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US CFTC Issues No-Action Letter for MIAX Futures on Derivatives Trading of Wheat Options
On 25 June 2025, the United States Commodity Futures Trading Commission (US CFTC) issued a No-Action Letter (CFTC No-Action Letter No. 25-17) in relation to MIAX Futures Exchange, LLC’s temporary trading of Minneapolis Hard Red Spring Wheat (HRSW) options on futures exclusively through block trades, administered by the Division of Market Oversight. The No-Action Letter addresses MIAX Futures’ request to facilitate trading of HRSW options after the unavailability of an electronic trading system, following the migration of HRSW futures to MIAX’s Onyx platform on 29 June 2025. It provides temporary relief from certain Designated Contract Market (DCM) requirements under the United States Commodity Exchange Act, allowing market participants, including non-Eligible Contract Participants (non-ECPs), to trade out of or offset open positions in the September and December 2025 expirations. The relief is conditional, time-limited, and aims to ensure market continuity without compromising...
US SEC Reviews NYSE Arca Proposal to List Grayscale Crypto ETF: Amendment Filed to Enable Spot Market Exposure via Digital Large Cap Fund
On 27 June 2025, the United States Securities and Exchange Commission (US SEC) issued Release No. 34-103345 (File No. SR-NYSEARCA-2024-87), inviting public comment on Amendment No. 1 to NYSE Arca’s proposed rule change to list and trade shares of the Grayscale Digital Large Cap Fund LLC, a diversified crypto trust tracking the CoinDesk 5 Index. The revised proposal seeks approval under the Exchange’s existing Rule 8.500-E. The revised filing withdraws NYSE Arca’s prior effort to introduce a new listing category for digital asset-based investment interests (Rule 8.800-E) and instead integrates the proposal within established Trust Unit rules under Rule 8.500-E. The amendment aims to transform the Grayscale Digital Large Cap Fund (GDLC), currently quoted on OTCQX, into a publicly listed spot crypto ETF, allowing in-kind creation and redemption mechanisms. The US SEC continues its evaluation under Section 6(b)(5) and Section 19(b)(2)(B) of the United States Securities Exchange Act of...
SEC Extends Compliance Date for Daily Reserve Computation Rule for Broker-Dealers to 30 June 2026
On 25 June 2025, the US Securities and Exchange Commission (SEC) announced an extension of the compliance date for the amendments to US SEC Rule 15c3-3 (the broker-dealer customer protection rule) titled “Daily Computation of Customer and Broker-Dealer Reserve Requirements under the Broker-Dealer Customer Protection Rule” (Release No. 34-102022), moving the deadline from 31 December 2025 to 30 June 2026. These amendments were initially adopted on 20 December 2024 and require certain broker-dealers to perform daily reserve computations and make daily deposits into their reserve bank accounts, rather than on a weekly basis. Carrying broker-dealers that exceed a rolling 12-month average of $500 million in total credits must comply. The final rule, was published in the Federal Register on 14 January 2025. The rule also allows broker-dealers performing daily reserve computations to reduce aggregate debit items by 2% instead of 3% as part of the calculation, and includes technical...
