News, data and analysis on tokenized assets, market design and digital economic systems.
Statutes, rules and supervisory practice across jurisdictions, tracked as they change rather than as they were announced.
In a 57-page response to the European Commission's review of MiCA, the European System of Central Banks asks that the prohibition on remunerating holders apply to unregulated crypto borrowing, lending and staking too, naming liquidity mining as an…
The Innovation Exemption lets a Tokenized Securities Venue trade tokenized listed shares on an automated market maker without registering as an exchange, until September 2031.
Ways and Means ordered H.R. 10357 favourably reported on Wednesday, two days after the market structure bill lost cloture 49 to 50.
Cloture on the motion to proceed to H.R. 3633 failed 49 to 50 on Monday afternoon. The threshold was 60, because since 1975 cloture has needed three-fifths of all senators.
The complaints allege the pair learned which tokens Robinhood would list from a private Slack channel and bought perpetual futures on Hyperliquid before each announcement, making more than $50,000 each.
Senate Republicans published 635 pages on Sunday night, two days before a procedural vote that needs sixty. Four changes from the 10 September version have not been read anywhere. The ethics ban no longer expires in 2029.
New York led seventeen other states and the District of Columbia in telling the Senate Banking Committee to vote no.
London clears most of the world's spot gold, and the regulator wants to know whether tokenizing it would help.
Ways and Means votes on Wednesday morning on 114 pages nobody has read to the end. The wash sale rule applies to dispositions after the date of introduction, which was Monday. The $10 fee exemption waits for 2028.
A verified complaint in Manhattan seeks forfeiture of 61,192,367.59 USDT across ten Tron addresses as the proceeds of Iranian oil sold to Chinese buyers. Its own table shows the issuer froze every one of them in June and July 2025.
The European supervisor's second risk monitor of the year puts the tokenized equity market at about EUR 1.9bn, almost all of it wrapped claims whose transfer conveys no legal title, and says Polymarket and Kalshi lack the authorisation the EU…
A 630 page substitute amendment published four days before a cloture vote would make anyone who controls a lending or trading protocol register with the CFTC and answer to the Bank Secrecy Act.
The BlackRock HKD Digital Liquidity Fund is authorised in Hong Kong as the first locally domiciled money market fund offering a constant net asset value to retail investors, and can be bought with tokenized deposits or HKDAP.
The largest market maker in the United States filed on the SEC and CFTC joint comment file, sixteen days after it closed, to say that binary options on the metrics public companies report are securities, that a venue should not choose its regulator…
A former Solicitor General, acting for Hyperliquid Policy Center, told the district court in Washington that CME cannot claim competitor injury from an order which enlarged the market rather than dividing it, and that an interest in burdening rivals…
The House of Lords agreed a new clause by 194 to 138 against the government, requiring the Treasury to prepare, publish and consult on a strategy for cryptoassets, stablecoins, CBDCs and tokenised securities within twelve months of Royal Assent.
The company behind Square and Cash App filed to charter Builders Bank and Trust, an uninsured national trust bank in Sioux Falls that would custody bitcoin, execute customer orders and settle stablecoins.
Nasdaq, Boerse Stuttgart, Securitize, Axiology, Cashlink and twenty-two others wrote to the Council and the Parliament's economic committee asking for the ceiling on instruments admitted to DLT market infrastructure to be removed, or set at EUR…
Two years of Bank Secrecy Act filings and 33,904 reports, and the finding that matters on this beat is not the total: whatever the victim was persuaded to buy, the proceeds were nearly always turned into stablecoins, and almost exclusively into USDT.
The state's attorney general petitions for certiorari five days after the Ninth Circuit split from the Third, asking whether registering a market with the CFTC exempts what it lists from every state's gambling law.
Preliminary conditional approval for OpenReserve Bank, a full-service insured national bank in Salt Lake City, whose plan puts tokenized capabilities across all deposit products and a stablecoin subsidiary it has not yet applied for.
Moving to dismiss the exchange's suit over Kalshi's bitcoin perpetuals, the Commission quotes CME's own earnings call and its own monthly volume files back at it, and argues that one board of trade has no standing to litigate how a rival's contract…
Corporate Decision #1390 lets Revolut custody digital assets through a UK affiliate and lets its customers pay remittances in stablecoins. It may not issue the Revolut-branded token, manage its reserves, or hold a digital asset on the bank's own balance sheet.
A 421-page rewrite of rules untouched since the early 1980s would permit a transfer agent to keep its master securityholder file on a distributed ledger, and would start counting the issues where one does.
