Dodd’s brief then took issue with the CFTC’s argument that it has “exclusive jurisdiction” over these products.
“Nor is the CEA’s grant of ‘exclusive jurisdiction’ to the CFTC an express preemption provision immunizing every contract listed on a DCM from otherwise applicable state and tribal law. Rather, it identifies the CFTC as the federal regulator of covered financial instruments,” his filing said.
Former CFTC Chair Gary Gensler, who also played a key role in drafting regulations implementing Dodd-Frank, similarly argued that the law did not grant the CFTC authority to preempt state gambling laws. He’s made a similar argument in an appellate case as well.
The NFL argued it has a vested interest in the outcome of this case, given the importance of sports betting in, well, sports. The league took aim at what it described as the CFTC’s “laissez-faire” approach to this issue, as well as the broader issue of there being a divergence in how states regulate gambling companies and how the CFTC regulates designated contract markets (the type of license prediction market providers have).
On Friday, the CFTC proposed an interim final rule and a separate proposal aiming to clarify its interpretation of how these products fall into the definition of a “swap.” The agency said casino-style gambling falls outside its definition of a swap, but event contracts remain within it. And the regulator wants to formally include sports, politics, cultural and weather-related events as being part of event contracts that are counted as swaps.
Developers are watching whether regulators distinguish writing software from running a financial intermediary. Cathy Yoon, chief legal officer at Solana-focused research and development firm Temporal, said she hopes the SEC will recognize developers as software creators without turning their work into a securities enterprise.
“The fact that the SEC staff is even willing to say these things explicitly is a win,” Yoon said, while noting staff FAQs are not SEC rules.
Michael Lie, global head of digital assets at market maker Flow Traders, said he sees comprehensive regulation as inevitable as finance moves toward 24/7 trading. He is watching innovation exemptions and changes to transfer-agent rules, with European and Asian regimes already advancing.
The durability test
Legal experts see progress arriving in stages, with implementation the hardest part.
“The biggest gap is implementation,” said Derek Lowrey, head of legal at Newton Labs (formerly known as Magic Labs). Without legislation, overseeing venues, intermediaries, decentralized finance (DeFi) and spot markets remains harder, he said. Existing anti-money laundering, sanctions and record-keeping obligations nevertheless give compliant teams a basis to keep building.
Kevin Kreuser, general counsel at domain-name tokenization firm D3, said tokenized real-world assets particularly need clearer jurisdictional boundaries.
“Agency action is welcome, but it does not provide the same long-term certainty as legislation,” he said.
XRP’s recovery is losing ground after sellers broke the $1.44–$1.45 support zone that had been holding since the September breakout. This decline raises the risk of another decline.
Previously, the token had been trading in a range-bound environment for over two weeks between $1.44 and $1.56. Later on, Ripple’s [XRP] selling accelerated on the 7th of October as sellers gained more steam.
That breakdown pushed the price toward $1.32, where buyers stepped in and triggered a modest rebound up to $1.39, where it was trading at the time of writing. Still, the token shows minimal momentum, with small candles suggesting limited buying conviction.
Source: TradingView
Meanwhile, on the other hand, the former support at $1.44–$1.45 has become immediate resistance. As a result, this leaves the recovery open to being rejected again by sellers if they are able to retake control.
A retest of the $1.34 area would be expected if sellers successfully regain control. Yet, reclaiming the $1.45 level with significant volume would allow XRP to continue upward momentum toward $1.50, then possibly $1.56.
Open Interest drops 69% from its 2025 peak
XRP’s recent price weakness is unfolding alongside an extremely large reset on leveraged trading, influencing the way investors are viewing the markets. Binance Open Interest (OI) peaked in 2025, reaching over $1.5 billion during the speculative highs.
However, it has since decreased by over 68% to roughly $464 million, showing that substantial speculative exposure has disappeared. Moreover, OI dropped sharply in late 2025 as XRP’s price began losing momentum, and it has remained subdued through 2026.
Source: CryptoQuant
The decline in OI may result in less volatility due to liquidations and potentially provide a more stable base for the price. However, this lower amount of OI indicates there is less conviction among participants and significantly limited fresh capital.
Therefore, XRP requires increasing OI alongside improving price action to indicate that participants have returned, rather than simply the return of speculators.
XRP accumulation hits 100
With XRP’s derivatives market showing limited speculative participation, its latest price action suggests buyers may be rebuilding positions through accumulation. After falling sharply toward $1.32, XRP recovered toward $1.41, but the rebound has since stalled near $1.405.
The accumulation score has now reached 100/100. This simply indicates an overwhelming accumulation condition despite the incomplete recovery.
In addition to that, a 45% accumulation volume bias suggests buying interest is present. Still, this is despite it not producing a decisive breakout.
