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On 22 May 2025, the United States Commodity Futures Trading Commission (US CFTC) released a CFTC Staff Advisory No. 25-15, reminding Designated Contract Markets (DCMs) and Derivatives Clearing Organizations (DCOs) of their regulatory obligations under the United States Commodity Exchange Act (CEA) and US CFTC regulations concerning market volatility controls. The advisory, jointly issued by the Division of Market Oversight (DMO) and the Division of Clearing and Risk (DCR), provides for preserving market integrity during periods of extreme volatility. The advisory states that DCMs must comply with Core Principle 4 of the CEA, which mandates mechanisms to prevent manipulation, price distortion, and market disruptions. Regulation 38.255 specifically requires DCMs to implement pre-trade risk controls such as trading pauses, price bands, and circuit breakers tailored to their market characteristics. The US CFTC also referred to the United States Futures Industry Association’s (FIA) “Best...

On 21 May 2025, the United States Commodity Futures Trading Commission (US CFTC), through its Market Participants Division and Division of Market Oversight, issued an interpretative letter clarifying the application of cross-border definitions under existing US CFTC regulations. This regulatory clarification was provided in response to a formal request by a proprietary trading firm organised outside the United States. The interpretative letter affirms that, based on the specific facts submitted, the foreign proprietary trading firm is not considered a “person located in the United States” under the definition of a “foreign futures or foreign options customer” as per US CFTC regulation 30.1(c). Further, the firm is not classified as a “participant located in the United States” under US CFTC regulation 48.2(c). US CFTC’s staff determined that the firm qualifies as a “foreign located person” pursuant to US CFTC regulation 3.10(c)(1)(ii), and is not a “U.S. person” under the meaning of...

On 15 May 2025, the United States Securities and Exchange Commission (US SEC), through its Division of Trading and Markets, together with the Office of General Counsel of the Financial Industry Regulatory Authority, Inc. (FINRA), formally withdrew the Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities issued on 8 July 2019. The withdrawal is effective immediately and was published on the official US SEC website. The original Joint Staff Statement provided guidance on how broker-dealers could comply with existing custody requirements when holding digital asset securities. Its withdrawal, possibly in favour of updated and more comprehensive guidance or forthcoming rulemaking better suited to current market conditions and technological developments. Stakeholders like crypto custodians are directed to the US SEC's Crypto Task Force webpage for additional guidance or to contact Associate Director Michael Macchiaroli and Assistant Director Raymond Lombardo at the...

On 22 May 2025, Bitcoin surged to a new all-time high, surpassing US $111,000, driven by a confluence of favorable regulatory developments and increased institutional investment. Major financial institutions, have begun offering Bitcoin, ETFs to clients, where investors are comfortably crossing traditional finance's approach to digital assets. With the approval of spot Bitcoin ETFs, it attracted inflows over $4 billion entering the market in May alone. The rally also reflects broader macroeconomic factors, such as inflation concerns and a weakening U.S. dollar, prompting investors to seek alternative stores of value. Analysts caution, however, that while the momentum is strong, potential resistance levels around $115,000 could slow the ascent due to market makers' hedging activities. Bitcoin's historic surge past $111,000 is the result of the growing mainstream acceptance of cryptocurrencies. The United States Securities and Exchange Commission (US SEC) continues its Crypto Task...

On 20 May 2025, the United States Securities and Exchange Commission (US SEC) filed a Complaint No. 1:25-cv-04245 demanding jury trial before the U.S. District Court for the Southern District of New York against Unicoin, Inc. (formerly TransparentBusiness, Inc.) and its senior leadership. The complaint, SEC v. Unicoin, Inc. f/k/a TransparentBusiness, Inc., et al., names Alexander Konanykhin (CEO and Board Chairman), Silvina Moschini (former president and current board member), Alejandro Dominguez (former Chief Investment Officer), and Richard Devlin (General Counsel) as defendants. The US SEC alleges that Unicoin and its executives engaged in a large-scale fraudulent offering that raised over $100 million from more than 5,000 investors by marketing rights certificates falsely portrayed as asset-backed crypto instruments. According to the US SEC’s complaint, between February 2022 and May 2025 (the “Relevant Period”), Unicoin and its top executives allegedly launched an extensive,...

On 21 May 2025, the Government of the Hong Kong Special Administrative Region welcomed the passage of the Hong Kong Stablecoins Bill by the Hong Kong Legislative Council, marking the formal adoption of the Stablecoins Ordinance. This landmark legislative development establishes a dedicated licensing regime for fiat-referenced stablecoin (FRS) issuers and sets out stringent regulatory requirements to bolster Hong Kong’s fast-evolving virtual asset (VA) ecosystem. The implementation of the Ordinance will be overseen by the Hong Kong Monetary Authority (HKMA), with strategic guidance from the Hong Kong Financial Services and the Treasury Bureau (HK FSTB). The Stablecoins Ordinance introduces a risk-based, internationally aligned regulatory framework aimed at ensuring financial stability and investor confidence. Under its provisions, any person who, in the course of business, issues a fiat-referenced stablecoin in Hong Kong, or one linked to the Hong Kong dollar irrespective of issuance...

