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Crypto
BlackRock urges changes to GENIUS Act implementing rules amid differences with OCC
BlackRock has urged the U.S. Office of the Comptroller of the Currency to withdraw a provision that would cap tokenised assets at 20 percent of stablecoin reserve assets, saying the limit is unnecessary. It said reserve-asset risk should be judged by liquidity, maturity and credit quality, not whether assets are tokenised. BlackRock also asked for clarity on what qualifies as eligible reserves, including whether Treasury ETFs qualify, and proposed adjustments to diversification options in the draft rules.
Crypto
Pakistan opens banking to crypto operators, mandates customer fund segregation
Pakistan\'s central bank has allowed banks to open and maintain accounts for licensed virtual asset service providers, effectively ending a ban on crypto-related financial transactions in place since 2018. Banks must verify licences issued by the Pakistan Virtual Asset Regulatory Authority or accept a no-objection certificate for limited accounts. The rules require customer funds to be held separately in non-interest rupee accounts and strengthen anti-money laundering and counter-terrorism financing obligations.
Crypto
U.S. Treasury pushes transaction monitoring duties for stablecoin issuers, mandates blocking and freezing
The U.S. Treasury is preparing implementing rules that would effectively make anti-money laundering, counter-terrorist financing and sanctions compliance systems mandatory for payment stablecoin issuers, requiring them to be able to block, freeze or reject certain transactions. A joint proposal by FinCEN and OFAC was issued to implement the Genius Act, signed by President Donald Trump in July 2025. Separately, the FFDIC proposed rules on deposit insurance treatment. Debate over the Clarity Act is delayed in Congress.
