The Industry Spread

Regulation CTX would route a leverage offer onto a DCM

The CFTC’s Regulation CTX notice would treat a retail leverage offer as the trade. What crypto asset market designation would require, next to the UK and MiCA.

Rick Steves07:49 GMT

Fintech

Constructor launches Agentic Checkout with Link by Stripe

Constructor launched Agentic Checkout with Stripe so shoppers can pay with Link inside the agent. No retailer is named as live, and no volume is given.

Rick Steves6 Oct

Market News

PTC to $205 by April 4, 2027: the cash-spread case

Abdelaziz Fathi6 Oct

Digital Assets

Treasury sanctions France-based Hamas crypto fundraisers

Karthik Subramanian6 Oct

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Market calls

PTC

$205by April 4, 2027

Wrong below$144.03

Spot at filing$192.26

PTC to $205 by April 4, 2027: the cash-spread case

Abdelaziz Fathi6 Oct

NVDA

$248by November 17, 2026

Wrong below$221.56

Spot at filing$238.90

NVDA to $248 by November 17: the Q3 guide case

Abdelaziz Fathi6 Oct

XAG/USD

$57.62by October 28, 2026

Wrong above$62.00

Spot at filing$60.6553

Silver to $57.62 by October 28: the real-yield case

Abdelaziz Fathi6 Oct

WTI

$86.52by October 28, 2026

Wrong above$99.37

Spot at filing$90.12

WTI to $86.52 by October 28 as Gulf supply returns

Abdelaziz Fathi5 Oct

Levels as stated when filed. Not live prices. Analysis, not investment advice.

Regulation

All Regulation

FCA closes 24 CFD firms that sold UK authorisation as a halo

The FCA says 24 CFD firms closed or are cancelling after using UK authorisation as a halo for offshore affiliates. Why 24 is an interim count, not the end.

Rick Steves29 Sep

CFTC Letter 26-27 makes mention markets presumptively manipulable

Rick Steves24 Sep

Fed Docket R-1899 prices stablecoins at 2% capital, 1% past $50bn

Fed Docket R-1899 sets stablecoin capital at 2% of the first $20bn, 1% above $50bn, plus a 50% new-entrant surcharge and a two-quarter liquidation trigger.

Rick Steves28 Sep

SEC innovation exemption caps tokenised stocks at 75 and 250 symbols

Rick Steves24 Sep

SEC release 34-106458 fines OTC Link $575,000 over Reg SCI gaps

OTC Link LLC pays $575,000 in SEC release 34-106458 after Regulation SCI access-control and vulnerability policies sat in draft from 2016 to 2025.

Rick Steves26 Sep

MAS draft would let it delist a foreign systemic stablecoin

Rick Steves22 Sep

Prop-firm reviews

All Prop-firm reviews

FirmWhat we foundFiled

TradersYardPayout caps and the 50% profit gate5 Oct Alpine FundedThe payout that waits for a third withdrawal4 Oct Ascension Funding24–48 hours is not the payout clock4 Oct Meridian FundedZero denials are not in the terms2 Oct Best prop firmsBest prop firms in 2026: five payout-checked comparisons2 Oct FundingTicksRefunds, an 80% split, and a halted book1 Oct HypernovaSimulated fills and three payout clocks30 Sep Investabl10-second median, 24-hour exceptions30 Sep SharkFunded24-hour claim, 24–48 hour rules30 Sep 100X ClubThe 6% cap on your first two payouts29 Sep thePropTradeThe Saint Lucia name, the Dubai contract29 Sep Pipstone Capital90% on the homepage, 80/20 in the terms29 Sep

About these reviews. The Industry Spread reviews prop firms independently. Firms do not pay for reviews and cannot see them before publication. The Industry Spread has no affiliate or referral relationship with the firms covered.

Reviews by Abdelaziz Fathi

CMC Funded review: the payout policy is not published

CMC Funded suits a trader who will pay for a simulated Classic or Direct evaluation and can treat the 80% split on the product page as a sales line, not a payout calendar. It does not suit anyone who wants live capital, a named platform, or a date for the first withdrawal. The biggest caveat is contractual. Version 2.1 of the general terms, dated 1 October 2026, says a payout policy must appear before any reward can be requested, and the legal page says it has not.

Abdelaziz FathiProp Firms6 Oct

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