On 8 May 2025, the United States Securities and Exchange Commission (US SEC) filed a Settlement Agreement in the matter of Securities and Exchange Commission v. Ripple Labs, Inc., Bradley Garlinghouse, and Christian A. Larsen before the United States District Court for the Southern District of New York. The Settlement Agreement outlines the proposed terms to resolve the US SEC’s civil enforcement action against the defendants, originally filed on 22 December 2020. The Settlement Agreement was filed jointly by the parties, requesting the court to issue an indicative ruling as to whether it would dissolve the permanent injunction imposed on Ripple Labs, Inc. in the court’s Final Judgment dated 7 August 2024. That judgment had included a civil penalty of USD 125,035,150 for violations under Section 5 of the US Securities Act of 1933 relating to institutional sales of XRP tokens. Ripple’s institutional sales were found to constitute an unregistered offer and sale of investment contracts....

On 20 May 2025, the Securities and Futures Commission of Hong Kong (HK SFC) hosted a senior-level delegation from the Lao People’s Democratic Republic in Hong Kong for a comprehensive exchange on capital market development and supervisory best practices and to foster regulatory connectivity between Hong Kong and emerging Southeast Asian markets. The Laotian delegation was led by Mrs. Phengsy Phengmuong, Secretary-General of the Lao Securities Commission Office (LSCO), and Mr. Siosavath Thirakul, Chief Executive Officer of the Lao Securities Exchange (LSX). They were received by the HK SFC’s Chief Executive Officer, Ms. Julia Leung, and other senior executives. The engagement involved detailed technical sharing sessions that elaborating the HK SFC’s regulatory architecture, including its strategic priorities, market supervision practices, sustainable finance initiatives, and investor education programmes. Both parties discussed their respective market structures and future capital...

On 15 May 2025, the Securities and Futures Commission of Hong Kong (HK SFC) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) executed a Memorandum of Understanding (MoU) to formalise regulatory cooperation concerning the supervision of cross-border investment managers and collective investment scheme activity. The agreement was signed on the sidelines of the International Organization of Securities Commissions (IOSCO) Annual General Meeting, held in Doha, Qatar, and was attended by the HK SFC’s Chief Executive Officer, Ms. Julia Leung, Executive Director of Investment Products, Ms. Christina Choi, and FSRA’s Chief Executive Officer, Mr. Emmanuel Givanakis. The MoU establishes a bilateral regulatory framework for consultation, cooperation, and information exchange in connection with the oversight of licensed entities conducting fund management, investment management, and advisory services across both jurisdictions. By promoting closer...

On 13 May 2025, the Hong Kong Securities and Futures Commission (HK SFC) and the Ontario Securities Commission (OSC) of Canada entered into a Memorandum of Understanding (MoU) to strengthen the supervision of investment managers operating collective investment schemes across both jurisdictions. The agreement was signed on the margins of the IOSCO Annual General Meeting held in Doha, Qatar. The MoU establishes a regulatory framework for enhanced cooperation, facilitating mutual consultation and exchange of supervisory information between the HK SFC and the Canada’s OSC. In a consequential follow-up, the SFC has now formally included Ontario, Canada, in its list of Acceptable Inspection Regimes, thereby enabling Canada’s OSC-licensed fund managers to manage HK SFC-authorised funds under Hong Kong’s regulatory framework. This bilateral arrangement further anchors the HK SFC’s ongoing international strategy to promote resilient capital market linkages amid a rapidly evolving global...

On 14 May 2025, the United States Securities and Exchange Commission (US SEC) published a notice designating an extension of time to evaluate proposal submitted by Cboe Exchange, Inc. to amend its rules and allow for the listing and trading of options on the VanEck Bitcoin Trust. The proposed rule change, File No. SR-CBOE-2025-017—is now under a longer review period, with a new deadline set for 02 July 2025. The rule change, initially filed on 14 March 2025, seeks to amend Cboe Rules 4.3, 4.20, and 8.30. It has since undergone several revisions, with Amendment No. 4, filed on 01 May 2025, now forming the operative text of the proposal. The amendment replaces all prior submissions and reflects substantive updates to the Exchange’s regulatory framework necessary to support derivatives on crypto-linked products. Under Section 19(b)(2) of the United States Securities Exchange Act of 1934, the Commission typically has 45 days from the date of notice publication to approve, disapprove, or...