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On 5 May 2025, the United States Securities and Exchange Commission (US SEC) published an ‘order instituting proceedings’ to determine whether to approve or disapprove a proposed rule change submitted by the Nasdaq Stock Market LLC to list and trade shares of the Canary Litecoin ETF under Nasdaq Rule 5711(d), governing Commodity-Based Trust Shares. The application, originally filed on 15 January 2025, proposes that the ETF will track the market price of Litecoin (LTC) through the CoinDesk Litecoin Price Index (LTX) and hold LTC as its sole underlying asset, alongside cash. According to the proposal, the Litecoin ETF is sponsored by Canary Capital Group LLC and administered by U.S. Bancorp Fund Services, LLC and purportedly it will allow investors to gain regulated exposure to the price performance of Litecoin without directly acquiring or custodying the digital asset. The Litecoin will be securely custodied by BitGo Trust Company, Inc. and Coinbase Custody Trust Company, LLC. The...

On 6 May 2025, with the aim to enhance global regulatory alignment and promote Hong Kong in virtual asset oversight, senior executives from the Hong Kong Securities and Futures Commission (HK SFC) concluded a visit to Abu Dhabi and Dubai last week. The delegation was led by Dr. Eric Yip, Executive Director of Intermediaries, and Ms. Elizabeth Wong, Director of Intermediaries & Head of the Fintech Unit. During the visit, the HK SFC delegation held bilateral discussions with regulatory counterparts of UAE, including the Securities and Commodities Authority of the United Arab Emirates, the Financial Services Regulatory Authority of the Abu Dhabi Global Market, the Dubai Financial Services Authority, and the Virtual Assets Regulatory Authority of Dubai. These meetings focused on evolving approaches to virtual asset regulation, licensing, and supervisory practices in line with the SFC’s ASPIRe roadmap, released on 19 February 2025. Dr. Yip discussed the HK SFC's approach has been...

On 5 May 2025, the United States Securities and Exchange Commission (US SEC) announced a rescheduling of its upcoming Crypto Task Force roundtable on decentralised finance (DeFi). Originally slated for 06 June 2025, the roundtable titled “DeFi and the American Spirit” will now be held on 09 June 2025. The Commission confirmed that all prior registrations remain valid for the new date. This roundtable is part of the US SEC’s ongoing efforts to examine the regulatory treatment of decentralised protocols and platforms through its United States Crypto Task Force public dialogue series. The event is expected to address core questions concerning how DeFi aligns with, or, challenges the existing US legal frameworks, particularly in relation to investor protection, disclosure obligations, and federalism in financial innovation. The Commission has encouraged new registrants to continue applying via the official portal. Additional logistical details, agenda updates, and panelist lists will be...

On 5 May 2025, the United States Securities and Exchange Commission (US SEC) published the ‘full agenda and list of panelists’ for its upcoming public roundtable titled “Tokenisation — Moving Assets Onchain: Where TradFi and DeFi Meet.” The event is scheduled for 12 May 2025 from 1:00 p.m. to 5:30 p.m. ET and will take place at the Commission’s headquarters in Washington, D.C. The roundtable forms part of the US SEC Crypto Task Force’s broader engagement with industry, academia, and technology leaders on regulatory implications in emerging crypto asset markets. Led by Commissioner Hester M. Peirce, the event is expected to explore how tokenisation is reshaping capital formation and institutional access to digital assets. Commissioner Peirce stated: “Tokenisation is a technological development that could substantially change many aspects of our financial markets, I look forward to hearing ideas from our panelists on how the SEC should approach this area.” The roundtable will open with...

On 5 May 2025, the United States Securities and Exchange Commission (US SEC) published a notice of proposed rule change filed by Cboe BZX Exchange, Inc., initiating the public comment process regarding the potential listing and trading of two leveraged exchange-traded funds (ETFs) i.e. the 2x Long VIX Futures ETF (UVIX) and the -1x Short VIX Futures ETF (SVIX). Released as Exchange Act Release No. 34–102991, the notice pertains to amendments submitted pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and Rule 19b-4 thereunder. At this stage, the US SEC has not approved the proposal but is instead soliciting comments from interested parties to assess whether the rule change meets statutory standards for fairness, investor protection, and market integrity. The proposed rule change seeks to permit the listing of UVIX and SVIX as series of the 2X Futures Access ETF Trust. Sponsored by Volatility Shares LLC, these products are structured to offer daily...

