Bearish (Global Market Structure):  The Financial Stability Board (FSB) continues to solidify global standards, recommending the structural unbundling of trading and custody. While not immediately binding, local regulators are aggressively adopting these frameworks, signalling the end of the vertically integrated exchange model in compliant jurisdictions. Bullish (US Capital Efficiency):  The US SEC officially updated broker-dealer net capital rules, slashing the penalty for

Executive Summary The global regulatory framework for digital assets and blockchain technology has reached a key milestone during the reporting period ending 22 November 2025. We are witnessing a clear shift from the initial "framework design" stage—marked by high-level principles and legislative discussions—towards a detailed, operational "infrastructure enforcement" stage. This shift is demonstrated by regulators engaging directly with the technical stack, focusing on speci

Executive Summary This week’s regulatory landscape was driven by three dominant themes: the deepening focus on Artificial Intelligence...

1. Executive Summary This week was marked by a significant volume of policy announcements from UK authorities, collectively known as the...

Executive Summary This week's global regulatory developments signal a significant push across three core areas: operationalising...