it gets stamped, sealed, and added to the book forever. You can flip back and read it anytime, but you can’t erase or rewrite what’s there.

That’s all a block really is: a page of transactions, locked in place so the history is clear, permanent, and trusted.

Last Week in 101: What is Blockchain?

Next Week in 101: What’s the Chain?

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See you next week,

Don’t speculate, validate.
- Validator Digital

Disclaimer: Individuals have unique circumstances, goals, and risk tolerances, so you should consult a certified investment professional and/or do your own diligence before making investment decisions. The author is not an investment advisor and may hold positions in the assets covered. Certified professionals can provide individualized investment advice tailored to your unique situation. This newsletter is for general educational purposes only, is not individualized, and as such should not be construed as investment advice.