MAS puts its 2023 framework into legislation with a licence class in which an issuer may not do banking or any other regulated business, may pay no interest, and may be designated systemic and ordered off Singapore's venues.
The 30th Circuit barred KalshiEX from anything connected with sports wagering in the state and set a $500,000 a day penalty for failing to geofence it.
Finance ministers and central bank governors meeting in Asheville said they would establish clear pathways for sound digital assets innovation and named three things they are waiting on the Financial Stability Board for.
The comment period on the Commission's request about ETFs holding crypto assets, event contracts and perpetual futures closed with issuers asking for confidential draft filings and a 45-day clock, a lead market maker asking that every fund launch…
The Ninth Circuit holds that the Commodity Exchange Act likely does not preempt Nevada's gaming law, contradicting the Third Circuit and leaving the same contract lawful in one part of the country and not another.
The CFTC settles insider trading charges over event contracts on which phrases would appear in presidential speeches, and the trades were found by the exchange's own surveillance rather than by the regulator.
A proposal to rewrite how advisers and funds may hold client assets, crypto included, is at the proposed-rule stage with a notice targeted for October, three years after the last attempt was withdrawn.
The Office of Foreign Assets Control determined on 24 August that section 1(a)(i) of Executive Order 13902 now applies to the digital asset sector of the Iranian economy, so any person anywhere who operates in it may be designated.
The Commodity Futures Trading Commission closed its cases against Caroline Ellison and Gary Wang with no restitution, no disgorgement and no civil penalty.
The Commission proposed Regulation Crypto Assets on 18 August without holding the open meeting it cancelled four days earlier.
The Financial Accounting Standards Board proposed on 18 August that some stablecoins may sit on a balance sheet as cash equivalents, and set three conditions.
Securitize and Neuberger launched a tokenized high yield credit fund across four blockchains on 18 August, on a fixed income platform the release says oversees more than $230bn.
The Treasury proposed the rules deciding who may issue a dollar stablecoin in the United States, and read the GENIUS Act to let a qualifying foreign issuer do it here directly rather than only reach the market at second hand.
The Comptroller granted preliminary conditional approval on 14 August to charter World Liberty Trust Company, which will issue and redeem USD1, hold its reserve and custody digital assets as a fiduciary.
A notice of 14 August tells users to stop transacting with sixteen platforms from three stated dates. Fourteen of the names, and the dates against them, reproduce Annex VIII of Council Regulation (EU) 2026/1848 entry for entry.
The newest federally designated prediction market filed its fifth suit against a state attorney general in eleven days, and this one is in the state where a federal judge refused the CFTC the same relief on 28 July and said the exchanges were the…
The Austrian Financial Market Authority fined Bitpanda 70,000 euros for sending a crypto-asset white paper in later than twenty working days before publication and for marketing the token before the paper was out.
The city filed two complaints in the Circuit Court for Baltimore City on 13 August under an ordinance of its own, and the Kalshi case also names Robinhood, Webull and Coinbase, because each takes a fee on every event contract sold through its…
A cancellation notice dated 13 August withdrew the open meeting called for 10 a.m. on the 14th, at which the Commission was to consider proposing a tailored offering regime for certain crypto assets. No new date was given.
The Commission published the agenda on 13 August for the first meeting of its Innovation Advisory Committee, on 20 August.
The Division of Investment Management said on 12 August that it would not recommend enforcement action if Franklin Templeton's registered funds put cash and securities lending collateral into its blockchain-recorded government money fund.
A King County judge signed an order on 12 August requiring KalshiEX to stop offering event contracts on sports, elections, politics, entertainment, culture, tech and science and mentions in Washington, with geofencing by 2 September and $120,000 a…
A twelve-page advisory issued on 12 August tells designated contract markets what a market-maker or trading incentive programme may contain and how to file one.
The Commission found on 11 August that a state enforcement action and its motion for a restraining order are a major market disturbance, and directed KalshiEX to keep operating.
Cohort 2 of the Central Bank of Nigeria's regulatory sandbox takes applications from 12 August for supervised live testing of stablecoin issuance, virtual asset payments, custody and on-ramps.
A Sunshine Act notice dated 10 August calls an open meeting for 10 a.m. on Friday 14 August, at which the Commission will consider whether to propose a tailored offering regime for certain investment contracts involving crypto assets.
