regulatory

Polish Prime Minister Donald Tusk stated that a cryptocurrency company linked to "Russian gangs and intelligence agencies" is funding political opponents and influencing domestic cryptocurrency regulatory legislation.During a parliamentary vote on Friday, Tusk pointed out that some Polish politicians obstructing cryptocurrency regulatory legislation are serving the interests of a company named Zondacrypto, which is accused of providing "financial support" to political figures and has ties to Russia. Tusk further claimed that the company sponsored the CPAC (Conservative Political Action Conference) event held in Poland last year, during which former U.S. Secretary of Homeland Security Kristi Noem publicly supported President Karol Nawrocki's campaign. Tusk bluntly stated that the company's funding sources involve not only "money related to the Russian mafia (Bratva)" but may also be connected to Russian intelligence agencies.Meanwhile, President Nawrocki won the election in June last year, with support from former U.S. President Donald Trump. The president's office responded that it does not oppose cryptocurrency regulation itself but opposes the "flawed regulatory model" proposed by the government. This controversy arises amid the political tug-of-war in Poland over the cryptocurrency regulatory bill. The bill aims to align with the EU's MiCA (Markets in Crypto-Assets Regulation) framework, but the president previously vetoed the related bill and blocked parliament from overturning the veto in December, hindering the regulatory process.

According to Decrypt, SEC Chairman Paul Atkins launched the first episode of the official podcast "Material Matters," collaborating with commissioners Hester Peirce and Mark Uyeda to publicly express a pro-innovation regulatory stance.Atkins stated that the U.S. should become the global destination for innovation and characterized the current situation as "a significant turning point for the U.S. market." Uyeda criticized the Gensler era SEC for deviating from its core responsibilities, while Peirce emphasized that regulation should be open to innovators.

According to Cointelegraph, the UK's Financial Conduct Authority (FCA) has announced that it is seeking industry feedback on guidance for the future regulatory framework for crypto assets in the UK, aimed at facilitating the implementation of a comprehensive regulatory framework that will take effect on October 25, 2027.According to the announcement, this consultation will last until June 3, 2026, and aims to help businesses understand the impact of the new regulations on their operations, providing compliance guidance for key areas such as stablecoin issuance, crypto trading, custody, and staking.The FCA stated that it hopes to establish a "competitive and sustainable" crypto market, allowing compliant institutions to better serve UK users. The FCA also disclosed that the application process for relevant crypto business licenses is expected to open in September 2026 and continue until February 2027.All institutions providing crypto asset services will need to obtain authorization under the Financial Services and Markets Act (FSMA) in the future, and previous registration under anti-money laundering frameworks will not automatically exempt them. This guidance consultation is seen as an important step in the UK's gradual improvement of its crypto regulatory system, marking an accelerated transition from partial regulation to a comprehensive licensing system.

JPMorgan CFO Jeremy Barnum stated during the earnings call that if regulatory rules are not aligned with traditional bank deposits, stablecoins may evolve into a "regulatory arbitrage" tool. He pointed out that some stablecoin models already exhibit deposit-like characteristics, such as providing incentives similar to yields, but are not subject to banking regulatory requirements like capital, liquidity, and consumer protection, which could create an unfair competitive environment. "If the same products are not regulated equally, it will open up arbitrage opportunities," Barnum said.Currently, U.S. legislation is pushing for a cryptocurrency regulatory framework, including the Clarity Act, to clarify the regulatory division of labor between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission, and to regulate the development of the stablecoin market. Additionally, whether to allow stablecoins to distribute reserve earnings to users has become a point of contention. Cryptocurrency companies, including Coinbase, support "interest-bearing stablecoins," while banks believe this would bring them closer to deposit products but lack corresponding regulatory constraints. JPMorgan expressed support for regulatory clarity but emphasized that "regulatory consistency" takes precedence over speed. At the same time, the bank is advancing product layouts, including JPM Coin and tokenized deposits, through its blockchain division Kinexys to modernize the payment system.

Mike Selig, chairman of the U.S. Commodity Futures Trading Commission (CFTC), stated in an interview that the CFTC has "exclusive regulatory authority" over prediction markets, and states do not have the power to replace federal derivatives regulation with state laws. Mike Selig emphasized, "Whether the underlying involves sports, politics, or other areas, as long as the products are legally offered by CFTC-regulated trading platforms, they fall under our jurisdiction." This statement comes as the CFTC sues Arizona, Illinois, and Connecticut to consolidate its regulatory dominance over prediction markets.Selig stated that the CFTC is clarifying the regulatory details for prediction markets through a formal rule-making process and welcomes input from all sectors regarding the evaluation process. In addition to the prediction market disputes, Selig also mentioned the final draft of the digital asset classification guidelines jointly released by the CFTC and SEC last month, which delineates clear boundaries between tokenized securities and commodities. In the future, if companies wish to self-certify digital asset futures products, regulators can directly determine the nature of the tokens based on this classification framework, ensuring that the positions of the two agencies are aligned.