Billy Long Sworn in as 51st US IRS Commissioner, Pledges Taxpayer-Friendly Reforms
On 16 June 2025, Billy Long was appointed as the 51st Commissioner of the United States Internal Revenue Service (IRS), following his Senate confirmation on 12 June 2025. In his first message to IRS employees, US IRS Commissioner Billy Long stated, “In my first 90 days I plan to ask you, my employee partners, to help me develop a new culture here. I’m big on culture, and I’m anxious to develop one that makes your lives and the taxpayers’ lives better.” Billy Long previously served as a US Representative for Missouri’s 7th Congressional District from 2011 to 2023. His professional background also includes over three decades as a real estate broker and auctioneer, as well as experience as a radio talk show host. Long’s term as IRS Commissioner will run through 12 November 2027. (Source: https://www.irs.gov/newsroom/long-sworn-in-as-the-51st-irs-commissioner)
FATF Updates List of Jurisdictions Under Increased Monitoring for AML/CFT Compliance
On 13 June 2025, the Financial Action Task Force (FATF) published its latest update on countries under increased monitoring for anti-money laundering and counter-terrorist financing (AML/CFT) compliance. The FATF’s “grey list” highlights jurisdictions working to address strategic deficiencies in their regimes to combat money laundering, terrorist financing, and proliferation financing. The FATF’s monitoring process involves close engagement with listed countries, which have committed to swiftly resolve identified issues within agreed timeframes. The June 2025 update includes Algeria, Angola, Bolivia, Bulgaria, Burkina Faso, Cameroon, Côte d'Ivoire, Democratic Republic of the Congo, Haiti, Kenya, Lao PDR, Lebanon, Monaco, Mozambique, Namibia, Nepal, Nigeria, South Africa, South Sudan, Syria, Venezuela, Vietnam, Virgin Islands (UK), and Yemen. Croatia, Mali, and Tanzania are no longer subject to increased monitoring. The FATF encourages member states and all jurisdictions to consider...
Cayman Islands Monetary Authority Cancels AC Holding Limited’s VASP Registration for Non-Compliance
On 5 June 2025, the Cayman Islands Monetary Authority (CIMA) issued a notice and thereby cancelled the Virtual Asset Service Provider registration of AC Holding Limited (In Official Liquidation), pursuant to section 25(3)(a) of the Virtual Asset (Service Providers) Act (2024 Revision) (VASP Act). CIMA cancelled the registration after issuing a Warning Notice issued on 28 March 2025, highlighting multiple breaches of the Cayman Islands VASP Act and the Anti-Money Laundering Regulations (2025 Revision) (AMLRs). CIMA identified several violations by AC Holding Limited, including failure to provide required documents and information under sections 9(4)(b) and (d), and inadequate anti-money laundering systems under section 9(3)(e) of the VASP Act. Additionally, the company breached AMLRs by neglecting enhanced due diligence for suspicious activities, failing to verify the source of funds for politically exposed persons, and lacking a risk-based independent audit function. The Authority...
Global Regulators Crack Down on Unlawful Finfluencers: ASIC Targets Finfluencers in Global Regulatory Sweep
On 12 June 2025, the Australian Securities and Investments Commission (ASIC) joined a global coalition of nine international regulators in a coordinated crackdown on unlawful social media "finfluencers" during a Global Week of Action Against Unlawful Finfluencers, who promote high-risk financial products, including cryptocurrencies, without proper licensing. ASIC issued warning notices to 18 Australian finfluencers suspected of unlawfully promoting high-risk products like contracts for difference (CFDs), over-the-counter (OTC) derivatives, and cryptocurrencies, or providing unlicensed financial advice. In addition to ASIC, the nine regulators involved in the Global Week of Action Against Unlawful Finfluencers included Canada’s Alberta Securities Commission, Autorité des marchés financiers (Quebec), British Columbia Securities Commission, Ontario Securities Commission; Hong Kong’s Securities and Futures Commission; Italy’s Commissione Nazionale per le Società e la Borsa; United Arab...
US CFTC Commissioner Kristin Johnson’s 2025 CCP AGM Address Highlights Urgent Cybersecurity Measures and Crypto Exchange Oversight Amid Bybit Hack Fallout
On 19 June 2025, Commissioner Kristin N. Johnson delivered a speech at the CCP Global Annual General Meeting in Amsterdam recognising the need for robust cybersecurity protocols, third-party risk frameworks, and updated regulatory expectations, particularly in light of the $1.5 billion Bybit hack in February 2025. The speech builds on the US CFTC’s intensified focus on operational resilience, systemic risk, and cyberattack vulnerability across both traditional clearing infrastructures and decentralised digital asset ecosystems. Commissioner Johnson used the Bybit hack, a exploit involving smart contract manipulation and third-party interface compromise, as a case study to advocate for regulatory guardrails that blend traditional derivatives oversight with emergent crypto security frameworks. She also discussed the Market Risk Advisory Committee (MRAC)'s evolving role in shaping DCO wind-down protocols and third-party cybersecurity standards, explicitly linking future rulemakings to...
