regulation
Every story this desk has filed under regulation, most recent first.
A Nasdaq-Listed Company Files Its Notice to Trade Tokenized US Stocks
Perpetuals, run by the former head of FTX Europe, says it has filed a notice of intent to rely on the SEC's five-year conditional exemption for tokenized equities. A 30-day waiting period now runs.
A Second Company Asks the SEC for Permission to Run a Tokenized Stock Market
Perpetuals.com, listed on Nasdaq and run by the former head of FTX Europe, is applying under the exemption framework the SEC opened for onchain share trading. Only one other venture has gone first.
French Lawmakers Vote to Tax Stablecoin Swaps, Then Vote Down the Budget Carrying It
A National Assembly committee adopted amendments taxing crypto-to-stablecoin conversions and unrealised gains for wealthy holders leaving France, before rejecting the revenue section of the 2027 budget.
Europe's Regulator Wants Proof Tokenised Collateral Can Be Sold When It Matters
ESMA has opened a call for evidence on the legal, liquidity and operational risks of accepting tokenised assets as collateral at EU clearing houses, before deciding whether new rules are needed.
Three Small Jurisdictions Issue Most of the World's Tokenized Stocks
Jersey, the British Virgin Islands and the United Arab Emirates account for the bulk of tokenized equity issuance, a concentration that puts a global product line under a handful of regulators.
Europe's Markets Regulator Gives Platforms Three Months to Clear Out Non-Compliant Stablecoins
ESMA told authorised crypto firms in the EU to stop offering stablecoins that do not meet MiCA requirements, blocking new access immediately and leaving national regulators three months to deal with what customers already hold.
The IMF Says Tokenised Stock Markets Are Thinner and More Volatile Than the Real Ones
The International Monetary Fund found that tokenised equity markets trade with less liquidity and sharper price swings than the share markets they mirror, even as demand for round-the-clock trading grows.
The CFTC Proposes a Federal Licence for Crypto Exchanges, With Leverage as the Trigger
Two proposed rules would create a new category of registered venue for leveraged retail crypto trading. A reform group says the derivatives regulator is the wrong one for the job.
The SEC Proposes Letting Investment Advisers Hold Crypto Themselves
A new proposed rule would allow advisers and funds to use state trust companies as custodians and, in some cases, to self-custody digital assets. Comments run 60 days from publication.
South Korea Puts Numbers on Its Tokenised Securities Regime Ahead of a 2027 Start
The country's financial regulator has proposed detailed rules covering capital requirements for issuers, licensing for over-the-counter trading and limits on how much retail investors can put in.
Robinhood Says the SEC's Innovation Exemption Is a Constraint, Not a Door, for Stock Tokens
Johann Kerbrat, who runs Robinhood's crypto arm, told The Block the firm is still working through the terms of the SEC's innovation exemption before it can bring tokenized stocks to American users.
The SEC Reopens Transfer-Agent Rules, and the Question Is Which Ledger Is the Real One
Tokenised shares can end up recorded in four places at once: a token contract, a special-purpose vehicle, a broker's books and a transfer agent's database. An argument published by CoinDesk says that is how you rebuild the paperwork crisis.
California Makes It Illegal for Its Own Officials to Launch a Memecoin
Governor Gavin Newsom signed AB 2409 as part of an anti-corruption package. It bars public officials from issuing memecoins and restricts crypto firms from offering officials' tokens to Californians, for tokens issued from 1 January 2027.
The Fed Puts a Two-Day Clock on Stablecoin Redemptions
The Federal Reserve opened two proposals implementing the GENIUS Act, setting capital requirements, reserve-asset limits and a two business day redemption window for the issuers it supervises.
The CFTC Tells Commodities Firms Tokenized Assets and Onchain Records Are Allowed
The US derivatives regulator issued guidance permitting registered firms to invest in tokenized assets and to keep required records on a blockchain, days after a failed vote on the CLARITY Act.
Europe's Markets Regulator Puts Tokenisation on Its Supervisory List for 2027
ESMA will make tokenisation and artificial intelligence a union-wide supervisory priority from 2027, with national regulators mapping how firms use both in client-facing products before examining a subset of them.
