Features
The River – an excerpt from a new novel by former Winnipegger Zev Coehn
Introduction: The following story is an excerpt from a longer story in Zev Cohen’s new novel titled “Are You Still Alive?”
As Zev wrote to us recently, “this is Chapter One of my novel, “Are You Still Alive?” It is partially based on events recounted to me by my late father Moshe. The story, beyond being one of the countless tales of Jewish survival against all odds during the Holocaust, is also an allegory for the indomitable human spirit intertwined with Rabbi Akiva’s maxim ‘V’havta l’raecha kamocha’. I hope to have the complete novel published soon.
Zev’s writing has appeared several times in the past in this paper. His collection of short stories, titled “Twilight in Saigon,” was published in 2021.
Born in Israel, Zev lived in Winnipeg until he was 17, when he returned to Israel with his parents. He now spends half the year in Israel and half the year in Calgary, where his two sons live.
Chumak leads the way towards the river in the dark. I had walked the route from his hut to the riverbank in daylight a few times and am confident I know the path down to the water and back. This time, though, I intend to cross to the other side under cover of darkness. Chumak, who came up with the idea, eagerly insists on guiding me so, he says, I don’t get lost. He claims he can find his way blindfolded. I think he believes that if this works, he might soon be rid of us, although he hasn’t said anything openly about it. To be fair, my suspicion just might be a projection of my own pressing desire to escape on to Chumak, whom I trust implicitly.
This summer has been uncommonly wet, and tonight the clouds are scudding low, hiding the moon and stars and making it difficult for others to spot us. At first, the only sounds are those of our movement through the brush and the occasional whoosh of passing nightbirds. The path is not overly challenging, and my labored breathing and rapidly beating heart stem more from fear than physical effort. Though I’m soaked to the skin by the constant drizzle, it is a minor irritation in the face of what I expect lies ahead. The sudden rattle of machine-gun fire causes us to instinctively fall flat on the ground, but luckily it isn’t close by, and we move forward a moment later. Distant flickers of lightning and muffled thunder are the backdrops as I blunder through the undergrowth and futilely attempt to avoid trees. Banging my knee against a tree trunk while trying to keep up with Chumak, I stifle a cry of pain, and then suddenly, I slip and slide down the muddy embankment, unable to get any traction. He grabs me before I plunge headfirst into the river.
“Quiet, you’ll get us caught,” he whispers as he holds my arm in his vicelike grip. “There are German and Romanian patrols on both sides of the river. Be more careful, or you will end up dead before you begin.”
The slope ends at the lapping water’s edge, but the river is barely visible in the blackness. A dog begins to bark incessantly on the other side. Has it picked up our scent even before I start to swim? I have no choice but to take my chances. Along the opposite bank downriver, dim points of light seem to be moving—smugglers perhaps or night fishermen. It’s hard to estimate how far away they are. I hope the current doesn’t drag me to them, but there is no going back. At least, for now, no searchlights are combing this particular area. Chumak seems to have picked the right spot.
Lightning flashes again, stronger this time, and in that instant, I realize how far it is to the other side across the rippling current. My swimming experience is limited to a small, calm pond near home, where my brother taught me some strokes. The wide, flowing river looks ominous, but I’ve made it this far, and I can’t give up now. And Chumak urges me on. I’m already knee-deep in the water, shivering, but not because the water is especially frigid.
“You can do it,” he encourages me. “The current isn’t so strong at this time of year. You must do it. It’s your only hope. Go!”
I stop for a moment and turn to him. “If anything happens…if I don’t make it back, help Ella and Sophie, please. They have no one else.” I don’t want to sound as if I’m pleading, but I am.
“Go, nothing will happen. You’re going to save them and yourself,” he says. “It’s the only way. I will wait here till you reach the other side and when you get there, clap some stones together three times to let me know you are safely there. The sound carries far at night. I’ll hear it, and I’ll tell Pani Ella that you made it.” Amid everything, I notice that this is the first time he calls Ella by her name.
I move slowly into the deeper water. At first, it’s easy; the water is up to my chest, but my feet still touch the soft muddy bottom. Then, without warning, it drops away, and I’m flailing and swallowing water. Finally, I calm down, gain control, and begin to swim. The current takes hold and starts pushing me downriver. Sputtering, I force myself to fight the rising panic and use my arms and kick with my legs in a crawl that will hopefully propel me towards the unseen shoreline. It’s working, and I’m not drowning, but I’m weakening rapidly. The combination of sickness I haven’t completely recovered from since the camp and general malnutrition has sapped me of strength. My clothes are waterlogged and drag me down. This can’t continue much longer. How idiotic would it be, I think, if I drowned now before beginning my mission? Rolling over on my back, I take the pig’s bladder that Chumak wrapped the note in from my pocket, and holding it tight, I squirm out of my pants to lighten the load. I let the current carry me and turn on my back to stroke and move gradually in the riverbank direction. It is less exhausting this way.
I’ve lost any notion of time as I float on my back and see nothing but the overcast sky. Has it been minutes? An hour? I fear trying to stand. If it’s still deep, I might sink and not be able to come back up. At least the rain has stopped. Some clouds have dispersed, and I can see stars in the black sky. Then I hear it. A baying sound getting closer. Maybe a dog? Then barking. Yes, a dog. Thankfully I must be near the shore. My feet hit bottom. I totter through the shallow water and, in the faint moonlight, survey a pebbly beach fronting the tree line. There is no sign of the huts nor of the large two-story house Chumak had pointed out some days earlier opposite my point of departure.
