The U.S. Securities and Exchange Commission has delayed releasing a proposal for an \'innovation exemption\' that would allow tokenised stocks to trade on crypto-based platforms. Concerns include the risk of third parties issuing stock-linked tokens without listed companies\' consent and challenges in verifying token holders and their eligibility to exercise shareholder rights. The SEC has gathered feedback from hundreds of market participants and is adjusting details rather than reversing direction.

Italy\'s largest bank Intesa Sanpaolo more than doubled its cryptocurrency-related holdings in the first quarter. Its crypto exposure rose to about $235 million as of March 31 from about $100 million at the end of 2025. The bank increased holdings of spot bitcoin ETFs, added ether and XRP via trust products, and sharply reduced a Solana staking ETF position. It also began derivatives trading with a new call option position tied to a bitcoin trust.