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The CFTC voted to propose a rule that would bolster customer protections for those making trades through a DCO following FTX’s collapse.

U.S. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, is arguably the most important lawmaker currently standing in the way of a crypto regulation bill, and industry interests have paid for a new campaign in his own back yard to nudge him.

Aside from price action, it’s increasingly clear that the crypto market has indeed made a comeback. Watch this space. 

The Commodity Futures Trading Commission granted crypto derivatives company Bitnomial approval to register as a derivatives clearing organization in the U.S., letting it settle margined futures and options contracts.

SEC Chair Gary Gensler didn’t seem like he wanted to talk about crypto on Wednesday after a meeting about the U.S. Treasury market.

Vitalik Buterin, a member of the Ethereum Foundation’s executive board, once pushed “layer-2” networks as a way to provide faster and cheaper transactions. Now he’s got ideas for “enshrining” some of those functions on the main chain.

In this week’s issue of The Protocol newsletter, we’re covering Worldcoin’s latest update, airdrop season, the new Bitcoin wallet from Jack Dorsey’s company and the “data availability” network Celestia’s market-moving plan to plug into Polygon’s blockchain development kit.

Bitcoin’s price gained on Wednesday as the U.S. Federal Reserve held interest rates at their current level, as expected.