More than 50 cryptoassets went into the main Robinhood app for British customers on 10 August, traded through Bitstamp UK Ltd, with no trading, custody or account fee and a 0.10 per cent charge on the currency conversion that rises to 0.30 per cent…
Staff at the derivatives regulator wrote to every venue listing event contracts to say that displaying them in American plus-minus odds, rather than in cents, is likely to mislead customers about what they are buying and risks breaching the…
A federal judge in Detroit refused to stop Michigan enforcing its sports betting law against Coinbase, finding that sports event contracts are probably not swaps under the Commodity Exchange Act and that, even if they were, the Act does not displace…
The crypto market maker's New York affiliate is registered with the SEC and admitted to FINRA membership as a proprietary trading firm, able to trade equities and equity options, self-clear digital asset securities for its own account and create and…
The letter puts nearly a million investors' losses at $3.81bn against $636m of gains for the President, and asks whether the coin was a soft rug pull. A blockchain analytics firm told CNN it shows no hallmarks of one, and the SEC would not comment.
From 1 August the Chrome Web Store refuses extensions that move real money on predictive outcomes, closing a distribution channel to venues such as Kalshi and Polymarket. Google Finance has carried their prices since November 2025.
The NYDFS has granted Circle Internet Trust Company a limited purpose trust charter, putting the USDC issuer under the New York Banking Law a decade after it took the first BitLicense.
The state's petition asks a New York court to shut an exchange the CFTC licenses, with remedies one report reckons could pass $36bn, and puts the sharpest question yet to the federal footing of event contracts.
The regulator has ordered the former congressman to give up his profits and pay a penalty for trading a Kalshi contract on whether he would attend the State of the Union, an outcome he alone controlled.
A principles-based rewrite of Parts 37, 38 and 39 would police affiliations between exchanges, clearers and trading firms—the integrated structure crypto platforms made standard in derivatives markets.
The federally regulated dollar token Tether launched in January now mints and burns natively on the payments network, where it can also pay for gas.
A preliminary injunction in the District of Minnesota halts Senate File 3432, finding the Commodity Exchange Act probably preempts a state law that criminalises prediction market platforms.
The league wants outright bans on contracts over officiating and player performance rather than case-by-case review, a 21-and-over floor, and prohibited-bettor lists—positions that put it at odds with both the Commission's draft and the leagues that…
The platform that issues BlackRock's BUIDL fund has registered Securitize Capital as an investment adviser, completing a set of licences that now runs from broker-dealer and trading venue to transfer agent, fund administrator and adviser.
Kenya gazetted the Virtual Asset Service Providers Regulations, 2026 on 24 July 2026, completing implementation of the VASP Act assented to in October 2025.
The Division of Market Oversight says template filings that bundle many contract variations into a single certification fall short of what the rules require.
The Council adds platforms in six jurisdictions to its Russia measures and creates, for the first time, a tool to bar dealings with any crypto provider used by Russia.
HM Treasury published the first report of its Wholesale Digital Markets Champion, Chris Woolard, on 13 July 2026.
The European Parliament approved its position on the digital euro regulation on 9 July 2026, following a committee vote in June.
On 22 June 2026 the Bank of England published a policy statement and draft Code of Practice for sterling systemic stablecoin issuers, dropping proposed individual holding limits in favour of a temporary £40bn cap per issuance.
The Commodity Futures Trading Commission approved a notice of proposed rulemaking on prediction markets, published in the Federal Register on 12 June 2026, setting out when event contracts on enumerated activities are contrary to the public interest.
The European Commission opened a two-part consultation on revising the Markets in Crypto-Assets Regulation in May 2026, with responses due by 30 August 2026.
The Senate Banking Committee released its version of the CLARITY Act on 11 May 2026 and advanced the crypto market structure bill out of committee that month. A further revision was reported in July 2026 as negotiators worked toward a bipartisan compromise.
The Hong Kong Monetary Authority granted its first stablecoin issuer licences on 10 April 2026 to HSBC and to Anchorpoint Financial, a joint venture led by Standard Chartered with Animoca Brands and HKT.
The Securities and Exchange Commission approved a Nasdaq rule change on 18 March 2026 allowing certain tokenized securities to trade on the exchange, alongside an interpretation of how the federal securities laws apply to tokenized instruments.
The Office of the Comptroller of the Currency published a proposed rule on 25 February 2026 implementing the GENIUS Act, consolidating reserve, redemption, audit and supervision requirements for payment stablecoin issuers in a new 12 CFR Part 15.
Tether announced USAT on 27 January 2026, a dollar stablecoin issued in the United States by Anchorage Digital Bank under the GENIUS Act framework, with Cantor Fitzgerald as reserve custodian and preferred primary dealer.
Circle's euro token held €381.8m in June 2026 against $72.6bn of its dollar token, and MiCA's ban on paying interest sent what euro demand exists onchain into money market funds instead.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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