U.S. Senator Cynthia Lummis stated that the United States should not continue to delay the legislative process of the CLARITY Act, or it may take nearly four years to push for improvements in the regulatory framework for the cryptocurrency industry again.She posted on social media platform X, saying, "This is our last chance to pass the CLARITY Act before at least 2030," and emphasized that "we cannot let the future of American finance be put at risk." The bill aims to provide a clearer regulatory structure for the cryptocurrency industry, clarifying the responsibilities of regulatory agencies to promote industry innovation and market development. With the U.S. midterm elections approaching, there are concerns that congressional priorities may shift, slowing down the legislative process.Former White House AI and cryptocurrency affairs head David Sacks also expressed support for advancing the bill as soon as possible, stating, "Now is the time for action," and anticipated that the relevant market structure legislation would ultimately be signed into law by the president. In the industry, several individuals, including Coinbase CEO Brian Armstrong, have recently called for an expedited legislative process, believing that clear rules will promote innovation and increase market participation. On the regulatory side, SEC Chairman Paul Atkins also expressed support for advancing comprehensive market structure legislation to avoid ongoing regulatory uncertainty affecting industry development.

According to the proposal, the regulatory authority over cross-border institutions that are systemically important will be transferred from the competent authorities of each member state to ESMA, covering large CASPs, trading venues, central counterparties, and central securities depositories. This is the most significant structural adjustment to the EU's crypto regulatory framework since the full implementation of the Markets in Crypto-Assets Regulation (MiCA) for CASPs at the end of 2024.Under the current MiCA framework, the national competent authorities act as the frontline regulators, while ESMA plays only a coordinating role.

According to the Hong Kong Wen Wei Po, the Vice President of the Hong Kong Monetary Authority, Chen Weimin, stated that the choice of which currency to issue for stablecoins primarily depends on the applicant's own decision. The issuance of a Hong Kong dollar stablecoin is the first step, and in the future, other currencies including the renminbi can be issued, which is permitted under Hong Kong's system, but the applicant also needs to obtain approval from mainland regulatory authorities.Regarding when the second batch of stablecoin issuer licenses will be issued, Chen Weimin indicated that there is currently no relevant timetable, but they have been in communication with applicants interested in applying for the license. It is reported that HSBC's stablecoin will be integrated into the PayMe and HSBC HK App applications and will support real-time transfers between individuals, as well as person-to-merchant (P2M) services.

The Dubai Virtual Assets Regulatory Authority (VARA) released guidelines for the issuance of virtual assets on Thursday, providing clear regulations on the structural design, information disclosure, and distribution methods for stablecoins and real-world asset (RWA) tokens.The guidelines categorize token issuance into three pathways: Category 1 covers fiat-pegged and asset-pegged virtual assets; Category 2 must be distributed through licensed intermediaries, which are responsible for due diligence and ongoing compliance verification; the third category consists of functionally restricted exempt virtual assets.VARA's General Counsel Ruben Bombardi stated that the framework enhances transparency through white papers and independent risk disclosure statements, providing issuers with "greater regulatory certainty" and offering market participants a "single, exclusive reference." These guidelines serve as an interpretative document for the existing "Virtual Asset Issuance Rules Manual" and do not constitute new legislation.

U.S. Treasury Secretary Scott Bessenet wrote that the United States has long dominated global financial market regulatory standards, but this leadership is not a given. He urged Congress to pass the Clarity Act as soon as possible to establish a clear regulatory framework for digital assets.Bessenet cited data indicating that the global market value of digital assets has fluctuated between $2 trillion and $3 trillion over the past year, with about one-sixth of Americans holding some form of digital asset. The application of blockchain technology in payments, settlements, and physical asset exchanges continues to expand. He emphasized that cryptocurrency is no longer a niche experiment but a technology widely adopted globally, and the U.S. must take proactive measures to continue leading in the formulation of rules in this field.

The ruling Democratic Party of Korea proposed the "Basic Law on Digital Assets" this Wednesday, aiming to establish a comprehensive legal framework for the issuance, trading, custody, and supervision of digital assets.The bill categorizes value-related digital assets, such as stablecoins linked to fiat currency or real assets, as a special category, requiring issuers to obtain authorization and meet strict standards such as capital thresholds, reserve plans, and redemption obligations. In addition, the bill will introduce a licensing, registration, and information disclosure system for digital asset businesses, prohibit improper behaviors such as market manipulation and insider trading, and propose the establishment of a Digital Asset Committee to coordinate policy.