The house, he told me, belonged to a certain Nicolescu, a wealthy Romanian and well-known smuggler before the war. Chumak suggested that my woman, as he called Ella, write a letter to Nicolescu in Romanian asking for his help crossing the river. I imagined that he would get the letter to the Romanian or at least knew someone who could do it, so it took me by surprise when he said, “You will bring the letter to him, and he will make the arrangements.”
It seemed like a far-fetched idea. Beyond the problem of my crossing the river, in itself seemingly suicidal, why, I asked, would any Romanian, not to mention a wealthy smuggler, have anything to do with helping Jews? This is probably a punishable offense in Romania and meant certain death in German-occupied Poland. Only gypsies were desperate enough to offer their services. Even if Nicolescu was willing to help me, I had no money to pay him.
Moreover, those who did pay were often betrayed and delivered to the authorities on one or the other side. There was no guarantee of success, and many lost their lives in the attempt. A few days earlier, I saw a clump of corpses roped to each other floating down the river. I didn’t consider my death an issue anymore, but I was afraid of exposing Ella and the child to the risks involved. I told Chumak to forget it. I couldn’t do it.
“What choice do you have?” Chumak pressed. “Don’t be a fool. You, the woman, and the child definitely won’t survive on this side of the river, and you will stand a better chance over there, as far away as you can get from the Germans.”
His understanding of the situation is correct. The local peasants were handing Jews over for some butter or sugar and an opportunity to steal their belongings. They say a drowning man will grasp at a razor blade to save himself, so I agree.
“Even if I manage to make it across, how will I convince him? I have no money.”
Chumak was skeptical about my claim of penury. This wasn’t out of spite that he had thought through but rather an inherited bias. He was of the age-old school that believed Jews always had hidden treasure somewhere. He was convinced that if I couldn’t offer cash immediately, Nicolescu would accept a promise of future payment from a “high-class” Jew like me. To me, this appeared to be just wishful thinking since Chumak admitted never having actually done business with this Romanian smuggler, who was out of his league.
Chumak remained adamant, and his confident tone was hard to resist. “Tell your woman to write that she comes from an important, prosperous family in Romania that will pay him generously for his efforts. Give him a written guarantee.”
Before I could change my mind, he produced a slightly greasy lined sheet of paper from a child’s copybook and a blunt pencil stub. I took it to our hideout in the nearby forest, where I cajoled Ella, who also thought the plan was absurd and not doable, into writing the requisite supplication and promise of reward.
Standing on the flat terrain on this side of the river, I realize that the current took me downstream, and I need to walk back to the Nicolescu house. I’m not sure how far it is, but at least I can see where I’m going in the moonlight. I find some stones and strike them together three times, as I promised Chumak, hoping that he hears me, and goes back to report to Ella. Not expecting a response, I walk close to the tree line, off the riverbank pathway used by locals and military patrols. When a searchlight sweeps the river from the Polish side, I scamper into the trees, waiting, breathing hard, and picking up a dead branch for self-defense. Going forward, I detour through the woods to avoid a small group of men sitting by the embers of a fire smoking and passing around a bottle. Hunters or fishermen, I believe.
The house lies ahead through the gate of a stone-walled enclosure. No light escapes from the windows. Nearby in the compound, there are two thatched-roof peasant huts, weak light emanating from one of the windows, and a barn where a horse nickers. I stop to consider which building would be best to approach, and then, as I take a step closer, the dogs come at me, snarling. I fend them off with the branch, hitting one of them in the head. It runs off whimpering while the others keep their distance, growling, and barking. I’m done for. They are going to wake everyone. I retreat into the adjacent cornfield, crouching there cold, miserable, and afraid, as a woman appears holding a lantern outside one of the huts. She calls off the dogs and shoos them into the barn. As she locks the barn door, she stares into the darkness in my direction before going to draw water from a well in the yard and returning to the hut.
I can’t stay here much longer as indecision eats away at my remaining determination. It’s time to make a move, either forward to Nicolescu, whatever the risk and chances of success, or back across the river in abject failure. I run to the hut showing light and knock hesitantly. The dogs continue barking hysterically in the barn. Nothing happens, and I try again more decisively.
“Who’s there,” asks a muffled woman’s voice in Ukrainian.
“It’s me,” I reply. What else could I say?
She opens the door a crack. People must be accustomed to seeing strange sights around here because she doesn’t slam the door in the face of the wet, disheveled, half-naked specter that stands before her.
“What do you want? Who are you looking for?” the woman asks as if I was routinely passing by.
“I have an important letter for Mr. Nicolescu. He needs to see it,” I say, also in Ukrainian.
