Bearish (Yield Products): Global standard-setters (BIS) have set a target on unsegregated stablecoin "earn" programs, signalling severe restrictions that threaten the lucrative lending and rehypothecation revenues of major exchanges. Bearish (Compliance Overhead): The UK FCA’s formal integration of crypto into its market abuse penalty framework drastically raises the personal financial stakes for executives, necessitating immediate, costly upgrades to trade surveillance syste

Bullish/Neutral for US Stablecoin Yields: The GENIUS Act’s ban on reserve rehypothecation structurally protects, rather than threatens, the core profitability of stablecoin issuers. By mandating reserves be held in yield-bearing safe-haven assets and explicitly prohibiting interest payouts to users, issuers legally capture 100% of the risk-free yield, securing their net interest margins. Bullish for EU Institutional Activity: The ECB’s formal endorsement of MiCA-compliant e

Executive Summary Sarah Breeden, Deputy Governor for Financial Stability at the Bank of England, describes a multi-moneyverse' strategy...

Executive Summary Recent analyses from key European and international institutions outline a landscape characterised by a strategic...

1. Executive Summary H.R. 5403, the "CBDC Anti-Surveillance State Act," is a piece of legislation designed to prohibit the U.S. Federal...