News, data and analysis on tokenized assets, market design and digital economic systems.
Where tokenized assets change hands: listing rules, market access, trading hours, and whether secondary liquidity exists or is only asserted.
Each token is backed by a real share and carries its dividends, but buyers are not on the company's share register. Trading on venues planned by the New York Stock Exchange and OKXICE needs approvals not yet given.
The derivatives regulator's advance notice, published on 5 October without rule text, treats an offer of leverage in an exchange's account terms as enough to bring all of its retail trades under futures law while the coins sit on its books, so an…
The joint venture's notice under the SEC's tokenized stock exemption describes permissioned Uniswap pools on XLayer, administrator keys that can upgrade the contracts without a timelock, and an objection already lodged by Cerebras, a company that is…
UK crypto firms can apply for FCA authorisation from 30 September until 28 February 2027, ahead of the regime starting on 25 October 2027. An anti-money-laundering registration does not convert.
OMB's regulatory office received two CFTC rules on 28 September: a proposed rule to define event contracts as swaps and an interim final rule to exclude casino-style gambling products from the definition. Neither listing carries text.
The Commission registered Coinbase Clearing LLC as a derivatives clearing organisation on 28 September, permitted to clear only fully collateralized futures, options on futures and swaps. Coinbase calls it the first USDC-native clearing house.
Bybit said on 28 September that eligible clients can pledge fund shares issued through Franklin Templeton's Benji platform, held off-exchange through ByCustody, for USDT or USDC trading credit.
Governor Gavin Newsom said on 27 September that he had signed AB 2409, presented as a response to the President's token.
A Sixth Circuit panel held on 25 September that a sports result is not an event with a financial consequence under the Commodity Exchange Act, so Kalshi's contracts are not swaps, and that state gambling law is not preempted even if they were.
New York's Attorney General petitioned a state court on 24 September to stop QCX LLC, trading as Polymarket US, operating unlicensed in the state, seeking three times its gains and $100,000 per unauthorised offer.
The two companies announced a five-year agreement and a $100m share placement on Tuesday. Circle's release describes promotion and infrastructure services.
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.
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.
The exchange says its reserve ratio is above 100 per cent and every asset can be withdrawn.
Nasdaq Ventures has agreed to invest $100m in Payward, and Payward will adopt Nasdaq's surveillance across its crypto, equities, tokenized equities, futures and options venues. Nasdaq Equity Tokens are expected in the second quarter of 2027.
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 bank extended institutional deliverable spot trading in bitcoin and ether to clients of its Dubai International Financial Centre entity, routed through the same electronic channels its clients use for foreign exchange, and lets them settle with a…
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.
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…
LSEG says it intends to list xStocks on a planned round-the-clock venue in 2027 and is designing a UK tokenized equity structure meant to keep shareholder rights intact, with Kraken's parent as its partner.
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.
ICE will invest in tZERO, take a licence to its 103 blockchain patents and consult it on the standards for digital transfer agents on the planned Digital Trading Platform, the day before the SEC proposed letting a transfer agent keep the master file…
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 Commodity Futures Trading Commission closed its cases against Caroline Ellison and Gary Wang with no restitution, no disgorgement and no civil penalty.
Kraken opened US stock trading across the European Economic Area this morning and says the traditional share and its tokenized version now sit side by side in one regulated account.
Kalshi submitted two never-expiring futures for the Commission's approval on 18 August rather than certifying them itself: one on a 500-stock US index, one on copper.
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 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 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.
The flight tracking company discontinued its case on 11 August, the day after filing it and hours after a judge set a restraining order hearing for the 13th.
Nasdaq agreed on 11 August to acquire LeveL Markets, the third largest alternative trading system in the United States, and to put it inside a new Digital Liquidity Networks organisation that also holds its tokenization business.
The flight tracking company filed in Manhattan on 10 August, alleging that Kalshi named it as the primary source agency for cancellation contracts, displayed its trademark on the market pages and settled wagers on data licensed for personal use only.
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…
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 SEC-registered transfer agent brings its dShares home, selling every S&P 500 company for USDC through self-custody wallets, in what the firm calls an industry first.
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 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.
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.
Revenue of $1.22bn missed on both the trading and subscription lines and the shares fell about 5% after hours, in a quarter the exchange's own release leads on a record 10.3% share of crypto trading volume.
The OTC exchange's NDSP, built on Blockstation rails, is to issue, trade, clear and settle tokenized securities, with a first public offering slated for early September.
Trading, deposits and new positions ended at 04:00 UTC on 23 September, on the schedule HDR Global Trading set in July, and www.bitmex.com now serves a closure notice in place of the platform.
Robinhood began operating Robinhood Chain on mainnet on 1 July 2026, alongside round-the-clock tokenized stock trading, perpetual futures and onchain lending. The tokens give price exposure rather than direct share ownership.
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.
Trading volume in tokenized gold reached $90.7bn in the first quarter of 2026, exceeding the total for all of 2025, according to research published by CEX.IO.
Intercontinental Exchange announced an additional $600m investment in Polymarket on 27 March 2026, adding to its earlier stake in the prediction-market platform.
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.
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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