She invites me into the hut. Alone in the single, earthen floor room, she wears widow’s black. Wrinkeled but unbent, her age is indeterminate. Most of the space in the room is taken up by a traditional wooden loom, while a large blackened icon of the Savior hangs above a stove. I rarely devoted attention to Christian symbols, having never, so far, entered a church and always hurrying by the ubiquitous roadside shrines in our vicinity with eyes averted. The narrative of Christianity and Christians as moral and physical threats was, since time immemorial part of our Jewish psyche, but I have no direct personal experience of it. Even the murder of my father by Jew-hating thugs, which undoubtedly weighed heavily on my perception of the people who surrounded us, didn’t feel like a religious issue. Now though, as I stand here shivering, Jesus on the cross seems to be observing me ominously. But, immediately, my attention is drawn away to a piece of bread on a side table, and without invitation, I grab it and chew hungrily. The woman sees that I am exhausted and soaked and tells me to sit and rest. She brings me a blanket and pours a cup of water, watching silently as I continue chewing the bread thoroughly.
When I finish, she says, “You are from over there. You’re a Jew.” It’s not posed as a question, and she clearly knows why I have come. I’m not the first desperate Jew who has shown up on her doorstep. To my relief, she doesn’t take long to make her decision. “I will take you to Mr. Nicolescu’s mother. She lives in the other hut. Maybe she will help you.”
“Thank you.” I’m wary of digging too deeply into the subject for fear of treading on sensitive toes, but I’m also anxious to find out what has happened on this side of the river and know what to expect if Ella and Sophie are to cross with me later. “Are there any Jews left around here?” I ask warily. “What about the Jews in the city?”
“They got rid of all our Jews,” she replies in a matter-of-fact tone. “They say the devil came for them. You need to watch out.”
“Come,” she beckons. “We should go to Nicolescu’s mother before anyone else sees you here. People won’t hesitate to give you up.” I follow her to the neighboring hut, where a tall, old woman approaches us. “Who is that with you, Bohuslava?” she calls out in Romanian. “Beware of robbers. I’ll get a stick and run him off.”
Bohuslava walks over to her. “Shh, be quiet,” she says in Ukrainian. “Stop fussing. He means no harm and just wants to show you something. “Come here quickly,” she gestures to me.
Grey-haired, slightly stooped, with one eye clouded by a cataract, she must be in her seventies but looks far from frail. She takes my hand with a firm grip. “Let’s go inside,” she says.
She lights a kerosene lamp. This is a much bigger and well-appointed abode with an ornate porcelain stove dominating the room and a dining table covered in a hand-embroidered red and white tablecloth. Adjacent to the stove stands a single bed occupied by a young woman sleeping, oblivious to us.
“Bohuslava, you may go,” the Romanian says. “Just keep your mouth shut, or it won’t be long before everybody is aware that you take in Jewish strays. We don’t need that kind of trouble.”
“What will I say?” answers the other woman on her way out. “That you have a new lover and a Jewish one at that,” she cackles.
“Sit,” the tall woman says, pointing to a chair beside the table. Like most Romanians living on the border, she is fluent in Ukrainian, while my Romanian is rudimentary at best. “Show me what you brought,” she asks. I remove it from the pig’s bladder and hand the grotty piece of paper to her. She dons reading glasses and concentrates on the message.
“Good Romanian,” is her first reaction. “Who wrote it? It couldn’t be you.”
“My wife,” I say tersely.
“Is she from around here?”
“She is from the city,” I reply. “Actually, we’re together but not officially married. She has a small child, her daughter, with her. They were forced across the river with others a few months ago, and we are trying to get back to the city to join relatives who might still be there. The situation on the other side of the river is deadly.”
“Yes, I know. It’s not really safe here, either. If you’re caught, they will send you back there without a second thought. Don’t expect much pity here because nobody wants to get in trouble for hiding Jews from the authorities.”
Not wanting to get into a discussion on motivations. I prefer to get to the point. “I was told that your son, Domnul Nicolescu, has experience getting people across the river. If your son could help us, we will take our chances. It’s preferable to certain death over there.”
“I can’t speak for him,” she says. “He is a good man, but I doubt, though, that he would be willing to take such a great risk. He was never involved in the smuggling of people across the border. It’s a bad business. For him, it has always been cigarettes and other contraband.”
I am surprised, honestly, that she speaks so openly of her son’s activities to a stranger… especially to one with a price on his head. Though she doesn’t hold out hope, her demeanor and attitude give me a sliver of confidence. “You should get some rest,” she suggests, “and I will take you to him in the morning.”
“What is your name?” I ask.
“Margareta. And yours?”
“I am Emil. Thank you, Doamna Margareta, for your kindness. I hope your son takes after you.”
She wakes the girl rudely and pushes her into the other room. “Here, take this bed. The servant girl can sleep in my room. I will leave some dry clothes for you and wake you when we need to go.”
“Thank you again. Good night.” I kiss her hand.
“Good night, Domnule Emil. Sleep well.”
I feel exhausted and drained, and my shriveled muscles ache from the unaccustomed effort of swimming across the water, but sleep remains elusive. It’s not the discomfort of the thin, lumpy mattress and the scratchy wool blanket that still hold the sour odor of their previous user, nor is it the constant, sometimes frantic, barking of dogs outside that keep rest at bay. By now, I’m also habituated to grasping moments of sleep in more dire circumstances, whether in the camp barracks or on the cold forest floor. Tonight I’m kept wide awake by the train of thoughts and questions running in a relentless loop through my mind. Are Ella and Sophie safe on the other side, alone with the Chumaks? Will Nicolescu agree to help without payment in advance? Will we be betrayed by the smuggler as so many have been before us? What lies in store for us on this side without any means for survival at our disposal? Should we hide in the countryside here or take the risk of heading for the city? I try to block out the most subversive, monstrous, cowardly, and tempting considerations, but they are there. The palpable fear of swimming back across the river toward the near certainty of death, tries to convince me that I’m now safer and that on my own, I stand a better chance of hiding and surviving. Yes, I would be abandoning Ella and Sophie, but by going back, I would only join them in being captured and killed. They would be safer staying with the Chumaks, who certainly would take pity and continue to conceal and support a defenseless woman and child. Or maybe I could remain here and just send the smuggler for them. I want to scream. I will go back.
