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US SEC Commissioner Hester M. Peirce Releases “Smart Start: Statement on the GENIUS Act,” Highlighting Clarity and Protections for Payment Stablecoins
On 18 July 2025, the US Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce issued a statement marking the signing of the US GENIUS Act into law as an important milestone for regulatory clarity in crypto, confirming payment stablecoins are not securities, noting their broad use as payments mechanisms, and aiming to protect users and the financial system through oversight by state and federal banking regulators while urging the US SEC to provide guidance for registrants' use of stablecoins. In her statement titled "Smart Start: Statement on the GENIUS Act," US SEC Commissioner Hester M. Peirce emphasised the law's role in advancing crypto regulation. "The signing of the GENIUS Act into law marks an important milestone in the effort to bring regulatory clarity to crypto—a necessary prerequisite for innovation in our markets to flourish and for the American public to benefit from that innovation," Peirce stated. She continued: "The new law confirms that payment...
US SEC Chairman Paul S. Atkins Issues “Statement on Passage of the GENIUS Act by the House of Representatives,” Regulatory Milestone for Crypto
On 17 July 2025, the US Securities and Exchange Commission (US SEC) Chairman Paul S. Atkins issued a statement congratulating the US House of Representatives on passing the US GENIUS Act, commending the collaborative efforts of the US House and US Senate, and highlighting it as a historic milestone for crypto entrepreneurs, financial market participants, by providing clear regulatory rules for payment stablecoins to encourage innovation, efficiencies, cost reductions, transparency, and risk mitigation in financial transactions. The US GENIUS Act, formally sponsored by US Senate Banking Committee Chairman Tim Scott, US House Financial Services Committee Chairman French Hill, US Senator Cynthia Lummis, and US Senator Bill Hagerty, represents a legislative effort to establish a regulatory framework for payment stablecoins within the broader context of blockchain and crypto asset technologies. The purpose of the US GENIUS Act is to provide clear rules for innovators in payment...
U.S. SEC Brings Fraud Charges Against Georgia-Based First Liberty Building & Loan for $140 Million Ponzi Scheme
On 10 July 2025, the United States Securities and Exchange Commission (US SEC), through Release No. 2025-98, announced that it has filed a civil complaint in the U.S. District Court for the Northern District of Georgia against First Liberty Building & Loan, LLC, a Newnan, Georgia-based lender, and its founder and owner Edwin Brant Frost IV. The action seeks emergency relief in connection with an alleged $140 million Ponzi scheme that defrauded approximately 300 investors over more than a decade. The complaint alleges that, between 2014 and June 2025, the defendants offered and sold promissory notes and loan participation agreements to retail investors, promising annual returns of between 8% and 18%. Investors were told that their funds would be used to make short-term bridge loans to small businesses, often to be refinanced through Small Business Administration (SBA) or commercial loans. However, according to the US SEC’s findings, a significant portion of the funds was either...
George R. Botic Appointed Acting Chair of the PCAOB Following Erica Williams’ Resignation
On 21 July 2025, the United States Securities and Exchange Commission (US SEC) formally announced, in Release No. 2025-100, the designation of George R. Botic to serve as Acting Chair of the Public Company Accounting Oversight Board (PCAOB), effective from 23 July 2025. The decision follows the resignation of current Chair Erica Y. Williams, which takes effect on 22 July 2025. The PCAOB, established under the United states Sarbanes-Oxley Act of 2002, has the power to regulate and oversight of audits for public companies and broker-dealers. Under the authority of the United states Sarbanes-Oxley Act of 2002, the US SEC retains the power to appoint members and the Chairperson of the PCAOB. In a public statement, US SEC Chairman Paul Atkins expressed his appreciation for the outgoing Chair, noting: “I thank Erica Williams for her dedicated service on the Board, and I look forward to working with George Botic as Acting Chair.” In response, Mr Botic stated: “I am honoured to work with the...
