Notes on the long arc of digital assets.

Research, guides and company news from Kaltra.

Latest

• The CFTC's path to tokenized collateral — Regulation. From a 2025 pilot to new guidance this week, the derivatives regulator is setting ground rules for tokenized assets, stablecoins and onchain records.
• The SEC's innovation exemption, explained — Regulation. A five-year order lets tokenized U.S. stocks trade onchain. Here is what it covers, what it doesn't, and why it matters beyond equities.
• Why Kaltra acquired Bracket — Company. What the vault stack changes for allocators and managers on the platform.
• The SEC's transfer agent proposal puts the ledger onchain — Regulation. The first overhaul of transfer agent rules in four decades would let a blockchain serve as the official record of who owns a security.
• Emerging managers are tokenizing first — Research. Smaller funds have the most to gain from onchain issuance. Here is where the demand sits.
• How to read a tokenized NAV statement — Guide. Strikes, lots, accruals and what the onchain record does and does not tell you.