The sun is up when Margareta nudges me awake and offers me a mug of hot tea while waiting as I put on the clothes she brought. They belong to a larger man, but they will have to do. I walk with her to the door of the house. A few people, already out and about, are on their way to work in the fields, some leading cattle and a flock of sheep. The men doff their hats and greet her, paying no attention to me.
Margareta instructs me to wait outside and enters without knocking. I hear raised voices inside. “Have you lost your mind? Why did you bring him here? Do you want to get us arrested? Send him away!” A few moments later, Margareta reappears with another woman, a pale ash blonde of about forty, holding a cigarette in her long elegant fingers with a worried look on her face — definitely not of the farming class. The woman scans the yard nervously.
“My mother-in-law told me what you want. I am sorry, but Mr. Nicolescu doesn’t do this business. We cannot do anything for you.” Her voice trembles and she is obviously terrified. “Anyway, he is not here. He is in the city, and I don’t know when he will be back. You must go. It’s dangerous here, and you will get us into trouble. Please go now.” She starts to retreat into the house.
I can’t hold her against her will, and if Nicolescu is indeed away, there is nothing more to be gained here. “Thank you, Doamna Nicolescu,” I say in Romanian and press my luck. “I will go, but could you kindly give me some bread?”
She goes inside and is soon back with half of a large loaf. I once again kiss her well-manicured hand and turn to leave.
“Mr. Emil,” says Margareta, “You should not wander around here in daylight. It’s dangerous to stay out in the open. Why don’t you hide in the barn till dark? It will be safer that way.”
“Again, you are so kind, Madame, but I must return to my family. It has been too long already. They are alone and will worry that something bad has happened to me. I will be as careful as I can.”
“Very well, if you must, but follow me.” She leads me into the forest on a narrow footpath that is a roundabout way down to the water’s edge. “Eat the bread, you need the strength, and it will be ruined in the water,” she says. I need no more encouragement as I almost choke, devouring it. She turns to leave. “Be careful, Emil, and good luck to you. I will talk to Nicolescu when he returns. Maybe he will agree to help. He has more conscience than that frightened ornament he calls his wife. How can he find you?”
“There is a peasant named Chumak. He knows where we are,” I tell her.
“Yes, Chumak. I know him. He also used to smuggle cigarettes before the war.”
“Thank you, Madame. I will remember your generosity.” She is gone.
I sit brooding among the trees looking at the river as the sun glints off the streaming water and listening to cheerful birds chirping. I can’t help but ponder the difference between the elderly women, Bohuslava and Margareta, and the wife of Nicolescu. I’m not surprised by the younger woman’s reaction. It is one version, slightly less brusque, of the general refusal to help Jews. But, all other considerations aside, who can blame people for fearing the fatal punishments meted out by the Germans and their Ukrainian lackeys to so-called Jew-lovers? Would I behave any differently in their shoes? I am more impressed, not to say astonished, by those candles in the darkness, people who have everything to lose, yet whose basic humanity causes them to stretch out their hands to support their fellow men and women. That rough peasant Chumak, whose whole universe is his tiny homestead next to an unknown village on the banks of the river, heads my list of the righteous. Now I add Bohuslava and Margareta to it. The existence of such people, beyond their contribution to our physical safety, keeps alive my essential positivity toward humankind and allows me to still retain some belief in our survival.
What next, I ask myself? I achieved nothing and have no other plan in reserve. Swimming back in broad daylight now seems suicidal. Maybe drowning is a good option? But that means abandoning Ella and the child, and I have already decided this is not an option. Bring back yesterday’s rain, I pray. I pray, though my belief in the idea of an Almighty, never cast-iron, has been dramatically undermined by the past year’s events. Then the wind picks up, and the miracle unfolds. Dark clouds scud across the sky, and the first drops wet my face, replacing the tears. In moments the downpour becomes torrential. I tie the new clothes around my neck and dive into the river, feeling more energetic on my way back. The current is slow enough for me to gradually dog-paddle most of the way across and finish with a few crawl strokes.
I’m carried only about a half-kilometer downstream, and elation replaces caution as I drag myself onto the riverbank and start walking. Climbing up the steep slope, Chumak’s hut is soon ahead, but when I approach and enter it, nobody is there. I look for Ella and Sophie, but the barn is empty too, and figuring that Chumak is probably out working in the field, I continue upwards into the forest towards our erstwhile hiding place. Ella and Sophie are supposed to wait there for me in case of trouble. I call out not to surprise them but there is no reply. I run to the hideout. They are gone.
Features
Embracing your femininity in Cheshvan
By ELENA KNIGHT Rosh Chodesh Sameach! Though last month’s article (Embracing your femininity in Tishrei) had far more holidays, thus more material, the month of Cheshvan is not as empty as it appears. It may contain no holidays or mitzvot specific to the month, but I take issue with the idea that Cheshvan is “bitter”.
