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United States CFTC Issues Advisory Clarifying FBOT Registration for Non-U.S. Exchanges
On 28 August 2025, the United States Commodity Futures Trading Commission (US CFTC) issued an advisory through its Division of Market Oversight clarifying the registration framework for foreign boards of trade (FBOTs). The advisory applies to non-U.S. exchanges that wish to provide direct market access to participants located in the United States. It reaffirms that the FBOT registration process covers all asset classes, including traditional derivatives and crypto asset markets, and is intended to restore regulatory certainty following recent enforcement-related confusion.
US SEC Appoints Judge Margaret Ryan as Director of Enforcement Division
On 21 August 2025, the United States Securities and Exchange Commission (US SEC) announced the appointment of Judge Margaret “Meg” Ryan as Director of the Division of Enforcement, effective 2 September 2025. She succeeds Acting Director Sam Waldon, who will return to his role as Chief Counsel for the Division. US SEC Chairman Paul S. Atkins welcomed Judge Ryan, noting: “I am thrilled to welcome Judge Ryan to the SEC, She brings to the Commission decades of experience as a respected judge and practitioner of the law. She is fulfilling a critical role. Judge Ryan will lead the Division guided by Congress’ original intent: enforcing the securities laws, particularly as they relate to fraud and manipulation. I thank Sam for his service since January as Acting Director of Enforcement, I am very pleased that he will continue serving at the Commission in the critical role of Chief Counsel for the Enforcement Division. His good judgement and knowledge of the securities laws serve the SEC...
United States SEC Notice of Filing and Immediate Effectiveness to Amend BOX Rule 3120 on Bitcoin ETF Options
On 20 August 2025, the United States Securities and Exchange Commission published a notice for proposed changes by BOX Exchange LLC filing that is effective immediately. The proposal amends BOX Rule 3120 to raise position and exercise limits for options on GBTC, BITB, and BTC. The change removes these products from IM 3120 2 so limits are set under Rule 3120 and Rule 3140. Limits may rise from 25,000 contracts to levels determined by trading activity. The filing cites prior United States SEC approvals on other venues and seeks comment under File No. SR BOX 2025 23. The United States SEC also waived the thirty day operative delay and designated the rule operative on filing. The filing is titled “Self Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Change to Amend BOX Rule 3120 to Increase the Position and Exercise Limits for the Grayscale Bitcoin Mini Trust ETF, the Bitwise Bitcoin ETF, and the Grayscale Bitcoin Trust ETF.” The...
United States SEC puts Cboe BZX Proposal under Review to Permit Staking in VanEck Ethereum ETF
On 19 August 2025, the United States Securities and Exchange Commission (US SEC) published notice of a proposed rule change filed by Cboe BZX Exchange, Inc. The filing seeks approval to amend the governing rule for the VanEck Ethereum ETF to permit staking of ether held by the trust under BZX Rule 14.11(e)(4), which governs commodity-based trust shares. The proposal, filed on 6 August 2025, would allow the sponsor to stake all or part of the trust’s ether through staking providers, with rewards accruing to the trust. The US SEC is seeking public comment under File No. SR-CboeBZX-2025-114 before determining whether to approve, disapprove, or institute disapproval proceedings. The US SEC’s notice was issued under Release No. 34-103743; File No. SR-CboeBZX-2025-114. The VanEck Ethereum ETF was approved for listing on 23 May 2024 under BZX Rule 14.11(e)(4), which applies to commodity-based trust shares. The rule allows shares issued by a trust holding a specified commodity, such as...
United States SEC Notice on BOX Proposal to Raise Position and Exercise Limits for iShares Bitcoin Trust ETF Options
On 20 August 2025, the United States Securities and Exchange Commission (US SEC) published notice of a filing by BOX Exchange LLC. The proposal, filed on 15 August 2025, seeks to amend BOX Rule 3120 to raise position and exercise limits for options on the iShares Bitcoin Trust ETF (IBIT). The rule change would remove IBIT from IM-3120-2, thereby lifting the existing 25,000 contract cap and subjecting IBIT options to the higher thresholds in Rule 3120 and Rule 3140. Based on trading volume and market data, IBIT currently qualifies for a 250,000 contract limit. The US SEC designated the proposal effective immediately and waived the standard thirty-day operative delay. Comments are invited under File No. SR-BOX-2025-22. Documents and Legal Position of iShares Bitcoin Trust ETF Options The US SEC’s notice was issued under Release No. 34-103747; File No. SR-BOX-2025-22. IBIT is an exchange-traded fund that holds bitcoin and is listed on Nasdaq. Options on IBIT began trading in November...
UK FCA Approves London Stock Exchange as First PISCES Operator: A Capital Markets Reform to Boost Private Companies
On 26 August 2025, the United Kingdom Financial Conduct Authority (UK FCA) published a press release stating that it has approved the London Stock Exchange plc (LSE) as the first operator of a Private Intermittent Securities and Capital Exchange System (PISCES) platform. PISCES represents the world’s first regulated private stock market, designed to allow buyers and sellers of shares in private companies to trade on an intermittent basis. The approval marks a significant step in the UK’s drive to reform its capital markets, expand funding options for growth companies, and create a seamless continuum between private and public markets. The FCA confirmed that PISCES platforms will initially operate within the Financial Market Infrastructure (FMI) Sandbox, with a permanent regime expected in 2030.