Singapore MAS Launches 2025 SFF FinTech Excellence Awards with Focus on AI and Crypto-Relevant Regulatory Innovation
On 16 June 2025, Singapore, the Monetary Authority of Singapore (MAS), in partnership with the Singapore FinTech Association (SFA) and supported by PwC Singapore, opened nominations for the 2025 Singapore FinTech Festival (SFF) FinTech Excellence Awards 10th edition, the SFF recognises those touching crypto, regulatory technology (RegTech), AI, and decentralised finance along with Annexure-About the SFF FinTech Excellence Awards. The SFF FinTech Excellence Awards, supported by PwC Singapore, celebrate FinTech solutions implemented by corporates (FinTech companies, financial institutions, and technology firms) and individuals contributing to Singapore’s FinTech ecosystem. Held as part of the SFF 2025 (12–14 November 2025), the event conclude their 10th anniversary by recognizing advancements in financial inclusion, regulatory compliance, sustainability, and artificial intelligence (AI). Eight winners will be selected across six categories, evaluated by an international panel of...
US SEC Chair Paul Atkins calls for Fit-for-Purpose Regulation for DeFi Ecosystems at the Crypto Roundtable on DeFi and the American Spirit
On 9 June 2025, at the United States Crypto Task Force Roundtable titled “DeFi and the American Spirit,” U.S. Securities and Exchange Commission (US SEC) Chairman Paul S. Atkins delivered an address where he called for a principled regulatory shift: from reactive enforcement to forward-looking rulemaking tailored to the innovations of blockchain technology. In 1803, US President Thomas Jefferson dispatched Lewis and Clark to map the untamed Louisiana Territory, a bold wager on America’s boundless potential. US SEC Chairman Paul S. Atkins stood at a similar crossroads, addressing the US Crypto Task Force’s “DeFi and the American Spirit” roundtable. Atkins described decentralized finance (DeFi) as the next great American experiment ‘a fusion of economic liberty, private property, and innovation’ encoded in blockchain’s potential and use cases. The DeFi Dawn: A Blockchain Revolution Atkins began by celebrating blockchain as a “potentially revolutionary innovation,” a shared ledger that...
United States SEC and CFTC Extend Form PF Compliance Deadline to 01 October 2025
On 11 June 2025, the United States Securities and Exchange Commission (US SEC) and the United States Commodity Futures Trading Commission (US CFTC) jointly extended the compliance date for the amended Form PF; Reporting Requirements for All Filers and Large Hedge Fund Advisers to 1 October 2025. Originally adopted on 8 February 2024 under the United States Investment Advisers Act of 1940, the amendments were set to take effect on 12 March 2025 and previously deferred to 12 June 2025. Form PF is a confidential reporting form required of US SEC-registered investment advisers to private funds, including those dual-registered with the US CFTC as commodity pool operators or commodity trading advisers. The amendments to Form PF and the associated compliance requirements primarily target traditional financial entities, such as SEC-registered investment advisers, commodity pool operators (CPOs), and commodity trading advisers (CTAs). The amendments to Form PF are amended to correct previous...
United States SEC Veteran David Saltiel to Depart on 4 July 2025 Leaving Legacy of Market Innovation and Investor Protection
On 18 June 2025, the U.S. Securities and Exchange Commission (US SEC) announced the retirement of David Saltiel, Acting Director of the Division of Trading and Markets, effective 4 July 2025. Mr. Saltiel has led the US SEC’s Division of Trading and Markets as Acting Director since December 2024. Before his current role, Mr. Saltiel served as Deputy Director of the Division since 2021 and Associate Director of the Office of Analytics and Research since 2016. Previously, he was the first Chief Economist at the Municipal Securities Rulemaking Board and held roles in both public and private sectors, driving innovation in capital markets and energy infrastructure. Mr. Saltiel holds a bachelor’s degree from Williams College and a master’s in economics from St. Antony’s College, University of Oxford. Chairman Paul S. Atkins stated: “I want to thank David for his wise counsel since I became Chairman, and he has been a critical member of the Division’s leadership team for nearly a decade,...
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