Some people refer to this month as MarCheshvan, Mar meaning bitter, but Mar can also refer to a drop of water; this month is the beginning of Israel’s rainy season! We began praying for rain with Shemini Atzeret last month, so by this time, G-d has usually heard Am Yisrael and started sending rain to the Holy Land. To connect this to womanhood, let’s revisit last month’s article, where I explained the connection of water to femininity.
In Tishrei, I spoke of the divine feminine, and how rain is associated with the womb of creation, fertility, and gentle, life-renewing power. In Cheshvan, however, I’d like to focus more on feminist reclamation of water metaphors; in Margaret Atwood’s The Penelopiad , for example, when trying to protect herself from unwanted suitors, Penelope recalls her mother’s advice: “Behave like water… Don’t try to oppose them. When they try to grasp you, slip through their fingers. Flow around them.” We can take this literary advice and put it into practice in our lives this month. When in a position where we feel powerless, and in spaces where female assertion is unwelcome, we could do well to be like water. Nobody can hold water in the palms of their hands without losing control of it. Water is not easy to contain. Nor are we women.
Taking Mar of MarCheshvan to mean a drop of water, rather than bitterness, can be interpreted now as a call to action. This month can be the time when we refuse to be controlled, much like the prophetess Miriam. In Torah, Miriam’s connection with water is clear; in Exodus 15, she takes the Israelite women out from the community to sing a song of deliverance through the Red Sea. She is with her brother, our Patriarch, Moses, when he is sent down the Nile in a reed basket, and she is the one who ensures he is cared for at the Pharaoh’s palace in Exodus 4. In many Pesach seders, a cup of water is set out for Miriam, like the wine for Elijah, because she ensured that the Israelites had water while travelling through the wilderness during the Exodus journey.
Miriam is, clearly, a passionate leader, creating a specific space for Israelite women when they are so often overlooked in Torah stories. By establishing her place as a role model for the Israelites leading up to their freedom from Egypt, the Torah makes it clear that G-d accepts female leadership. This month, let us take a page from Miriam’s book, and lead when we are called to do so. Like I suggested in my last article, mentoring a young girl in your community may be the perfect way to lead.
Cheshvan is also said to be reserved for the time of Moshiach. To prepare for the Moshiach’s arrival, we can act in ways that will bring about Israel’s reformation, both in the land itself and in the diaspora. By supporting charities both in our home communities and in Israel, by acting with chesed, loving-kindness, even when we don’t really feel like it, and by studying–whether that be studying Torah, feminist theory, or any other subject that will improve the world–with fervent passion. By working on tikkun olam, repairing the world, as we have it now, we can bring about a better world for future generations. What better way to remove the bitter reputation of Cheshvan?
Features
CFTC Crypto Regulation Plans Put XRP and Solana in Focus as CLARITY Act Stalls
US crypto regulation is back in focus after the Commodity Futures Trading Commission opened a public consultation on October 5 on a potential framework for certain retail crypto transactions. With the CLARITY Act stalled in the Senate, the initiative raises questions about what the agency can achieve under existing law and why its plans matter for XRP and Solana.
For XRP and Solana, the development is particularly notable because US regulators have already identified both assets as examples of digital commodities. The emerging question is therefore not simply what happens to the CLARITY Act, but how far the CFTC can reshape the regulatory environment while the legislation remains stalled.
XRP and Solana price movements in focus
The XRP price and Solana price provide useful context for assessing market movements; comparing both assets over the same period helps distinguish their individual performance from broader changes across crypto markets.
XRP price movements and Solana price movements need to be assessed over a clearly defined period. An intraday range describes the distance between the session’s highest and lowest recorded prices; it does not establish which direction an asset will move next. A daily percentage change provides a different measure, comparing the latest price with a reference point.
Crypto market volatility can reflect changes in liquidity, interest rate expectations, network developments and broader risk appetite. The CFTC consultation adds regulatory context, but the announcement alone does not establish the cause of a particular price movement.
Why crypto regulation is shifting towards the CFTC
The Senate did not reach the 60-vote threshold required to advance the CLARITY Act in September. The result prevented the broader market-structure bill from moving ahead at that stage, but it did not end the push for clearer federal crypto rules.
The CFTC has now begun exploring another route. In its notice covering Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets, the agency is seeking public input on a framework for certain retail crypto transactions and the platforms offering them.
The distinction matters. The CLARITY Act would have established a statutory framework passed by Congress. The CFTC initiative instead relies on powers the agency says it already has under the Commodity Exchange Act.
That means agency action can proceed while the legislation remains unresolved, although it cannot replicate every part of the congressional proposal.
What the proposed CFTC crypto rules could cover
The process centres on two concepts known as Regulation CTX and Regulation CAM. Regulation CTX concerns retail commodity transactions involving crypto assets, including transactions financed through margin, leverage or other forms of credit.
Regulation CAM would examine a specialised category of CFTC-registered market designed for those transactions. The aim is to create a federal regulatory option with requirements more closely tailored to crypto markets.
The framework could address areas such as market manipulation, customer assets, conflicts of interest and market conduct. The agency is also considering what information platforms should provide and how existing market safeguards can be adapted to crypto.