Source: X
Meanwhile, falling MACD momentum and an Average Directional Index (ADX) reading of 13.5 indicate that directional strength remains weak. This creates a mixed outlook where, on one side, sustained accumulation could support a firmer base.
However, failure to hold at $1.40 risks renewed selling. Reclaiming $1.41 would strengthen recovery prospects.
Final Summary
Ripple faces renewed downside risk after losing $1.44 support.
XRP accumulation is rising, but recovery needs a break above $1.45.
“Moving assets onchain is only the first step,” said Bitget CEO Gracy Chen. “The bigger question is how efficiently that capital can work once it is there.”
The IMF’s message is that while the use case is real, the market is still nascent. It said the tokenized real-world asset (RWA) market has grown rapidly, estimating it at about $65 billion as of July 31. Tokenized equities accounted for roughly $2.3 billion of the total. That compares with a 2025 global equity market capitalization of just under $160 trillion, according to the Securities Industry and Financial Markets Association (SIFMA), the trade group for the U.S. securities industry.
Still, the tokenization project is growing. Bullish (BLSH), a Gibraltar-based crypto company and CoinDesk’s parent company, introduced tokenized equity trading in August. Earlier this month, OKX and Intercontinental Exchange (ICE), which owns and operates the New York Stock Exchange, filed plans for a venue offering round-the-clock trading in tokenized U.S. shares.
They are not alone. Crypto exchanges Coinbase Global (COIN), Kraken and Binance also offer tokenized stock trading, as does Robinhood Markets (HOOD).
According to the IMF, tokenized stocks were about 1.5 times as volatile as the equivalent shares on traditional venues and significantly less liquid.
I spent the first years of my life on the brownstone-lined streets of Brooklyn, waking up to the sounds of birds chirping mixed with car horns reverberating throughout the city. Little did I know that my childhood would take an unexpected turn.
In the middle of first grade, my mom pulled me out of school, packed our suitcases, and moved us across the country to Michigan as my grandma, Lillian, was diagnosed with Alzheimer’s and needed extra support. My immediate family is small, just my mom and me, and Michigan felt completely foreign at the time.
We moved into a co-housing community
My mom always emphasized the importance of building family through community. With that in mind, she moved us to Great Oak Cohousing, a community designed around the concept of independent living with shared amenities: a common house, an expansive garden, and a variety of gathering spaces, all collaboratively managed by residents.
I fell in love with Great Oak almost immediately. It unlocked a lifestyle that had been missing in New York: raw nature all around us, the ability to run around independently, and an unmatched sense of community.
The author moved from New York to Michigan to help care for her grandmother.
Courtesy of the author
We welcomed my grandma into our new home with open arms, picking her up from my aunt Heidi’s house, where she lived during the week, and bringing her to ours for long weekends.
My grandma had visited us in New York when I was a baby, but beyond that, we hadn’t spent much time together. Almost immediately after the move, we became rascals together, finding many ways to play and get into trouble.
We had a community
My mom often tells the story of a time we were at our local grocery store. I was tasked with pushing my grandma in her wheelchair. Soon after we arrived, we disappeared from my mom’s view. When she spotted us, I was whisking my grandma up and down the aisles while she stuck her arm out, knocking boxes of cookies off the shelves as we went, the two of us bursting into laughter. We were two peas in a pod.
At cohousing, we could sit outside and toss tennis balls around while neighbors strolled by and engaged us in friendly small talk. We could enjoy our dinner at picnic tables on a warm day. Everyone knew my grandma, welcomed her, and met her with patience and kindness.
When she had a medical emergency, I called 911 while my mother got the attention of neighbors. Within minutes, three people rushed into our condo to help, while another stood in the street waiting to direct the ambulance. In one of the scariest moments of my childhood, we weren’t alone.
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A story I often think back to is from a time when we were at a community event, watching a girl play the piano. Midway through the song, my grandma began singing along in a shrill voice. Instead of shushing her, the whole community joined in. What could have been an uncomfortable moment turned into one of joy. It truly captured what Great Oak meant to us. My grandma was never treated as a burden or an outsider. She was simply part of the community.
It was painful to see my grandmother with Alzheimer’s
Still, witnessing her Alzheimer’s brought challenges that, as a young child, I didn’t immediately understand. I helped her get dressed, enduring a fight or two along the way, and even discovered that I had pretty good reflexes when it came to dodging the occasional flying plate of food. Despite those challenging moments, I understood that she couldn’t help it. It was painful to watch her lose her sense of self, and I can only imagine how much harder it was for my mother, who had to watch her own mother struggle in this way.
I often look back at that time through a different lens now that I’m older, specifically from my mother’s perspective. Caring for a parent with Alzheimer’s while raising a young child as a single mother was no easy task. I have immense admiration for her and for the strength she displayed through it all.
