The SEC's crypto broker-dealer rule has no public text
The SEC's broker-dealer crypto capital and recordkeeping proposal, RIN 3235-AN48, is in White House review. There is still no public rule text.
The Industry Spread
Class III to $16.70: extra cows are in the curve
December Class III milk reaches $16.70 by the November 20 Milk Production report. Extra cows are already in the futures curve. A settlement above $17.38 breaks the call.
Class III milk
$16.70by November 20, 2026
Wrong above$17.38
Spot at filing$16.93
Class III to $16.70: extra cows are in the curve
Iron ore
US$88by January 27, 2027
Wrong aboveUS$95
Spot at filingUS$92.60
Iron ore to $88: the Chinese port-stock case
DXY
103.15by December 9, 2026
Wrong below101.49
Spot at filing102.32
DXY to 103.15: sticky CPI keeps the rate hike live
Oats
323.00 centsby December 10, 2026
Wrong above350.75 cents
Spot at filing334.00 cents
Oats to 323 cents: stocks-to-use has already loosened
Levels as stated when filed. Not live prices. Analysis, not investment advice.
Hong Kong passes CARF crypto-asset tax reporting rules
Hong Kong passed the crypto-asset reporting bill. CARF duties start 1 January 2027, the amended CRS starts 1 January 2028, and exchange is planned for 2028.
Project SAGE asks banks to name an owner before an agent acts
Project SAGE asks Hong Kong banks to name an owner for every agent that can act, and which material agents a supervisor should see before comments close.
Taxonomy KPI advice would narrow mandatory OpEx reporting
ESMA's taxonomy KPI advice would narrow mandatory OpEx to non-capitalised R&D and replace weighted group KPIs if the Commission later adopts the text.
FirmWhat we foundFiled
Venus FundedThe 95 percent split and 14-day payout9 NovDayTradersPayout caps under its 100% split7 NovBullwaves PrimeRegulated claim, SVG operator5 NovNEOM FundedThe reward cap under the drawdown4 NovCoinhub FundedPayout cap and the step-two reset3 NovMyPropCapitalOn-chain receipts and the fee clash2 NovForaxis60-second rewards and a seven-day gap1 NovDoji FundingPayout caps on a simulated account31 OctPropXPStatic drawdown versus the split add-on30 OctTrue Forex FundsPermanently closed for insolvency29 OctHash HedgeZero risk against the customer contract28 OctNairaPropPayout rules clash across the site27 Oct
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
Fund Your Edge review: homepage tile versus the payout check
Fund Your Edge suits a futures trader who can pass a one-step simulated evaluation, accept an end-of-day max-loss lock at the starting balance plus $100, and keep a 90% split. Prime suits a trader who will hold the largest day to 40% of cycle profit before a withdrawal. Clear suits a trader who can bank five qualifying green days under a cap that stays flat. The homepage tile “No Consistency Rule” misstates those funded checks, and the about page’s payout claim has no audit beside it.
Haido opens a UK waitlist for AI wealth chat
Haido, from Revolut alumni, has opened a UK waitlist for an AI wealth chat that puts sums in expert calculators, not the model.
VT Markets takes best gold trading platform at FinanceFeeds Awards
VT Markets has won Best Gold Trading Platform at the FinanceFeeds Awards 2026, capping a January in which it reported $1.5 trillion in gold turnover.
Axcera Takes Three FinanceFeeds Awards for Prop Tech
Axcera has won three FinanceFeeds Awards 2026 across prop trading technology, infrastructure and multi-asset solutions.
The Broker Back Office Becomes One Data Layer
The constraint on most brokerages is not strategy but infrastructure that cannot pass data between functions.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets.
Rick Steves
Rick Steves has seen business and economics through many lenses.
Karthik Subramanian
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
Also filed
From the archive
Filed around 12 November in 2025, 2023, 2022 and 20212025
2023
Business Directory
5 companiesThe vendors, liquidity providers and service firms behind the brokerage industry, with licences checked against regulator registers.
The full directory
Finalto
Institutional liquidity, trading technology and risk management for brokers and funds
MetaQuotes
MetaTrader 4 and MetaTrader 5 platform software for brokers, banks, exchanges and hedge funds
Praxis Tech
Payment orchestration platform and Cashier checkout for gaming, trading, crypto and e-commerce merchants
PrimeXM
XCore liquidity aggregation software and dedicated hosting for FX and CFD brokers