There is an important limit. The CFTC cannot require all spot crypto exchanges to enter that federal regime without action from Congress. Its chairman has described the proposal as an option for firms rather than a nationwide mandate.
That difference helps explain why the CLARITY Act still matters even as regulators move independently.
Why XRP and Solana matter in the regulatory debate
The CFTC consultation brings renewed attention to how the existing federal crypto asset taxonomy relates to XRP and Solana.
In his October 5 remarks, CFTC Chairman Michael Selig pointed to the joint federal crypto asset taxonomy, which identifies Bitcoin, Ether, Solana, Stellar, Tezos and XRP among examples of digital commodities.
For XRP and Solana, that classification helps explain why a CFTC-led framework deserves attention. Both assets operate on widely used blockchain networks and have a presence across global crypto markets, so changes affecting how US platforms can offer crypto products could influence market access, liquidity and institutional participation.
It does not mean the new rules would determine their prices. Interest rates, network activity, broader risk appetite and asset-specific developments remain important. Regulation is one part of the market environment, not a standalone price signal.
How crypto wagers relate to market movements
Crypto wagers based on market movements involve a bet on a specified outcome over a defined period. The relevant details include the asset, the condition that must be met, the closing time and the price source used to determine the result. Those terms matter because an asset can move in different directions within the same day.
Short-term price direction is also the basis for crypto wagers on Moon, a crypto betting platform where outcomes are tied to market movements.
For crypto betting, the significance of volatility depends on the wager’s conditions, including whether settlement uses a closing price or an event occurring during the specified period. A rise earlier in the day does not establish the outcome of a later wager, and a regulatory announcement does not guarantee a winning bet. An unsuccessful wager can result in the loss of the amount staked.
The connection between crypto wagers and market news therefore depends on the specific outcome and timeframe. News about XRP or Solana can provide context, while the terms of each wager determine how its result is settled.
How agency action differs from the CLARITY Act
The distinction between legislation and regulation is central to what happens next.
Congress can create new statutory powers and requirements that regulators cannot establish on their own. The CLARITY Act sought to define a broader market structure, including the responsibilities of federal agencies and obligations for intermediaries operating in digital asset markets.
The CFTC is working within authority it says already exists. That allows it to address some transaction structures and market protections but leaves wider questions for lawmakers.
The agency itself has acknowledged that regulatory action cannot indefinitely replace legislation. For markets, that creates a two-track process: regulators can develop rules under current law while Congress decides whether to revisit a broader statutory framework.
That makes the latest CFTC action more than a reaction to the failed Senate vote. It is also an indication of how US crypto policy could develop if Congress remains unable to reach agreement.
What US crypto regulation could mean for Canadian markets
The proposed CFTC framework would apply in the United States, not Canada. Its potential relevance for Canadian markets comes through cross-border capital flows, global liquidity and the role US platforms and institutions play in price discovery.
Canada also has established investment products linked directly to both assets. The Toronto Stock Exchange listed several Solana ETFs in April 2025, including the 3iQ Solana Staking ETF, giving Canadian investors regulated market exposure to SOL.
XRP followed with Canadian-listed products in June 2025, including the 3iQ XRP ETF.
That means regulatory developments affecting XRP and Solana in the United States can have relevance even when Canadian rules themselves do not change. Shifts in institutional participation, exchange access or global liquidity can still be reflected in assets and funds available in Canada.
Currency remains another consideration. Crypto assets are commonly quoted globally in US dollars, while Canadian investors may measure performance in Canadian dollars. Exchange-rate movements can therefore strengthen or reduce the local effect of a move in the underlying asset.
What comes next for the CFTC consultation and CLARITY Act
The CFTC consultation is now underway. The agency is seeking written comments on the Regulation CTX and Regulation CAM framework before deciding how subsequent rulemaking should proceed.
Congress could also return to the CLARITY Act or another version of market-structure legislation. The Senate result stopped the bill from advancing at that point, rather than resolving the broader regulatory debate.
For XRP and Solana, the most important signal is therefore no longer a single Senate vote. Attention has moved to whether the CFTC can turn its proposals into workable federal rules, how crypto platforms respond and whether lawmakers eventually establish a broader framework.
Features
An Overview of Antisemitism in Western Europe
By HENRY SREBRNIK The European Union Agency for Fundamental Rights survey of 2024 found that 96 per cent of Jewish respondents had encountered antisemitism online or offline in the 12 months before the survey, and that 76 per cent avoided wearing or displaying items that would make them recognizable as Jewish in public.
Antisemitism in Austria remained at alarmingly high levels last year, reaching its highest point since records began. The Antisemitism Reporting Center of the Israelitische Kultusgemeinde Wien (IKG), the official body tracking antisemitic incidents against Austria’s Jewish community, released its annual report in April documenting 1,532 cases in 2025.
Last November, protesters rallied in Vienna against an event dedicated to Franz Dinghofer, an Austrian politician who was a self-confessed antisemite and a Nazi party member. They were protesting an event called the Dinghofer Symposium that they say is antisemitic. The far-right Freedom Party of Austria (FPO) members countered that they remember Dinghofer as a statesman in the period between World War I and World War II.
