The regulatory landscape just got a major clarification. Exchanges finally have a clear path forward—no more regulatory limbo. The CFTC's mandate is now explicitly defined, eliminating the uncertainty that's plagued the space. What's changed? Dual-registered exchange systems are now feasible, and provisional registration pathways have been formalized. This isn't just bureaucratic shuffling; it's a concrete framework that lets platforms move beyond speculation into actionable compliance strategies. The clarity matters because it transforms how exchanges can operate and grow in the U.S. market.