What has been happening this week in the world of blockchain and cryptocurrencies? Current events and background reports in our weekly review.
Selected articles of the week:
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have published a joint token taxonomy. The 68-page document classifies crypto assets into five categories: Digital Commodities, Digital Collectibles, Digital Tools, Stablecoins, and Digital Securities – only the last category falls under US securities laws. Bitcoin and Ethereum are officially classified as Digital Commodities under CFTC oversight. A novel concept is the temporal transition mechanism: a token can outgrow its securities status once the underlying network becomes sufficiently decentralized. SEC Chairman Paul Atkins also announced a three-part safe harbor program for startups and fundraising. The policy shift is significant: under his predecessor Gary Gensler, the SEC initiated 583 enforcement actions in fiscal year 2024 alone and imposed penalties exceeding 8.2 billion USD.
SEC and CFTC publish a joint token taxonomy. Most crypto assets are classified as non-securities under the new guidance.
Nasdaq approved to offer tokenized stocks
The new regulatory framework is already having a tangible impact on the market. The SEC has approved Nasdaq to trade stocks and ETFs in tokenized form. The pilot program covers stocks from the Russell 1000 Index as well as ETFs tracking the S&P 500 and the Nasdaq 100. Tokenized and traditional stocks trade in the same order book – tickers, prices, and execution priorities remain identical. For global distribution, the second-largest US exchange is partnering with Payward, the parent company of crypto exchange Kraken. The launch of the xStocks platform is planned for the first half of 2027. Tokenized stocks currently account for approximately 1 billion USD – compared to a global equity market of 126 trillion USD. According to a forecast by consulting firm BCG, tokenized assets could grow to 18.9 trillion USD by 2033.
SEC approves Nasdaq’s joint proposal with Kraken for tokenized securities: stocks and ETFs can now trade on-chain.
S&P 500 as licensed perpetual contract on decentralized exchange
Tokenization is not limited to regulated exchanges. Index provider S&P Dow Jones Indices has licensed its data to a decentralized trading platform for the first time. Crypto firm Trade[XYZ] now offers the first officially licensed S&P 500 Perpetual Contract on Hyperliquid – tradeable around the clock, 365 days a year. The product is available exclusively to eligible non-US investors. Hyperliquid controls over 70% of total open interest in the decentralized perpetual futures market, with daily trading volume exceeding 45 billion USD. S&P DJI has been systematically moving toward digital assets since 2021. The market share of decentralized perpetual exchanges in the overall futures market rose from 2.7% in 2023 to 26% at the end of 2025.
![S&P Dow Jones Indices licenses the S&P 500 to Trade[XYZ] for the first officially licensed S&P 500 perpetual contract on Hyperliquid.](https://cryptovalleyjournal.com/wp-content/uploads/2026/03/CVJ.CH-SP-Dow-Jones-SP-500-Hyperliquid-450x300.jpg "S&P Dow Jones Indices licenses S&P 500 for perpetual contracts on Hyperliquid")
S&P Dow Jones Indices licenses the S&P 500 to Trade[XYZ] for the first officially licensed S&P 500 perpetual contract on Hyperliquid.
Morgan Stanley plans spot Bitcoin ETF under its own bank name
Traditional asset management continues to position itself in the crypto market. US investment bank Morgan Stanley has filed a second S-1 amendment with the SEC for the “Morgan Stanley Bitcoin Trust” (ticker: MSBT). The ETF is set to trade on NYSE Arca – Morgan Stanley would become the first major US bank with a spot Bitcoin ETF under its own name. Crypto exchange Coinbase will handle cold storage custody, while the Bank of New York Mellon serves as administrator. A six-month fee waiver applies to the first 5 billion USD in invested capital. The filing is part of a broader crypto strategy that includes S-1 registrations for Ethereum and Solana trusts as well as a dedicated National Trust Bank charter. Approximately 15’000 financial advisors at the bank are already authorized to recommend Bitcoin ETFs, overseeing 1.8 trillion USD in assets under management.
Morgan Stanley files second S-1 amendment for MSBT, aiming to become the first major US bank to directly issue a spot Bitcoin ETF.
Parallels between STRC and Terra-Luna
In addition: Software company Strategy (formerly MicroStrategy) now holds 738’731 Bitcoin valued at approximately 55 billion USD. The company has financed a growing portion of these purchases through STRC – a perpetual preferred stock with a variable dividend currently yielding 11.5% per year. Since its launch in July 2025, Strategy has raised approximately 3.4 billion USD through this instrument and purchased nearly 34’000 BTC. Critics draw parallels to the collapse of Terra-Luna in May 2022. The key difference: Terra’s price decline automatically and unlimitedly triggered new token issuance, whereas STRC relies on discretionary decisions by management. All Bitcoin holdings are fully unencumbered – no collateral pledges, no automatic margin calls. Nevertheless, MSTR shares trade at approximately 140 USD, more than 70% below their high from November 2024.
Strategy STRC pays an 11.5% yield and uses it to finance Bitcoin purchases – the comparison with Terra-Luna reveals surface-level parallels.