In Belgium, Jewish communities are described as tight-knit but insecure, and constantly aware that their citizenship and prosperity don’t guarantee their acceptance or safety. Too often, writes Brandeis University historian Flora Cassen, who grew up in the country, “governments and the media treat attacks on their Jewish communities as a front in the Israeli-Palestinian conflict, not as an attack on their own citizens.” In March, there was a car burning in the Jewish quarter of Antwerp. As well, a synagogue in Liège was damaged by an explosion in what the country’s interior minister called “an antisemitic act.”
In France, antisemitic violence has intensified while the experience of protection has weakened. Jewish students face harassment framed and justified as political expression. Synagogues operate behind security. Wearing a kippah can require calculation. These are no longer marginal experiences; they have become familiar features of Jewish life in places that once felt self-evidently safe. Since 2000, between 80,000 and 100,000 Jews have fled France — more than 20 per cent of the community.
More troubling still is the ideological shift. Antisemitism is increasingly reframed as political critique, social protest, or resistance to power. Jews are often excluded from the moral category of vulnerable minorities. The very frameworks designed to protect them can struggle to recognise them as victims.
A staggering number of antisemitic incidents has now become normal in France — 1,320 in 2025 is nearly double the already extreme 851 in 2014. But what’s more interesting is the shift in social permission to openly hate Jews.
The far-left La France Insoumise (LFI) Party in France has been accused by academics and ministers of antisemitism after their de facto leader, Jean-Luc Mélenchon, refused to call Hamas a terrorist organization and party members marched with Islamist-linked NGOs during Gaza protests. The LFI’s popularity has been on the rise in polling ahead of next year’s presidential election, according to the French newspaper Le Monde. Ninety-two per cent of French Jews believe that the LFI contributes to antisemitism in France.
Mélenchon took advantage of nationwide student protests in early October. To advance his political prospects, his strategy appears to be to capitalize on the discontent currently roiling the country. Mélenchon has also accused authorities of repression with a racist undertone, since many of the protesters are Muslim. No surprise, then, that Palestinian flags have appeared at the protests.
Although Mélenchon was known in the 1990s as a hardcore secularist, by 2020 he had allied himself with Houria Bouteldja, co-founder of the “decolonial” (anti-West) Parti des Indigènes de la République (PIR). Under Bouteldja’s influence, Mélenchon began to utter questionable remarks on the Jews. The way Mélenchon uses the idea of uniting against one enemy by speaking of Israel “is similar to the way Hitler used to speak about the Jews,” according to Israeli Ambassador to France Joshua Zarka. So it’s no surprise that French president Emmanuel Macron, getting more and more unpopular, recognized a Palestinian state in 2025.
Germany has cracked down on speech and demonstrations that assert support for Palestinians and accuse Israel of atrocities, part of a national policy toward antisemitism, defined over decades in the shadow of the Holocaust and sharpened recently under the helm of Felix Klein, the first federal commissioner for combating antisemitism. Many Jews say they feel safer under such bans. The Central Council of Jews in Germany recommended Klein for his appointment as antisemitism czar. Some human rights groups have objected, however, saying the bans limit free speech and criminalize legitimate expressions of support for the Palestinian cause.
Disputes over Israel recently erupted at the Buchenwald concentration camp memorial, as both Israel’s critics and its defenders claim the Holocaust for their terrain. The anti-Zionist group Kufiyas in Buchenwald announced a demonstration there on April 11, the anniversary of its liberation, in protest against a German court’s decision that the site could refuse entry to visitors who wear a Palestinian keffiyeh. The court said that wearing a keffiyeh to send a political message “would endanger the sense of security of many Jews, especially at this site.” The Buchenwald protest was condemned by the European Jewish Congress, and Klein said it marked a “new low point in the unfortunately all-too-common reversal of perpetrator and victim roles.”
In an election held Sept. 20 in Berlin, the left-wing Die Linke came in first, winning 25.7 per cent, more than doubling its 2023 share. Israel’s ambassador, Ron Prosor, described antisemitism within Die Linke as systemic. Philipp Peyman Engel, editor in chief of the Jüdische Allgemeine, the newspaper of the Central Council of Jews in Germany, wrote that party was “riddled with people who hate Jews and Israel.”
Italy in April announced that it was declining to renew a longstanding defence agreement with Israel, a sharp reversal for Prime Minister Giorgia Meloni’s right-wing government. Opposition parties had put pressure on the government for over a year to suspend the renewal. Marco Grimaldi, an opposition lawmaker, said the decision was “a victory” for those who had protested Israel’s military offensive in Gaza over the last three years.
On Oct. 3, 2025, there was a nationwide general strike, which the labour union leaders officially called “to support the residents of Gaza and a humanitarian aid mission.” While mass anti-Israel rallies gripped other parts of Europe, Italy’s were the most numerous.
Recent Italian demonstrations of “solidarity” with Palestine saw protesters carry Palestinian flags, flags of Italian labour unions, and red flags with hammers and sickles. Some of the banners had the words, in Italian, “yesterday partisans, today anti-Zionists and anti-Fascists,” and declared support for “Palestinian resistance.”
Dutch Jews have long been used to seeing security and armed police in front of their schools, synagogues and gatherings. Since a school and a synagogue were attacked over two days in March, an unsettling feeling has spread among Jews in the Netherlands. Assailants struck Jewish buildings — a religious school in Amsterdam, where most Dutch Jews live, and a synagogue in Rotterdam. Mayor Femke Halsema of Amsterdam called the blast at the school a “targeted attack against the Jewish community.”
