Ripple urged the SEC to reject decentralization as a separate legal test, stating metrics like governance participation, node distribution, software contributions, and economic control cannot reliably determine ongoing contractual obligations

Overview Debates Related claims Topics Sources

Judge Alvin K. Hellerstein ruled under Federal Rule of Civil Procedure 60 that newly acquired knowledge of facts existing when the January 2025 consent order was entered does not constitute a significant change in factual circumstances

The CFTC filed a lawsuit in 2022 alleging Gemini Trust Company made false or misleading statements of material fact in 2017 regarding a Bitcoin futures contract relying on Gemini auction prices

The Commodity Futures Trading Commission cleared perpetual futures contracts earlier in 2026 for both Coinbase and Kalshi, allowing Webull to plug into Kalshi's approved venue without seeking its own regulatory approval

Polymarket US seeks declaratory relief stating Ohio's gambling laws are unconstitutional and preempted, alongside preliminary and permanent injunctions against Ohio officials

Commodity Futures Trading Commission staff permitted Coinbase to route U.S. clients to perpetual futures listed on Coinbase's offshore affiliate Deribit

Polymarket US argues under the Dormant Commerce Clause that Ohio's licensing rules unconstitutionally favor in-state physical footprints and restrict market operations to Ohio residents

Webull plans to make crypto perpetual futures available to its broader base of over 6 million clients and expand its product menu beyond cryptocurrency subject to regulatory review

CME filed a lawsuit against the CFTC on June 18, 2026, arguing that perpetual contracts without expiry dates must legally be classified as swaps rather than futures

Prediction market operators rely on single CFTC registration to maintain nationwide liquidity, but risk facing individual state licensing regimes and local legal costs if states successfully enforce local gambling laws

If Ohio successfully enforces its cease-and-desist orders, state gaming regulators nationwide could replicate the Sixth Circuit's legal template to target prediction market platforms

The Financial Conduct Authority opened applications for a new UK cryptocurrency regulatory regime on September 30, 2026, ahead of rules coming into force on October 25, 2027.

The UK's incoming cryptocurrency regulatory framework does not require retail banks to process payments to cryptocurrency exchanges or grant business bank accounts to authorized firms.

Stand With Crypto called on UK banks to adopt risk-sensitive, case-by-case controls rather than sector-wide blocks on cryptocurrency transactions.

A total of 9,803 individuals submitted 10,092 complaints to UK banks over cryptocurrency transfer restrictions between May and August 2026, according to a Stand With Crypto report.

British lawmakers in the All-Party Parliamentary Group questioned major UK banks in August 2026 regarding excessive restrictions on cryptocurrency accounts and payments.

The U.S. Office of the Comptroller of the Currency issued a final rule on October 21, 2026 to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act for payment stablecoin issuers and custody services

In April 2026, FinCEN and the Office of Foreign Assets Control proposed joint regulations requiring stablecoin businesses to maintain anti-money laundering programs and transaction-freezing capabilities

Additional rulemakings implementing aspects of the GENIUS Act remain underway at the Treasury Department, Federal Reserve, and Federal Deposit Insurance Corporation

Ripple filed a 20-page comment letter on October 20, 2026 supporting the U.S. Securities and Exchange Commission's proposed Regulation Crypto Assets

In July 2023, a federal judge ruled that XRP itself was not inherently an investment contract, prompting exchanges like Coinbase and Kraken to restore U.S. XRP trading