US SEC Reviews NYSE Arca Proposal to Permit In-Kind Creations and Redemptions for Bitwise Bitcoin and Ethereum ETFs
On 9 July 2025, the United States Securities and Exchange Commission (US SEC) published the Notice of Filing of Amendment No. 2 to Proposed Rule Change to Amend the Bitwise Bitcoin ETF Trust and the Bitwise Ethereum ETF in Order to Permit In-Kind Creations and Redemptions, filed by NYSE Arca, Inc. The proposed Amendment No. 2 seeks to amend the currently approved operational framework of the Bitwise Bitcoin ETF Trust and the Bitwise Ethereum ETF to allow for in-kind creation and redemption of shares, in addition to the existing cash-based model. Proposed Amendments in Amendment No. 2 NYSE Arca, Inc. proposes to amend representations in the rule filings governing the Bitwise Bitcoin ETF Trust (the “Bitcoin Trust”) and the Bitwise Ethereum ETF (the “ETH Trust”) to permit in-kind creations and redemptions. Both Trusts are Delaware statutory trusts and are listed on NYSE Arca, Inc. under Rule 8.201-E, which governs Commodity-Based Trust Shares. The amendments would allow authorised...
US SEC Commissioner Hester M. Peirce Issues Statement: “Enchanting, but Not Magical: A Statement on the Tokenisation of Securities” Stresses Legal Compliance for Tokenised Assets
On 9 July 2025, US SEC Commissioner Hester M. Peirce published a statement titled “Enchanting, but Not Magical: A Statement on the Tokenisation of Securities”, where she discussed the increasing adoption of blockchain technology for the tokenisation of securities. Commissioner Peirce stated that, despite the innovative potential of tokenisation to facilitate capital formation and enhance asset utility, tokenised securities remain subject to existing US federal securities laws. She warned that blockchain technology does not change the legal nature of the underlying asset; therefore, all market participants, including both new entrants and established firms, must adhere to US SEC regulations when issuing, distributing, or trading tokenised securities. Commissioner Peirce also pointed out the unique risks associated with third-party tokenisation, such as counterparty risks, and reminded distributors of their disclosure obligations under US SEC rules. She encouraged market participants...
Crypto Asset Exchange-Traded Products – Division of Corporation Finance, July 1, 2025: SEC Staff Clarifies Disclosure Expectations for Crypto ETP Issuers
On 1 July 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance released a staff statement titled Crypto Asset Exchange-Traded Products – Division of Corporation Finance. The statement aims to provide clarity and guidance on the application of U.S. federal securities laws to disclosures made by issuers of crypto asset exchange-traded products (ETPs). It outlines key disclosure practices under the Securities Act of 1933 and the United States Securities Exchange Act of 1934, reflecting the staff’s observations during its review of recent ETP registration filings. This staff statement is directed at crypto ETP sponsors, legal counsel, compliance officers, and investment professionals involved in product development and US SEC reporting. The Division has expressly clarified that the statement is a staff view, not a rule, regulation, or official position of the Commission. it creates no new or additional obligations. The crypto asset ETPs discussed are not...
US SEC Reviews Nasdaq Proposal to Permit In-Kind Creations and Redemptions for iShares Bitcoin Trust
On 9 July 2025, the United States Securities and Exchange Commission (US SEC) publishes a Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 2, as Modified by Amendment No. 2, to Amend the Rules Governing the Listing and Trading of the iShares Bitcoin Trust to Permit In-Kind Creations and Redemptions [Release No. 34-103406; File No. SR-NASDAQ-2025-008], by The Nasdaq Stock Market LLC. The proposal seeks to amend the operational mechanics of the iShares Bitcoin Trust to allow for in-kind creations and redemptions of shares, in addition to the currently permitted cash-based process. The Nasdaq Stock Market LLC filed the original proposed rule change on 24 January 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and Rule 19b-4 thereunder. On 4 February 2025, Nasdaq submitted Amendment No. 1, which replaced and superseded the initial filing in its entirety. The proposal was published for comment in the Federal Register on 12...