Hong Kong Monetary Authority Issues Guidance on Crypto Staking from Custodial Services
On 7 April 2025, the Hong Kong Monetary Authority (HKMA) released a circular titled “Provision of Staking Services for Virtual Assets from Custodial Services” addressed to all authorised institutions. The circular establishes regulatory standards for authorised institutions that wish to provide crypto staking services as part of their custodial offerings. According to the HKMA, crypto staking refers to committing or locking client virtual assets in a proof-of-stake blockchain protocol to support validation processes, with staking rewards distributed to clients. The guidance clearly states the expected standards that authorised institutions must implement which includes rigorous internal controls, transparent disclosure practices, and strong governance before engaging in crypto/virtual asset staking activities.
US SEC Commissioner Caroline A. Crenshaw Issues Response Liquid Staking Guidance: “Caveat Liquid Staker”
On 5 August 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline A. Crenshaw issued a response to the US SEC Division of Corporation Finance’s staff statement on liquid staking. While the Division had sought to provide “greater clarity on the application of the federal securities laws to crypto assets,” Crenshaw argued that the statement instead “muddies the waters.” Her dissent, titled “Response to Staff Statement on Certain Liquid Staking Activities: Caveat Liquid Staker”, raised concerns that the Division’s conclusions rest on “a wobbly wall of factual assumptions” disconnected from industry reality. Crenshaw emphasised that the statement represents only staff views, not binding Commission guidance, and therefore provides little comfort to liquid staking entities.
ASIC Chair Joe Longo Outlines AI Blueprint for Banking at ABA Conference
On 23 July 2025, the Australian Securities and Investments Commission (ASIC) Chair Joe Longo delivered a speech at the Australian Banking Association (ABA) Banking Conference in Sydney. The speech, titled “AI: A blueprint for better banking?”, explored how artificial intelligence could reshape Australia’s banking sector. Longo confirmed that ASIC will not impede customer-centric AI innovation but warned that “cutting-edge technology cannot leave your customers bleeding.” While the regulator does not plan to rush new AI-specific rules, ASIC emphasised that directors and licensees must already comply with technology-neutral obligations under the Australian Corporations Act 2001 (Cth). Joe Longo argued that trust in AI remains low in Australia, but that banks are uniquely positioned to rebuild consumer confidence by deploying AI ethically. He concluded by stating that ASIC would use its existing enforcement powers to address misconduct and ensure that AI adoption delivers real benefits for customers.
Hong Kong SFC Circular on Custody of Virtual Assets for Licensed Trading Platform Operators
On 15 August 2025, the Hong Kong Securities and Futures Commission (HK SFC) issued its Circular to licensed virtual asset trading platform operators on custody of virtual assets. The circular sets minimum custody standards under the Hong Kong Securities and Futures Ordinance (Cap. 571) for all licensed virtual asset trading platforms (VATPs). It follows recent overseas incidents of compromised wallet solutions and aligns with Initiative 3 of Pillar “Safeguard” in the HK SFC’s ASPIRe Roadmap. The Circular established that client asset protection requires robust cold wallet governance, enhanced transaction verification, and 24/7 threat monitoring. These requirements now form mandatory obligations for licensed VATPs and will extend to providers of virtual asset custodian services once the legislative framework, as outlined in the Public Consultation on Legislative Proposal to Regulate Virtual Asset Custodian Services jointly issued by the Financial Services and the Treasury Bureau (FSTB) and the HK SFC, is implemented.
Singapore MAS and Brunei BDCB Strengthen Cross-Border Financial Cooperation with MoU on Collateral Framework
On 14 August 2025, the Monetary Authority of Singapore (MAS) and the Brunei Darussalam Central Bank (BDCB) announced their partnership at the fifth BDCB-MAS Bilateral Roundtable in Brunei Darussalam. The meeting reinforced cooperation between the two central banks in financial stability, payments connectivity, and cross-border liquidity management. Both regulators announced plans to commemorate the 60th Anniversary of the Currency Interchangeability Agreement in 2027. A Memorandum of Understanding was signed to establish a reciprocal cross-border collateral arrangement, enabling financial institutions in both jurisdictions to access a wider pool of eligible collateral. This provides greater flexibility in liquidity provisioning and strengthens resilience in regional markets. The roundtable confirmed the long-standing relationship between MAS and BDCB as an important framework for navigating regional economic developments.
US SEC Division of Corporation Finance Clarifies Application of United States Securities Laws to Liquid Staking
On 5 August 2025, the United States Securities and Exchange Commission (US SEC) Division of Corporation Finance issued a staff statement addressing the legal status of “Liquid Staking” activities. The statement clarified that Liquid Staking Activities, when conducted within the defined framework, do not constitute the offer or sale of securities under the United States Securities Act of 1933 or the United States Securities Exchange Act of 1934. The US SEC’s position extends its prior guidance on protocol staking and provides detailed analysis of staking receipt tokens. According to the US SEC Division of Corporation Finance, registration obligations arise only where the deposited crypto assets or the staking receipt tokens are structured as investment contracts. While the statement does not carry binding legal effect, it establishes an authoritative interpretive stance on how United States securities laws apply to liquid staking.
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