According to Cointelegraph, the Thai Securities and Exchange Commission (Thai SEC) has proposed to include the funding providers behind the major shareholders of cryptocurrency businesses in the regulatory approval scope. Regardless of whether the support is provided directly or indirectly, they must undergo the same regulatory scrutiny as the shareholders.The proposal aims to curb hidden capital flows and prevent illegal funds from infiltrating cryptocurrency enterprises. The same rules apply to behaviors that provide funding support indirectly through equity acquisitions. The Thai SEC stated that "significant funding support" includes guarantees, contractual arrangements, or any investment instruments that effectively grant the fund provider the status of an investor; if the major shareholder is a government-related agency, only the entity-level shareholding situation will be reviewed.

According to The Block, the Democratic Party of Korea plans to incorporate tokenized real-world assets (RWA) and stablecoins into the existing legal framework, with relevant provisions included in the proposal for the Digital Asset Basic Law.The proposal requires issuers of tokenized RWA to deposit the underlying assets into a trust account in accordance with the Capital Markets Act; stablecoins are classified as a "means of payment" under the Foreign Exchange Transaction Act and are regulated by the foreign exchange authority without the need for separate registration. Small stablecoin transactions are exempt from foreign exchange reporting, while large transactions maintain regulatory requirements.In addition, the proposal prohibits providing yields on idle stablecoin balances and requires the Financial Services Commission to establish technical standards for stablecoin interoperability. The Digital Asset Basic Law is Korea's second set of digital asset regulatory regulations, which has faced multiple legislative delays, with the originally scheduled rollout in 2025 being postponed.

The Federal Deposit Insurance Corporation (FDIC) has proposed a new rule draft to regulate stablecoin issuers within its jurisdiction according to the GENIUS Act, covering requirements related to reserves, redemption, capital, risk management, and custody.The FDIC stated that the relevant reserve deposits will be insured, but this protection does not directly cover stablecoin holders. At the same time, the regulatory agency has sought public opinion on the details of the rules, with a comment period of 60 days. This proposal is a further measure to implement the GENIUS Act, and the relevant regulatory framework is expected to be gradually improved.

CME Group announced plans to launch futures contracts for Avalanche (AVAX) and Sui (SUI), further enriching its regulated cryptocurrency derivatives product line, and is currently awaiting approval from regulatory authorities. Market participants can choose between mini contracts or standard contracts: 1. AVAX futures: 5,000 AVAX, mini AVAX futures: 500 AVAX; 2. SUI futures: 50,000 SUI, mini SUI futures: 5,000 SUI.

According to CoinDesk, Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), stated on Monday that the agency is about to propose a "crypto regulation" initiative to further clarify its regulatory approach to the crypto industry and delineate which transactions may be considered securities and which may not.SEC Chairman Paul Atkins mentioned that the new "crypto regulation" has been submitted to the White House Office of Information and Regulatory Affairs, meaning it is just one step away from official release. He stated that this rule-making is primarily based on the Securities Act of 1933 and will involve issues such as financing and exemptions for startups.After the Q&A session, he also indicated that the SEC plans to soon launch the long-awaited "innovation exemption."

The Blockchain Association submitted a letter to the U.S. Securities and Exchange Commission (SEC) in response to Citadel's previous call for increased regulation of DeFi.The Blockchain Association stated that DeFi protocol developers do not fall under the category of brokers or exchange operators and should not be included in the regulatory framework designed for traditional financial intermediaries. The organization also urged the SEC to advance an "innovation exemption" mechanism to provide regulatory pilot space for on-chain assets and tokenized securities, pointing out that the comprehensive rule-making process is lengthy, which may delay the implementation of technology and lead to innovation outflow. Previously, Citadel had suggested that the SEC strengthen regulation of DeFi through formal legislative processes.

Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission, stated on the X platform that U.S. federal law clearly stipulates that the derivatives market is regulated by the U.S. Commodity Futures Trading Commission.Whether it's sports, politics, or oil prices, under the federal regulatory framework, the U.S. Commodity Futures Trading Commission has clear jurisdiction to regulate prediction markets and is obligated to uphold the regulations.

Australia has officially passed the "2025 Company Amendment (Digital Assets Framework) Bill," becoming the country's first comprehensive digital asset regulatory legislation. The bill requires cryptocurrency exchanges and custodial platforms to apply for a financial services license from the Australian Securities and Investments Commission (ASIC) and to complete compliance within six months.The new law establishes two types of regulated entities: "digital asset platforms" and "tokenized custodial platforms," which are subject to the same core rules for client asset protection, information disclosure, and dispute resolution as brokers and fund managers. The aim is to prevent risks such as the mixing and misappropriation of client assets. Research institutions estimate that Australia could generate up to AUD 24 billion annually from the tokenized market, payments, and digital assets, accounting for about 1% of GDP; without a regulatory framework, this figure could drop to only about AUD 1 billion by 2030.