Quantum computing company PsiQuantum is accelerating efforts to build a large-scale quantum computer using photons. It is pursuing an approach that makes chips in existing semiconductor production facilities and connects about 100 cooling cabinets to implement a practical-scale system. Founded in 2016 by four physicists from British universities, the company has raised $1 billion and begun work on a Chicago hub, while preparing a second hub in Australia.

Major U.S. banks are seeking to ease capital rules introduced after the 2008 financial crisis, arguing the Basel framework being pursued could reduce U.S. Treasury market liquidity and weaken market functioning. Regulators are reviewing possible adjustments to balance financial stability and market efficiency. Banks say the new Basel capital rules could sharply raise trading-unit capital burdens. Markets are watching potential effects on lending capacity, liquidity and risk appetite, including possible spillovers to bitcoin and stablecoins.