US SEC Extends Review Period for Proposed Listing of Canary Staked TRX ETF on Cboe BZX
On 9 July 2025, the United States Securities and Exchange Commission (US SEC) issued a Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change to List and Trade Shares of the Canary Staked TRX ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, Release No. 34-103405 (File No. SR-CboeBZX-2025-069), designating a longer period for Commission action on a proposed rule change submitted by Cboe BZX Exchange, Inc. to list and trade shares of the Canary Staked TRX ETF under BZX Rule 14.11(e)(4), governing Commodity-Based Trust Shares. The US SEC’s order extends the time for review of a proposed rule change filed under Section 19(b)(1) of the United States Securities Exchange Act of 1934 and US SEC Rule 19b-4 thereunder. The proposal seeks approval to list and trade shares of the Canary Staked TRX ETF. Pursuant to Section 19(b)(2) of the United States Exchange Act, the US SEC has until 27 August 2025 to approve, disapprove, or institute proceedings...
Hong Kong SFC Convenes Second Digital Asset Consultative Panel Meeting to Advance ASPIRe Roadmap Initiatives
On 7 July 2025, the Hong Kong Securities and Futures Commission (HK SFC) convened the second meeting of its Digital Asset Consultative Panel (DACP), to engage directly with HK SFC-licensed virtual asset trading platforms on policy, regulatory, and market development issues. Central to the meeting was discussion of current and future initiatives under the ASPIRe roadmap, including the recently launched public consultations on legislative proposals to regulate virtual asset dealing and custodian services. The DACP forms a critical institutional channel for the HK SFC to collaborate with market stakeholders in shaping a robust and globally competitive digital asset regulatory ecosystem. The DACP meeting focused on several high-priority themes within the digital asset regulatory agenda, particularly, enhancing market accessibility (Pillar A) through appropriate licensing, onboarding, and compliance pathways for qualified participants; broadening the range of product offerings (Pillar...
Hong Kong FSTB and SFC Launch Joint Consultation on Legislative Proposals to Regulate Virtual Asset Dealers and Custodians
On 27 June 2025, the Hong Kong Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Securities and Futures Commission (HK SFC) jointly released two consultation papers i.e. Public Consultation on Legislative Proposal to Regulate Dealing in Virtual Assets and Public Consultation on Legislative Proposal to Regulate Virtual Asset Custodian Services which proposes statutory licensing regimes for virtual asset dealers and custodians. These proposed legislative frameworks form a central pillar of the Hong Kong SAR Government’s digital asset development agenda, following the release of the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong on 26 June 2025. They are also aligned with the “Access” pillar of the SFC’s ASPIRe roadmap, issued on 19 February 2025, to ensure safe, responsible, and globally integrated virtual asset markets. The proposed legislative regimes will mandate licensing, supervision, and compliance standards for entities engaging...
Hong Kong HKMA and HK SFC Publish Joint Consultation Conclusions on Annual Update to Financial Services Providers List under the OTC Derivatives Regulatory Regime
On 26 June 2025, the Hong Kong Monetary Authority (HKMA) and the Hong Kong Securities and Futures Commission (HK SFC) jointly issued the “Consultation Conclusions on the Annual Update to the Financial Services Providers List under the OTC Derivatives Regulatory Regime.” The updated list of Financial Services Providers (FSP List) will be implemented from 1 January 2026. The finalised annual revisions to the Hong Kong Financial Services Providers List under the city’s over-the-counter (OTC) derivatives regulatory regime, is an important component of the statutory clearing framework under the Hong Kong Securities and Futures Ordinance (Cap. 571) and is used to designate entities with roles in the global derivatives market. The revised FSP List will be gazetted during the fourth quarter of 2025 and will come into force on 1 January 2026. The Hong Kong Financial Services Providers List identifies entities that are subject to enhanced clearing obligations under the OTC derivatives...
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