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On 12 May 2025, at the United States Securities and Exchange Commission (US SEC) Headquarters, Washington D.C., Chairman Paul S. Atkins delivered keynote address at the “Tokenisation – Where TradFi and DeFi Meet” Crypto Taskforce roundtable. The speech gives a direction for developing bespoke regulatory regimes for on-chain securities, and to move away from ad hoc enforcement and toward rule-based clarity. Chairman Atkins delivered his keynote in the context of growing interest in tokenised securities and blockchain-based capital markets infrastructure. Drawing an analogy to the evolution of digital audio, Atkins portrayed tokenisation as a technological leap similar to that which transformed the music industry, arguing that the transition to on-chain securities is inevitable and must be met with a fit-for-purpose legal regime. He reaffirmed the US SEC’s commitment to innovation, clarity, and competitiveness in support of President Trump’s vision to make the United States the “crypto...

On 12 May 2025, the U.S. Securities and Exchange Commission (US SEC) hosted its fourth Crypto Task Force Roundtable in Washington, D.C., where Commissioner Hester M. Peirce delivered speech on the transformative potential of tokenisation. Her address, titled “Getting Smart – Tokenisation and the Creation of Networks for Smart Assets,” outlined the opportunities and regulatory challenges of integrating traditional financial assets into blockchain-based networks. Commissioner Peirce’s discussed the revolutionary potential of tokenisation, which involves formatting traditional securities, such as stocks and bonds, as crypto assets on blockchain networks. She links tokenisation to the internet’s impact on communication, showing how crypto networks enhance the efficiency, accessibility, and functionality of financial assets through smart contracts. These self-executing programs automate processes like dividend payments and enable seamless integration with decentralised finance (DeFi)...

On 12 May 2025, US SEC Commissioner Caroline A. Crenshaw delivered a speech at the United States Crypto Task Force Roundtable on Tokenisation in Washington, D.C. Titled “Tokenisation: Our Field of Dreams?,” her remarks critically examined the enthusiasm surrounding blockchain-based tokenisation of securities, drawing parallels with the film Field of Dreams to question whether building a tokenised financial system will deliver promised benefits. Commissioner Crenshaw’s speech casts a cautious eye on the push to integrate tokenisation into the securities markets, questioning its definition, technological feasibility, and regulatory implications. She highlights ambiguities around whether tokenisation involves issuing securities directly on a blockchain or creating digital representations, and whether it encompasses the entire securities lifecycle. Crenshaw challenges the assumption that tokenisation will enhance market efficiency, particularly through instant settlement, arguing that...

On 12 May 2025, US SEC Commissioner Mark T. Uyeda delivered a speech at the United States Crypto Task Force Roundtable in Washington, D.C., titled “Tokenisation of Real-World Assets.” Addressing panelists and attendees, Uyeda discussed the transformative potential of blockchain technology in reshaping financial markets while advocating for a transparent and predictable regulatory framework. Commissioner Uyeda’s speech held the significance of tokenisation, the process of representing real-world assets like real estate and intellectual property as digital tokens on blockchain networks. He views tokenisation as a technological evolution with the potential to enhance liquidity, streamline compliance, and reduce transactional costs in financial markets. Uyeda stresses the need for regulatory transparency, criticising past ambiguities that left market participants uncertain about compliance. Through the United States Crypto Task Force, led by US SEC Commissioner Hester Peirce, he...

On 8 May 2025, United States Securities and Exchange Commission (US SEC) published a strongly worded statement of dissent by Commissioner Caroline A. Crenshaw criticised the US SEC’s recent settlement with Ripple Labs, Inc., warning that the agreement not only undermines judicial authority but also signals a strategic rollback of the agency’s crypto enforcement programme. The US SEC had previously secured a court ruling in 2024 that found Ripple’s institutional XRP sales violated Section 5 of the United States Securities Act of 1933, resulting in a civil penalty of over USD 125 million and a permanent injunction. However, under the new terms, Ripple will recover USD 75 million held in escrow and the injunction has been vacated, despite the absence of new statutory guidance or compliance undertakings. Commissioner Crenshaw described the settlement as a “tremendous disservice to the investing public,” warning that the US SEC’s decision to stand down enforcement despite a favourable...

