New Hampshire’s Executive Council voted 3–2 to reject a proposal for up to $100 million in taxable conduit revenue bonds backed by bitcoin collateral. The deal was designed to avoid direct taxpayer exposure, with CleanSpark as the private borrower and BitGo as custodian, and Moody’s assigned a Ba2 rating to the structure.
Still, officials cited reputational and policy concerns, underscoring that “crypto in public finance” faces political hurdles even when legal risk is ring-fenced.
Source: FinanceFeeds
Stablecoin rulemaking clock: GENIUS Act draft outlines, but final rules are still pending
With the GENIUS Act implementing rules due within about 10 days, federal agencies have yet to deliver the binding “rulebook” that stablecoin issuers need for certainty. Draft guidance points toward higher capital and liquidity standards, stricter reserve rules, and bank-style compliance requirements (including AML and sanctions screening).
Even if agencies hit the July 18 statutory deadline, most obligations won’t take effect until roughly 120 days later—pushing real compliance work into mid-November, with longer transitions for intermediaries.
Source: Finance Magnates
Circle clears a major regulatory milestone: OCC final approval for a national trust bank
Circle received final approval from the OCC to establish a national trust bank, “Circle National Trust,” strengthening USDC’s regulated custody and infrastructure footprint in the U.S. The structure begins with fiduciary custody for Circle and affiliates, with potential expansion to select institutional clients later.
The approval also places Circle ahead of peers racing to align with new federal stablecoin oversight, as issuers seek “federal perimeter” compliance and deeper institutional distribution.
Source: FinanceFeeds
U.S. crypto policy volatility risk rises as staffing and independence get politicized
Reporting says the White House has blamed Senate Democrats for vacant SEC and CFTC commissioner seats, escalating a dispute that could affect the next phase of U.S. crypto and derivatives rulemaking. Both agencies are designed to work via multi-member commissions; reduced staffing could accelerate decisions now while increasing reversal risk later.
The concern is bigger than headcount: a Supreme Court ruling expanding presidential removal power over certain independent agencies could also alter the practical insulation regulators have from political swings.
Source: FinanceFeeds
Regulation meets cybersecurity: Hong Kong SFC orders phishing-resistant authentication for brokers and crypto platforms
Hong Kong’s SFC ordered licensed securities and virtual asset firms to replace one-time passwords (OTPs) with phishing-resistant authentication, including passkeys and device binding. The requirement is aimed at preventing account-takeover attacks—especially those enabled by credential harvesting and simulated login pages.
Firms must implement stronger controls within 12 months (with larger brokers expected to start sooner) and expand monitoring and incident-response capabilities, raising the compliance bar across both TradFi and crypto.
Source: FinanceFeeds
Energy derivatives showdown: CFTC blocks CME’s fast-track path to 24/7 crude oil futures
The CFTC stayed CME’s attempt to self-certify a 24/7 crude oil futures contract, pushing the exchange into a fuller review process. The dispute reflects a broader policy fight over whether traditional energy derivatives should adopt “always-on” structures similar to crypto perps—while maintaining integrity, surveillance, and customer protections.
For market participants, the decision matters because crude oil is a core macro risk-management contract; trading around the clock could reshape liquidity patterns and weekend risk.
Source: FinanceFeeds
Markets: SK Hynix sets a new U.S. debut benchmark as Wall Street focus shifts back to AI chips
Reports indicate markets edged higher as attention moved to SK Hynix’s historic U.S. ADR debut, after a chip-led rally helped lift major indexes. The trading narrative blends “AI infrastructure momentum” with heightened volatility around new listings and ADR mechanics.
For investors, the key takeaway is that index-level sentiment may still be highly sensitive to a narrow set of semis—even as macro-watchers keep one eye on upcoming inflation data.
Source: SeekingAlpha
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