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On 21 March 2025, the United States Securities and Exchange Commission (US SEC) convened the inaugural roundtable of its newly formed Crypto Task Force, with Acting Chairman Mark T. Uyeda delivering opening remarks focused on the legal questions surrounding the classification of crypto assets under federal securities laws. The roundtable, held at the US SEC’s headquarters in Washington D.C., is a step in the agency’s effort to address persistent legal uncertainty in the digital asset sector. In his remarks, Acting Chairman Mark T. Uyeda traced the roots of the crypto asset class to the 2008 release of the Bitcoin white paper by Satoshi Nakamoto, which laid the foundation for a new form of peer-to-peer, digitally native value exchange. Seventeen years later, he noted, the financial industry continues to wrestle with how these assets fit into the existing securities regulatory framework—particularly when applying the Howey test, the legal standard for determining whether a transaction...

On 11 March 2025, the United States Securities and Exchange Commission (US SEC) published a notice designating a longer period for US SEC action on a proposed rule change submitted by NYSE Arca, Inc. (NYSE Arca), US SEC has extended the deadline to 21 May 2025. The proposal seeks to list and trade shares of the Grayscale XRP Trust under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares. The proposed rule change, originally filed on 30 January 2025, was later amended by Amendment No. 1, filed on 10 February 2025, and subsequently published for public comment on 20 February 2025. The proposed rule change would allow NYSE Arca to list and trade shares of the Grayscale XRP Trust, providing investors with indirect exposure to XRP, the native token of the XRP Ledger. The Grayscale XRP Trust is structured as a commodity-based trust, and if approved, would be among a growing class of exchange-traded products offering digital asset exposure in a regulated market framework....

On 11 March 2025, the United States Securities and Exchange Commission (US SEC) published a notice regarding a proposed rule change submitted by The Nasdaq Stock Market LLC (Nasdaq), seeking approval to list and trade shares of the Grayscale Hedera Trust (HBAR) under Nasdaq Rule 5711(d), which governs the listing of Commodity-Based Trust Shares. The notice, published as Release No. 34-102569; File No. SR-NASDAQ-2024-101, invites public comments and initiates the US SEC’s formal review process of the proposed exchange-traded product (ETP) linked to the digital asset Hedera (HBAR). The proposal aims to allow Nasdaq to list and trade shares of the Grayscale Hedera Trust, which will offer investors indirect exposure to the value of Hedera's native digital asset, HBAR. The Trust is designed to reflect the value of HBAR held by the Trust, less the Trust’s expenses and liabilities. It will not engage in active trading or use derivatives and does not plan to register under the United States...

On 11 March 2025, the US Securities and Exchange Commission (US SEC) published a notice detailing the proposed rule change submitted by NYSE Arca, Inc. (NYSE Arca) regarding the listing and trading of shares of the Bitwise Dogecoin ETF under NYSE Arca Rule 8.201-E, which governs Commodity-Based Trust Shares. The proposal, filed on 3 March 2025, is seeking permission and aims to establish a framework for trading an exchange-traded fund (ETF) that provides exposure to Dogecoin. The notice invites public comments on the proposed rule change before the US SEC considers its approval. The NYSE Arca’s proposed rule change is to list and trade shares of the Bitwise Dogecoin ETF (the Trust), structured as a Delaware statutory trust. Bitwise Investment Advisers, LLC (Bitwise) will serve as the sponsor of the Trust, with Delaware Trust Company acting as the trustee. Custodial responsibilities for Dogecoin assets will be handled by Coinbase Custody Trust Company, LLC, while Bank of New York...

On 12 March 2025, the United Kingdom Financial Conduct Authority (UK FCA) published a statement titled “Update on the FCA’s enforcement transparency proposals,” outlining s improvements in the pace of investigations and the regulator’s next steps regarding transparency in enforcement matters. The UK FCA confirmed that, following extensive consultation, it will not proceed with its proposal to shift from an exceptional circumstances test to a public interest test for announcing investigations into regulated firms due to a lack of consensus. The regulator elaborated on areas of broad industry support, including reactively confirming investigations already in the public domain, issuing public notifications on potentially unlawful activities of unregulated firms and regulated firms operating outside the regulatory perimeter, and publishing anonymised details of issues under investigation. The UK FCA has committed to implementing these supported measures and will publish its final policy...

