🛠 SEC launches Project Crypto
📈 UK unlocks retail crypto ETNs
🌍 IMF lays out offline CBDC blueprint
This week’s Legal Layer has it all 🧵
🛠 SEC launches “Project Crypto” overhaul
The SEC just rewrote its playbook.
Every division is now working on custom rules for tokenized securities, on-chain settlement, and DeFi sandboxes.
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’s take:
The piecemeal era is ending. Expect new paths for registration, fresh custody rules, and a CFTC turf war over leveraged tokens.
⚖️ Will this finally bring clarity, or more complexity?
✅ SEC clears path for stETH, rETH listings
SEC staff say most liquid-staking tokens are not securities, if risks are disclosed and there’s no governance token.
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’s take:
Big green light for U.S. exchanges listing LSTs. This could reshape staking access, and push state regulators to follow suit.
⚖️ Which DAO tokens still walk the securities line?
🏧 FinCEN flags crypto-ATM fraud surge
U.S. banks must now tag reports involving suspicious “CVC kiosk” activity, after a 99% rise in FBI fraud complaints.
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’s take:
This may drive banks to de-risk kiosk clients or pass on higher AML costs. A national kiosk license could be next.
⚖️ Will access shrink before it’s cleaned up?
🇪🇺 EU finalises crypto risk caps for banks
EBA confirms 1% Tier-1 cap for token exposure, with real-time dashboards and Basel-aligned charges.
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’s take:
Banks can’t hide token risk anymore. The capital squeeze is real, especially for volatile or low-liquidity assets.
⚖️ Are stablecoins the only safe bet under CRR3?
📈 UK reopens retail access to crypto ETNs
Starting Oct 8, BTC and ETH notes will be available to UK retail investors, under strict risk tests and disclosures.
🔗
’s take:
London joins the regulated cETN club. Post-Brexit capital markets just got a crypto tailwind.
⚖️ Could this attract a new wave of EU outflows?
🏦 Hong Kong launches stablecoin licence regime
Retail-grade fiat tokens now require an HKMA licence. First approvals expected in early 2026.
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’s take:
Hong Kong is setting the stablecoin bar. With JVs from traditional banks, we may see a new class of regulated coins emerge.
⚖️ Which model will win: fintech-native or bank-issued?
🚨 Singapore probes Tokenize Xchange
The MAS is investigating the platform for offering digital-token services without a licence.
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’s take:
Enforcement is heating up before MAS’s phased licensing kicks in. Semi-licensed players may now face exit decisions.
⚖️ Will Singapore tighten further, or create space to grow
🌐 IMF lays out offline CBDC playbook
A new note outlines designs for central bank digital currencies that work without internet access.
🔗
’s take:
This is the CBDC blueprint for emerging markets. Expect rapid testing across Africa, South Asia, and Latin America.
⚖️ Is offline crypto the next frontier?
TL;DR ⚖️
→ SEC rewrites the rules
→ Europe locks in bank caps
→ Asia races ahead on stablecoins
The Legal Layer tracks the rules reshaping staking, trading, and tokens, so you don’t have to.
💬 Which change will move markets fastest?
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