Before the Holocaust, the Netherlands had a robust Jewish population. The Nazis deported 75 per cent of Dutch Jews to death camps, the highest such rate in Nazi-occupied western European nations. Today, the Jewish population of the Netherlands is estimated at about 35,000 people, just 0.2 per cent of the country’s 18 million residents.
“I am mostly angry,” declared Menno ten Brink, a rabbi at the Liberal Jewish Community in Amsterdam. The explosions have had a big impact on Dutch Jews and the wider society, added Eddo Verdoner, the Dutch national coordinator for combating antisemitism. Antisemitism has been increasing over the last decade or so, he said, with an “exponential increase” since October 2023.
Relations between Israel and Norway have plummeted to historic lows, with Oslo becoming one of the Palestinians’ staunchest supporters in Europe. Norway became the first European country to announce that it would arrest Israeli Prime Minister Netanyahu and former Defence Minister Yoav Gallant following the International Criminal Court’s issuance of warrants against them, and it then joined South Africa in its International Court of Justice case against Israel.
“I find it shameful that we have one of the most anti-Israel governments in Europe,” MP Himanshu Gulati, chairman of the Israel Allies Caucus in the Norwegian Parliament, has remarked. Not surprisingly, the Norwegian government has recognized. a Palestinian state.
In May, Norway’s higher education minister indicated that she did not intend to punish a university professor who praised Hamas’s Oct. 7 massacres in Israel because he had “the same freedom of expression as everyone else.” Sigrun Aasland was referring to Bassam Hussein, a professor at the Norwegian University of Science and Technology (NTNU), who on April 21, during a lecture before the Socialist Forum in Trondheim, said that the Oct. 7 massacres were “the most beautiful thing that has happened in our century.”
Norway’s Foreign Ministry put out a bill this fall before its parliament that would send Norwegian citizens and companies to prison for buying from, selling to, building for or investing in businesses owned by Jews who live in the West Bank. Negligent violators get six months.
In Portugal anti-Israel sentiment punctuates the actions of the political press. The most significant antisemitic events that occurred in recent years included demonstrations for better housing that targeted local Jews whose personal names were published in newspapers, bomb threats against the country’s largest synagogue and the Holocaust museum, which was called a “brothel that teaches the lie of the 6 million,” and hate messages written on the facades of Jewish homes to identify “Zionist pigs.”
Following October 7, 2023, antisemitic and antizionist incidents surfaced more visibly in public spaces and academic institutions. High-profile incidents include verbal electoral harassment against Jewish community figures like writer Esther Mucznik, acts of vandalism directed at the Lisbon Synagogue, and hostile propaganda targeting Jewish and Israeli students at the University of Coimbra
The far-left Sumar Party in Spain is part of socialist Prime Minister Pedro Sanchez’s ruling coalition. Their support has been strongest in areas with high Muslim populations, with party members attending demonstrations with Muslim Brotherhood-adjacent groups and Gaza protests organized by Islamist-leaning networks. Members also pushed for Spain to recognize a Palestinian state, which it did in 2024, while also referring to Israel as an “apartheid state.”
The political left spread a narrative across social media asserting that the recent migrant invasion by Moroccans of Spain’s Ceuta enclave is part of a vast American-Israeli conspiracy to destroy the country. Spain’s Transportation Minister supported the theory on social media while Gabriel Rufian, a spokesperson from the Spanish Congress, asserted that the U.S. and Israel were flooding Europe with migrants to “blackmail” the country.
In Sweden, debates about antisemitism loomed large throughout the recent election season, despite the country’s small population of Jews, who number about 20,000 in a country of more than 10 million people. Politicians on all sides repeatedly sought to position themselves as the best defenders against antisemitism.
Aron Verständig, who chairs the Official Council of Swedish Jewish Communities, said that while he appreciated gestures of solidarity with the Jewish community, he worried that politicians hurling accusations of antisemitism against each other could reduce Jews to a weapon of political debate. “Of course, it’s good that our situation is discussed and people are interested in what happens to the Jews here in Sweden — but on the other hand, there’s a risk that we are becoming a tool.”
Simona Mohamsson, Sweden’s minister for education and integration, who is of Palestinian and Lebanese descent, wore a Star of David during a televised debate. A member of the center-right Liberals, she wore the symbol “for the children who do not dare to in today’s Sweden.” She criticized members of the Left Party for “flirting with extremists.”
Since 2023, the war in the Middle East has been a defining trigger for antisemitic incidents in Switzerland. For the Jewish community, this has been a constant strain for more than three years.
Pro-Palestine activists are very active at Swiss universities. There have been anti-Israel demonstrations, some of which were associated with calls for violence and antisemitic slogans. The one in Bern in October 2025 stands out in particular because there was a massive outbreak of violence. In the larger cities of Switzerland, offensive graffiti relating to the conflict in the Middle East is omnipresent.
Here and there we see small improvements on the continent, but not enough to turn things around. The ancestral Jewish knowledge that safety can collapse with terrifying speed, even in civilised societies, begins to return.
Henry Srebrnik is a professor emeritus of political science at the University of Prince Edward Island.
