SEC Delays Crypto Regulation Meeting in Latest Industry Setback
Regulation
”The Securities and Exchange Commission canceled a Friday meeting where the agency was expected to unveil new plans for digital assets as landmark crypto legislation remains stalled in Congress. The regulator announced earlier this week it planned to meet 'to create a tailored offering regime for certain investment contracts involving crypto assets.' That meeting will be moved to a later date due to an unforeseen scheduling issue, an agency spokesperson said in a statement Thursday. The move comes after lawmakers failed to pass a crypto market structure bill before the Senate’s August recess. That effort was delayed earlier this month largely over a partisan spat about ethics provisions curbing public office holders’ activities in the sector after President Donald Trump reported earning $1.4 billion from crypto and memecoin-related ventures in 2025.”
Source: Bloomberg
Blockchain Association Backs Custodia's Supreme Court Bid Over Fed Master Account Access
Policy
”The Blockchain Association has filed an amicus brief in support of Custodia Bank's Supreme Court petition challenging the Fed's denial of master account access. In a Wednesday filing, the industry group urged the court to review whether regional Fed banks have the discretion to reject eligible state-approved banks' access to master accounts. A Fed master account could give financial institutions direct access to the central bank's payment systems, which is key infrastructure for banks serving digital asset clients. 'No lawful industry should be excluded from essential banking services through regulatory pressure or unchecked administrative discretion,' the association wrote in a thread of posts on X, adding that the case is about ensuring 'lawful digital asset businesses can compete on equal footing.'”
Source: The Block
Crypto Firm Tether Says KPMG Completes Long-Promised Audit
Stablecoins
”After years of promises, stablecoin issuer Tether said it has received a full independent audit of its financial statements for the first time. The El Salvador-based firm didn’t release the audit. KPMG US issued an 'unqualified audit opinion,' meaning the statements 'present fairly, in all material respects, the financial position,' and that 'the results of operations and cash flows for the period were in accordance with US generally accepted accounting principles,' Tether said in a statement Thursday. 'We can confirm that we issued an unqualified opinion on Tether International, S.A. de C.V.’s financial statements in accordance with AICPA standards for the year ending December 31, 2025,' KPMG said in an email. 'Due to client confidentiality, we have no further comment.'”
Source: Bloomberg
MUFG to Test Real-time Blockchain Settlement for Japanese Government Bond Trades
Tokenization
”Mitsubishi UFJ Financial Group (MUFG) plans to use blockchain technology to offer faster settlement of Japanese government bond (JGB) transactions, in a move reminiscent of similar initiatives by banks in other countries. MUFG is preparing a proof-of-concept for onchain JGB transactions using the Canton network to expedite the settlement, which typically takes 1-3 days by traditional means. The Tokyo-based bank expects to improve the operational and capital efficiency of repo transactions — the purchase of securities as a form of short-term borrowing and lending — through real-time 24/7 onchain settlement. MUFG noted that financial institutions in Europe and the U.S. have expanded proof-of-concept projects to achieve this exact goal. Blockchain-based intraday U.S. Treasury-bond repos have existed for several years through JPMorgan’s Kinexys network, which went live in 2020.”
Source: CoinDesk
FCA, HTX in Settlement Talks Over Illegal UK Crypto Promotions
Legal
”The Financial Conduct Authority and HTX are "in talks" to negotiate a settlement in the regulator's case over unlawful crypto promotions to UK consumers, with London's High Court pausing proceedings until late August to let the two sides reach terms, Reuters reported from court filings. The sides exchanged emails in March, opened three months of talks and extended them by a further two on June 25. The FCA issued proceedings in the Chancery Division on October 21 last year, in the first enforcement action of its kind against a crypto exchange over marketing, with the claim itself published in February. It is seeking an injunction and a declaration that the defendants breached section 21 of the Financial Services and Markets Act, which bars unauthorized financial promotions.”
Source: Decrypt
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Notable Events Next Week
- Tue: SEC Chair Atkins Keynote (SALT) – US
- Tue: U.S. IP (July) – US
- Wed: FOMC Minutes (July) – US
- Thu: CFTC Committee (Crypto & Prediction Markets) – US
Themes of the Week
- Regulation: Thune Files Cloture on Clarity Act, Setting up Sept. 15 Senate Vote; Crypto Bill's September Vote Faces Long Odds; SEC Poised to Unveil Major Crypto Plans; SEC Delays Friday Crypto Regulation Meeting
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Policy: Brazil's Bank Orders Exchanges to Delay Large Crypto Transfers Abroad; Russia Approves Trading of BTC, ETH, USDT But Not XRP; Blockchain Association Backs Custodia's Fed Master Account Access Bid
Tweet of the Week
https://x.com/CoinDesk/status/2088174248447643990?s=20