Experiences like these teach you lessons that are difficult to learn anywhere else: patience, unconditional love, sacrifice, and, perhaps most importantly, the power of family. Caring for my grandma not only brought the two of us closer together, I also grew closer to my aunt, someone I look up to tremendously. I witnessed the sacrifices she made, opening a bedroom in her Detroit-area home so my grandma could stay during the week.
What could have been a lonely experience became one that was defined by community. Great Oak became an extended family of our small one, showing me that family isn’t only who you’re born to, but who welcomes you in, stands beside you, and shows up when you need them most.
The Bitcoin [BTC] bullish structure AMBCrypto reported on recently was still in play, but the market sentiment could be shifting. In a post on X, crypto intelligence platform Alphractal observed that the market sentiment was no longer bullish.
Source: Alphractal on X
The Sentiment Gauge score has fallen below 50 after the market-wide correction earlier this month. Earlier, Santiment data had shown that $1.03 billion in profits were realized by Bitcoin holders.
The 2nd-largest wave of profit-taking in 2026 contributed to the shifting sentiment, and there was evidence that demand was also weakening.
Source: CoinGlass
The shift in sentiment and weakened demand could make it difficult for Bitcoin to break above the $84k supply zone overhead. The liquidation heatmap showed the $83.6k-$85k area as a magnetic zone that can pull prices higher.
Without spot demand, a move into this liquidity cluster could become a short squeeze before Bitcoin continues to correct further and fall below $80k.
The key onchain support level Bitcoin bulls should monitor
Source: Darkfost on X
The $80.5k represented the invested capital cost basis level. Bitcoin prices have oscillated around this level over the past six weeks. It was a pattern similar to the one exhibited in late 2025 and early 2026.
Crypto analyst Darkfost pointed out that the invested capital cost basis marks the line where investors, on average, are on the line between profit and loss.
The realized price only uses the purchase price, while the metric above also takes into account the volume of capital invested. At the time of writing, the $80.5k level is a key support to watch.
A sign the local market bottom is in
Source: Joao Wedson on X
There was a silver lining to the seeming short-term doom and calls for caution. Analyst Joao Wedson highlighted a local market bottom signal in a post on X.
In recent months, whenever the Bitcoin long/short ratio crossed over above the altcoin market long/short ratio, the Bitcoin price decline tends to stop for a while. Sometimes, a positive price reaction also ensues.
Therefore, the $80.5k line can be considered the one keeping the bullish short-term scenario alive right now. Meanwhile, a convincing price move back above $85k, with steady demand (onchain and ETF flows, for example), is needed to shift market sentiment bullishly once more.
Final Summary
The crypto market sentiment was no longer bullish. Weak demand and an overhead magnetic zone could lead to a short squeeze and a deeper correction afterwards.
The Bitcoin long/short ratio gave a clue on the 8th of October that a local market bottom could be in, when it surpassed the altcoin long/short ratio.
Worldcoin [WLD] has rallied 7.4% in the past 24 hours, a relative outperformance of most of the other top 45 crypto assets, as per CoinMarketCap data.
The market-wide correction on the 7th and 8th of October forced nearly $9 million in long liquidations for Worldcoin in two days.
The recent price bounce is starting to yield the opposite effect. There were $1.36 million in short liquidations on the 10th of October, but the crypto market as a whole has been relatively quiet, with only $65.19 million in market-wide liquidations in both directions.
In this context, a 7.4% price leap for Worldcoin could be a sign of early strength after the crypto market sell-off earlier this week.
The bearish long-term Worldcoin view
Source: WLD/USDT on TradingView
From the September 2025 peak at $2.21, WLD made a steady descent down to $0.2267 by May 2026. This 89.64% downtrend is common among altcoins. Though the recent rally measured 138.8% from the May lows, it was still a long way from the $1.21 halfway point.
Owing to the higher timeframe downtrend, the current weekly swing structure is bearish. Traders and investors can anticipate a move up to $1.21-$1.78 in the coming months while still holding a long-term bearish bias.
The $2.21 high needs to be reclaimed to establish a long-term uptrend.
Multi-year downtrend aside, WLD traders have a buying opportunity now
Source: WLD/USDT on TradingView
On the 4-hour chart, the structure was bullish. The October correction forced the altcoin to sweep the $0.466 swing low, but the buyers have made a strong reaction from that area.
This reinforced the bullish Worldcoin view for the coming days. Provided Bitcoin [BTC] does not face another sell-off, the chances of a bullish Worldcoin continuation would remain good.
The $0.619 and $0.655 levels are the immediate bullish targets. The June swing high at $0.723 is another feasible price target.
Final Summary
Worldcoin was one of the top-performing altcoins in the past 24 hours among the top 50 crypto assets, according to CoinMarketCap data.
This relative strength could be a sign of short- to medium-term bullishness. The $0.655 and $0.723 levels are the next price targets.