On 29 April 2025, the Chancellor of the Exchequer of United Kingdom confirmed the appointment of four new non-executive directors to the Board of the United Kingdom Financial Conduct Authority (UK FCA): Professor Julia Black, Anita Kimber, John Ball, and Stéphane Malrait. The announcement also includes a one-year term extension for current Board member Richard Lloyd, ensuring continuity and seasoned leadership as the UK FCA implements its five-year strategy for market resilience, innovation, and regulatory agility. Professor Julia Black, a former external member of the Prudential Regulation Committee, will assume her position as non-executive director on 12 May 2025 for an initial three-year term. She brings deep expertise in regulatory design and governance, particularly in complex financial systems. Joining her on the same day is Anita Kimber, an accomplished former partner at EY with prior leadership roles at PwC and IBM, known for her cross-sectoral insight into financial...

On 05 May 2025, the United States Securities and Exchange Commission (US SEC) issued a notice (Investment Company Act Release No. 35567; File No. 812-15759) concerning a joint application submitted by a suite of Blackstone-affiliated funds and advisory entities. The applicants are seeking an exemptive order under Sections 17(d) and 57(i) of the United States Investment Company Act of 1940, and US SEC Rule 17d-1 thereunder, to permit joint participation in investment opportunities that would otherwise be prohibited as affiliated transactions. The application was originally filed on 14 March 2025 and subsequently amended on 11 April and 24 April 2025. The core of the request lies in enabling certain business development companies (BDCs) and closed-end management investment companies, managed or advised by Blackstone entities, to co-invest alongside affiliated investment vehicles. This structure, while commercially aligned with market efficiencies, requires prior regulatory relief due...

On 05 May 2025, the United States Securities and Exchange Commission (US SEC) published a notice confirming the immediate effectiveness of a rule change proposed by the Fixed Income Clearing Corporation (FICC), filed under Section 19(b)(3)(A) of the United States Securities Exchange Act of 1934 and Rule 19b-4(f)(3) thereunder. This rule change, submitted on 25 April 2025, concerns amendments to two internal governance documents, namely, the Capital Policy and the Capital Replenishment Plan i.e. used by the FICC and its affiliates, The Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC), collectively referred to as the Clearing Agencies. The revisions primarily aim to update, simplify, and clarify the wording of these documents, ensuring they continue to operate as intended under the applicable regulatory framework. Additionally, the Capital Replenishment Plan has been modified to include provisions for alternate authorisations, enabling continuity...

The United States Securities and Exchange Commission’s Crypto Task Force will host its next roundtable, “Tokenization: Moving Assets Onchain – Where TradFi and DeFi Meet,” on 12 May 2025 from 1:00PM to 5:00PM ET. Part of the US SEC’s ongoing series exploring regulatory approaches to crypto assets, the session will focus on tokenization’s potential to connect traditional finance (TradFi) with decentralised finance (DeFi). The roundtable is open for in-person registration, while the webcast will be available without registration. Tokenization has evolved from concept to commercial execution, with major institutions now piloting on-chain versions of bonds, funds, and real-world assets. TradFi giants like JPMorgan, BlackRock, and Citi are entering territory once native to DeFi becoming foundational to how assets will move and settle globally Registration is now open for in-person attendance, while the virtual webcast remains freely accessible without registration. Those interested in...

On 24 April 2025, Jessica Rusu, Chief Data, Information and Intelligence Officer at the United Kingdom Financial Conduct Authority (UK FCA), delivered a Speech at ‘The City UK’ International Conference 2025, outlining the FCA’s evolving approach to digital asset regulation, artificial intelligence, financial innovation, and regulatory modernization. Against the backdrop of global market uncertainty, Rusu positioned the United Kingdom as a steady and trusted financial centre — offering the clarity, stability, and proportionate regulation that innovative firms require to start up, scale, and thrive. Opening her remarks with reflections on the resilience of financial markets during volatile times, Rusu highlighted how technological advancements, particularly artificial intelligence, have fundamentally reshaped the financial services sector in the past year. She noted that the United Kingdom remains a global leader in key markets such as commercial insurance, derivatives, debt issuance,...

On 17 April 2025, the United Kingdom Financial Conduct Authority (UK FCA) updated the anti-money laundering and counter-terrorist financing (AML/CTF) registration regime and thereby reaffirmed its commitment to combatting money laundering, terrorist financing, and proliferation financing in the cryptoasset sector. As the designated AML/CTF supervisor of United Kingdom cryptoasset businesses under the United Kingdom Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), the UK FCA mandates that any firm providing cryptoasset services within the scope of the MLRs must be formally registered before commencing operations. Firms intending to operate cryptoasset businesses “by way of business” within the United Kingdom must assess their activities against Regulations 8, 9, and 14A of the MLRs. This includes businesses already authorised or registered with the UK FCA under other frameworks, such as payment institutions, electronic...