Wall Street Analysts Name the Firms That Gain From the SEC's Tokenised Stock Opening
Goldman Sachs and Citizens told clients the SEC's five-year exemption puts custody, tokenisation infrastructure and stablecoin settlement in play, with Coinbase, Robinhood and Circle named as the near-term beneficiaries.
The CFTC Says a Wallet That Routes You to a Futures Venue Is Not a Broker
Commodity Futures Trading Commission staff issued a no-action letter extending relief to passive software providers, meaning crypto wallets and apps can connect users to regulated derivatives and prediction markets without registering as introducing brokers.
The SEC Gives Tokenized Stock Venues Five Years Without an Exchange Licence
The Securities and Exchange Commission issued a five-year blanket exemption letting qualifying venues list and trade tokenized US stocks on public blockchains without registering as exchanges. Price-tracking synthetics are excluded, and companies can block tokenization of their own shares.
Robinhood Says Redemptions and Votes Are Coming to Its Stock Tokens
Chief executive Vlad Tenev and crypto chief Johann Kerbrat both said in-kind redemption and voting rights are on the roadmap for Robinhood Stock Tokens, after criticism of what holders actually own.
London Considers Exempting Tokenized Gold From Fund Rules
The Financial Conduct Authority is weighing a bespoke framework with the Treasury that would carve digital gold out of collective investment scheme law, a defensive move for the London bullion market.
Europe's Markets Regulator Names Tokenized Equities Among the Channels Back Into Banking
ESMA has flagged tokenized equities, DeFi exploits and prediction markets as places where deepening crypto links could carry risk into the traditional financial system, while questioning how Polymarket and Kalshi reach EU users at all.
ARK Wants a Tokenized Share Class for Its Venture Fund, and the SEC Has a Date
A pending exemptive application would let ARK Venture Fund record ownership of a new share class on a distributed ledger and trade it on registered alternative trading systems. Hearing requests close on 18 September.
Tenev Draws the Line: A Company Should Not Get a Veto Over Its Own Stock Token
Robinhood's chief executive told CNBC that public companies should not hold veto power over third-party securities referencing their shares, and conceded that holders of the tokens have no voting rights.
South Korea Sets February 2027 for Tokenized Securities, and Puts Onchain Settlement Last
Financial regulators published a three-stage plan to move capital markets onto distributed ledgers, beginning with unlisted instruments and ending with stablecoin settlement onchain.
The SEC Reopens the Rulebook for Who Keeps the Share Register
The regulator proposed its first broad rewrite of transfer agent rules since the 1980s, explicitly addressing blockchain recordkeeping and tokenized securities, and set an agenda for a roundtable on round-the-clock US trading.
Vietnam Wants a Regulated Crypto Market, With Tokenized Assets Inside It
Plans reported by Crypto Briefing would set up a licensed venue for digital assets including tokenized instruments, framed around domestic currency demand and foreign investment rather than open access.
The Bank of England Is Being Given a Legal Duty to Encourage Stablecoins
A bill due before the House of Lords in September would add an innovation mandate to the Bank's remit, covering digital payments and stablecoins. Financial stability remains its primary objective.
The SEC's Custody Rewrite Reaches the White House, Which Is Where Rules Go to Be Timed
A proposal to change how investment advisers and funds hold digital assets has been sent for White House review, following the withdrawal of a separate 2023 attempt. Nothing is in force, and the text is not public.
The Lobby for Onshore Equity Perps Now Has Two Voices Asking for the Same Thing
The Blockchain Association wants a joint SEC and CFTC framework for equity perpetuals, and Hyperliquid's policy arm is asking the same two regulators to harmonise their treatment of perps.
Japan Starts Studying Blockchain Settlement for Its Own Stock Market
Nikkei reports that Japanese agencies are working on a blockchain-based stock settlement system, with details due in early 2027 and full operation not expected until the early 2030s.
Robinhood's Chief Makes the Public Case for Tokenized Stocks, Days After the SEC Parked His Shortcut
Vlad Tenev published an argument for tokenizing US equities five days after the SEC set aside its innovation exemption for a second time. Robinhood Chain, meanwhile, printed a fresh TVL high.