On 8 May 2025, during the Caixin Media’s London Atlantic Dialogue, the United Kingdom Financial Conduct Authority (UK FCA) and the People’s Republic of China took a significant step towards regulatory convergence by unveiling a new legal architecture for cross-border financial cooperation. In a speech delivered by UK FCA Chair Ashley Alder, both jurisdictions signalled their strategic intent to strengthen bilateral ties through a forthcoming Memorandum of Understanding with China’s National Financial Regulatory Administration, the development of a China-UK Wealth Connect platform, and coordinated action on green finance disclosures aligned with the International Sustainability Standards Board (ISSB). Set against the backdrop of increasing global regulatory fragmentation and demographic-driven pension reform, it is a decisive pivot towards legally structured, trust-based financial integration between two of the world’s most systemically important economies. Legal Instruments and...

On 1 April 2025, the Swiss Financial Market Supervisory Authority (FINMA) formally implemented a major structural reorganisation aimed at strengthening its integrated supervisory capacity across the banking, insurance, and asset management sectors. As announced in its official press release, FINMA’s new organisational framework includes the creation of a dedicated cross-divisional risk unit, the consolidation of oversight divisions, and the elevation of digital and policy functions—effective from 01 April 2025. FINMA’s structural revamp is anchored in its objective to deliver more intensive, direct, and forward-looking supervision in response to increasing risks such as money laundering, cybercrime, sustainability exposure, and liquidity pressure. The measures are designed to support preventive, proportionate regulation, enhance in-house expertise, and streamline its policy and operational coordination. FINMA’s Creation of “Integrated Risk Expertise” Division (GB-I) A new...

On 29 April 2025, the United Kingdom, taking forward its crypto roadmap, published a series of regulatory and policy framework to formally regulate cryptoasset activities under its principal financial legislation, the United Kingdom Financial Services and Markets Act 2000 (FSMA). In a coordinated regulatory release, HM Treasury laid before Parliament a draft statutory instrument, accompanied by an interpretive policy note, while the United Kingdom Financial Conduct Authority (UK FCA) followed with a detailed discussion paper. These instruments establish the UK's first fully integrated, activity-based crypto regulatory regime, ensuring that crypto services such as custody, trading platforms, lending, stablecoin issuance, and staking will now fall within the UK FSMA perimeter. The reforms are set out across three official documents: the United Kingdom Draft Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025, published...

On 6 May 2025, the United States Securities and Exchange Commission (US SEC), via Investment Company Act Release No. 35571, through an order granted a conditional exemption to Monroe Capital BDC Advisors, LLC, Monroe Capital Income Plus Corporation, and Monroe Capital Enhanced Corporate Lending Fund, allowing the issuance of multiple classes of shares with differing fee structures. Acting under its authority pursuant to Section 6(c) of the United States Investment Company Act of 1940, US SEC approved the applicants’ request for relief from Sections 18(a)(2), 18(c), 18(i), and 61(a) of the United States Investment Company Act of 1940. These sections govern capital structure limitations and shareholder equality provisions applicable to business development companies and closed-end investment companies. The exemption permits the applicants to issue multiple share classes with distinct sales loads and asset-based distribution or service fees, a structure traditionally not available to...

On 5 May 2025, the United States Securities and Exchange Commission (US SEC) published an ‘Order for cancellation of registrations’ under United States Investment Advisers Act Release No. 6878, cancelling the registration of multiple investment advisers pursuant to Section 203(h) of the United States Investment Advisers Act of 1940. The action was taken against firms that have ceased operations as investment advisers or failed to file required updates through the Investment Adviser Registration Depository (IARD), as mandated under US SEC Rule 204-1. In exercise of its statutory powers under Section 203(h), the US SEC has the power and authority to cancel the registration of any investment adviser that is no longer in business or is otherwise not eligible to remain registered, to protect the integrity of the national investment advisory registry and ensure that only active and compliant advisers operate within the United States financial system. The following investment adviser...

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...