On 12 March 2025, Mr. Nikhil Rathi, Chief Executive of the United Kingdom Financial Conduct Authority (UK FCA), published a statement welcoming the UK Government’s announcement on the future of the Payment Systems Regulator (PSR), stating the need for a more streamlined regulatory framework. Mr. Nikhil Rathi while acknowledging UK PSR’s role in enhancing payment system safety, competition, and innovation, stating, “PSR colleagues have made payment systems safer, more competitive and increasingly innovative. They should be proud of the huge amount achieved. With a changed payments landscape, now is the right time to put in place a more streamlined regulatory framework. Doing so is a natural next step following recent work to improve co-ordination and clarity on regulatory responsibilities. We will work closely with government, the Bank of England and the payment sector as the details of this change are decided and to ensure the transfer of any powers is smooth. In the meantime, we...

On 17 March 2025, the United Kingdom Financial Conduct Authority (UK FCA) refused Zeux Limited’s application for registration as a cryptoasset exchange provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The regulator cited risks of harm to the public due to the firm’s failure to implement anti-money laundering controls and effective risk management. Zeux Limited submitted its application for registration in June 2022, seeking approval to operate as a cryptoasset exchange provider in the UK. After a detailed assessment, the UK FCA determined that the firm’s anti-money laundering controls fell well short of legislative requirements. According to the UKFCA the application had several deficiencies, including, failure to understand, identify, and document risks associated with money laundering and terrorist financing, failure to consider the National Risk Assessment, which outlines key money laundering...

On 13 March 2025, the United States Commodity Futures Trading Commission (US CFTC) published CFTC Letter No. 25-05, officially announcing the withdrawal of CFTC Letter No. 21-19: Staff Advisory on Swap Execution Facility Registration Requirement (SEF Registration Advisory). This decision, issued by the Division of Market Oversight (DMO) of the US CFTC, takes immediate effect and withdraws the previously issued guidance regarding swap execution facility (SEF) registration. The US CFTC’s SEF Registration Advisory was originally issued on 29 September 2021 to remind entities of their obligations under the United States Commodity Exchange Act (CEA) and US CFTC regulations concerning swap execution facility (SEF) registration. The advisory clarified scenarios where certain swaps market participants might be required to register as SEFs based on their business models and trading functions. Division of Market Oversight of the US CFTC has now determined that the SEF Registration Advisory...

On 12 March 2025, the Monetary Authority of Singapore (MAS) and the State Bank of Viet Nam (SBV) upgraded their existing Memorandum of Understanding (MOU) on Financial Innovation, reaffirming their commitment to deeper collaboration in digital financial services, payment connectivity, and FinTech innovation. The exchange of the upgraded MOU was witnessed by Singapore Prime Minister His Excellency Lawrence Wong and General Secretary of the Communist Party of Viet Nam His Excellency To Lam during the latter’s Official Visit to Singapore from 11-13 March 2025. The original MOU on Financial Innovation was first signed by MAS and SBV on 25 April 2018 in Singapore. The newly expanded agreement will enhance cooperation in digital financial innovation, payment system connectivity, and FinTech ecosystem development between the two nations. The upgraded MOU will facilitate joint digital innovation projects, foster cross-border payment integration, and provide regulatory support for FinTech...

On 12 March 2025, the Monetary Authority of Singapore (MAS) and the State Securities Commission of Viet Nam (SSC) have signed a Letter of Intent (LOI) to enhance collaboration in capital markets regulation and the digital asset regulatory framework. The LOI was exchanged during the Official Visit of His Excellency Communist Party of Vietnam General Secretary To Lam to Singapore from 11-13 March 2025, witnessed by Singapore Prime Minister Lawrence Wong. The agreement aims to protect the integrity and stability of the capital markets in Singapore and Viet Nam, while fostering cross-border connectivity. Under this partnership, both regulatory authorities will focus on capacity building, regulatory alignment, and anti-money laundering (AML) and counter-terrorism financing (CFT) initiatives. The LOI will facilitate mutual knowledge-sharing in regulatory frameworks for capital markets and digital assets for both nations. The LOI was signed on 12 March 2025 to strengthen regulatory...