Digital assets. Global context. Evidence first.
Rules, courts and public policy across the world’s financial centers.
The U.S. Securities and Exchange Commission has proposed a conditional way for investment advisers to hold certain crypto assets for clients when no qualified custodian is available…
The Fed proposes a tailored approval application for insured State member banks seeking stablecoin subsidiaries. The review clocks depend on a substantially complete filing; no bank approval is established.
The Fed’s proposed GENIUS Act rule would set reserve, capital, risk-management and custody standards for issuers under its supervision. It remains open for comment, not final.
Omid Malekan argues that the SEC’s tokenized-stock venue order should test open consensus participation, not only public ledger read/write access. The SEC has not adopted his view.
Vertalo asks the SEC to clarify who maintains shareholder records when shares trade as tokens. Its September 25 filing is a comment, not a rule change.
The commissioner wants people to prove relevant attributes without routinely exposing underlying personal data. Recent FinCEN guidance addresses a narrower question for banks and credit unions.
CFTC staff says tokenized permitted investments and blockchain records can meet existing rules, if firms retain asset, custody and recordkeeping safeguards.
The proposed rule reaches assets recorded on distributed ledgers but says the technology must be necessary, leaving the practical boundary unresolved.
The SEC proposes a one-time $5 million startup route and tiered $20 million and $75 million fundraising paths, but none is law yet and Tier 2 adds reporting duties.
The failed cloture vote stopped the House-passed crypto market structure bill from advancing, but it was not a final-passage vote and did not legally end the measure.
The five-year order permits qualifying venues and liquidity providers to test tokenized U.S. stock trading under strict access, volume, rights and disclosure conditions.
UK regulators targeted three London premises in a peer-to-peer crypto trading probe, issued cease-and-desist letters and gathered evidence for continuing investigations.