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Crypto

SEC signals overhaul of on-chain trading rules, revisits standards for software

The U.S. Securities and Exchange Commission is reviewing how to update rules for on-chain financial markets and says it must clarify how existing regulatory frameworks apply to software applications. SEC Chair Paul Atkins said the agency should revisit definitions for exchanges, clearing agencies and brokers to fit on-chain trading systems. He also said clearer standards are needed for crypto vaults, on-chain software that can generate passive returns for users.

Crypto

Kraken parent Payward applies to U.S. OCC for national trust charter

Kraken parent company Payward has applied to the U.S. Office of the Comptroller of the Currency for a national trust company charter, The Block reported on Thursday. The application aims to establish Payward National Trust Company. Payward said it plans to offer bank-level, regulated digital asset custody and trust services to institutional and retail clients through the new entity, using existing infrastructure, risk management, compliance programmes and regulated affiliates.

Crypto

Trump-linked World Liberty Financial token may be unregistered security

A claim has emerged that WLFI, a token issued by the DeFi and stablecoin project World Liberty Financial linked to U.S. President Donald Trump’s family, could qualify as an unregistered security. Lee Reiners, a Duke University instructor and former New York Fed examiner, wrote on his blog that WLFI is likely to draw scrutiny from the U.S. Securities and Exchange Commission. He argued it is hard to view WLFI as a pure digital commodity under the SEC’s recent token classification standards.