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Crypto

U.S. regulators miss Genius Act deadline for final rules

U.S. regulators failed to issue final rules for implementing the federal stablecoin framework by the one-year deadline on July 18, the date set by the Genius Act. The Block reported that proposals from the OCC, FDIC, NCUA and the Treasury Department remain at the proposal stage, while rules from the Federal Reserve and anti-money laundering authorities are unfinished. The law takes effect on Jan. 18, 2027, or 120 days after final rules are issued, whichever comes first.

Crypto

Morgan Stanley\'s E*Trade partners with Zero Hash to start spot cryptocurrency trading

Morgan Stanley\'s online investment platform E*Trade has started spot cryptocurrency trading for eligible retail clients, offering bitcoin, ether and solana. The service is provided through a partnership with crypto infrastructure company Zero Hash. Eligible customers can buy, sell and hold cryptocurrencies on E*Trade and view holdings alongside traditional assets. Transfers of digital assets into and out of the platform are expected to be added by year-end.

Finance

Klarna applies to set up U.S. bank subsidiary to expand consumer finance beyond BNPL

Klarna has applied to U.S. federal and state regulators to establish a U.S. bank subsidiary. CNBC reported that, if approved, the Swedish fintech would pursue setting up an FDIC-insured institution, Klarna Bank USA, chartered in Utah. The new bank is expected to be led by Gary Harding, a former CEO of Milestone Bank and Prime Alliance Bank. Klarna says a licence would let it bring banking operations in-house.