A US Regulator Just Said the Silver Market Is Structurally Broken

The CFTC chairman publicly endorsed the SILVER Act (H.R.8007) on April 16, 2026, saying the current geographic concentration of COMEX-approved silver depositories is a structural market problem. The bill would force derivatives clearing organizations to select at least two approved depositories per US time zone, addressing a single-point-of-failure that has amplified physical dislocations (large COMEX draws, London lease-rate spikes). While the legislation may not pass, the CFTC’s public stance shifts the regulatory backdrop and makes dispersed vaulting — which would reduce transport bottlenecks and the paper-physical disconnect — a more likely policy outcome. That is a structurally bullish development for silver over the medium term, even if it does not change the price immediately.