In a major development, the US Securities and Exchange Commission has filed a joint stipulation with defendant Gemini Trust Company, LLC to terminate its long-running civil enforcement action with prejudice, effectively ending the three-year legal battle over the Gemini Earn crypto lending program.

SEC Vs Gemini

In January 2023, the SEC instituted one of the most controversial crypto-related lawsuits against Gemini Trust Company and its partner, Genesis Global Capital LLC, accusing both parties of illegally offering and selling unregistered securities through the Gemini Earn lending program, a financial product that operated between 2021 and 2022, which allowed customers to lend crypto for interest at 7.4% per annum. 

Following the FTX crash in 2022, Genesis, which had a significant financial exposure to the now-defunct crypto exchange, halted withdrawals on the Gemini Earn Program, effectively locking up $940 million in investor assets. Since then, a series of events has unfolded, including Genesis entering bankruptcy proceedings, and through that process, all Earn investors ultimately recovered 100 percent of their crypto assets in kind. In addition, Gemini has settled related matters with state and federal regulators, paying over $50 million in civil fines. 

In the joint stipulation filed this week, the SEC noted that its decision to seek dismissal “in the exercise of its discretion” took into account the full investor recovery and those regulatory settlements. The dismissal is with prejudice, preventing the SEC from re-filing the same claims, and represents the formal end of one of the most high-profile enforcement actions in the US crypto industry.

US Crypto Regulatory Turnaround

The dismissal of the Gemini case comes amid a broader recalibration of the US crypto regulatory approach under the Donald Trump administration. Several high-profile SEC actions against major platforms, involving Coinbase, Kraken, and Binance, have been dropped or paused, reflecting a shift from a forceful regulatory approach seen under the former chairman, Gary Gensler. 

At the same time, Congress and the White House continue to pursue pro-crypto legislative and policy initiatives. In July 2025, US President Donald Trump signed the GENIUS Act into law, a landmark bill establishing a comprehensive federal framework for stablecoins, aimed at boosting consumer protection and supporting broader adoption of digital assets.

Alongside the GENIUS Act, the highly anticipated Clarity Act, passed by the US House, aims to delineate regulatory responsibilities between agencies like the SEC and the Commodity Futures Trading Commission (CFTC) based on how digital assets function. The US Senate Agriculture Committee is set to observe a markup session of the bill on January 27, indicating steady progress despite recent concerning events, including public outrage by Coinbase founder Brian Armstrong and the Banking Committee’s continued postponement of its own hearing session.

Swiss banking giant UBS, with assets under management (AuM) of up to $7 trillion, is set to launch Bitcoin trading for some of its clients. This comes amid predictions that regulatory clarity and broader adoption could send the BTC price to as high as $200,000. 

UBS To Offer Bitcoin Trading To Some Wealth Clients

Bloomberg reported that UBS is planning to launch crypto trading for some of its wealth clients, starting with its private bank clients in Switzerland. The bank will reportedly begin by offering these clients the opportunity to invest in Bitcoin and Ethereum. At the same time, the crypto offering could further expand to clients in the Pacific-Asia region and the U.S.

The banking giant is currently in discussions with potential partners, and there is no clear timeline for when it could launch Bitcoin and Ethereum trading for clients. This move is said to be partly due to increased demand from wealth clients for crypto exposure. UBS also faces increased competition as other Wall Street giants are working to offer crypto trading. 

Morgan Stanley, in partnership with Zerohash, announced plans to launch crypto trading in the first half of this year, starting with Bitcoin, Ethereum, and Solana. The banking giant may soon also be able to offer its crypto products, as it has filed with the SEC to launch spot BTC, ETH, and SOL ETFs. 

Furthermore, JPMorgan, another of UBS’ competitors, is considering offering crypto trading to institutional clients, although this plan is still in the early stages. The bank already accepts Bitcoin and Ethereum as collateral from its clients. Last year, it also filed to offer BTC structured notes that will track the performance of the BlackRock Bitcoin ETF.

Can Bank’s Entry Trigger A BTC Rally To $200,000  

Kevin O’Leary predicted that Bitcoin could rally to between $150,000 and $200,000 this year, driven by the passage of the CLARITY Act. His prediction came just as White House Crypto Czar David Sacks said banks would fully enter crypto once the bill passes. As such, there is a possibility that BTC could reach this $200,000 psychological level in anticipation of the amount of new capital that could flow into BTC from these banks once the bill passes. 

BitMine’s Chairman, Tom Lee, also predicted during a CNBC interview that Bitcoin could reach between $200,000 and $250,000 this year, partly due to growing institutional adoption by Wall Street giants. Meanwhile, Binance founder Changpeng “CZ” Zhao said that a BTC rally to $200,000 is the “most obvious thing in the world” to him.

At the time of writing, the Bitcoin price is trading at around $89,600, up in the last 24 hours, according to data from CoinMarketCap.

The XRP Ledger has entered a new phase of innovation as Ripple integrates to bring together two of the most powerful technology trends shaping the global economy. Long known for its speed, low transaction costs, and enterprise-grade reliability, the Ledger is now expanding beyond payments to data-driven and automated financial applications. By merging AI with decentralized settlement, Ripple is positioning the Ledger to support smarter workflows and more efficient liquidity management.

How Ripple Is Embedding Intelligence Into On-Chain Systems

An analyst known as SMQKE on X has shared a case study of an AI implementation in the cross-border payment, in which Ripple has successfully combined blockchain technology and artificial intelligence to enhance the efficiency, speed, and cost-effectiveness of global transactions.  As a leading provider of real-time cross-border payment solutions, Ripple leverages the XRP Ledger, a decentralized blockchain that enables real-time cross-border settlement. 

Related Reading: Surge In XRP Transactions: 1.45 Million Daily Users Could Signal Price Rally Ahead, Says Expert

What sets this integration apart is the use of AI to optimize transaction flows and routing decisions in real time. Ripple AI-powered systems continuously process large volumes of payment data in real time, allowing financial institutions to make dynamic decisions on the most effective payment paths. 

BlackRock is now using Ripple’s RLUSD as collateral, which is extremely bullish for XRP. JackTheRippler revealed that the altcoin is being positioned as the future infrastructure, which is being built with the potential to hit over $10,000 per coin. With the REAL token launching on January 26th, trillions in global capital could flood into the XRP Ledger. According to JackTheRippler, some projections suggest up to $800 billion could flow into the REAL token on XRP Ledger, potentially sparking a powerful supply shock.

Why The Comeback Feels Different This Time

The rise of the phoenix XRP is here. Crypto analyst Xfinancebull highlighted that Caroline Pham isn’t just another name in crypto. Pham played a role in pushing utility regulation into the Commodity Futures Trading Commission (CFTC), helping shift policy toward real-world use cases. Currently, she is at MoonPlay and posting about the phoenix on X.

Related Reading: How Donald Trump’s Latest Crypto Move Will Boost Demand For XRP

Years ago, Brad Garlinghouse drew that same phoenix, and it became one of the biggest pieces of XRP lore. While the market chased narratives, Ripple has been building institutional-grade crypto products for years. Meanwhile, the token, RLUSD, and the XRP Ledger are now live operating, and recognized among the most compliant blockchain assets in the crypto world.

This is the same asset that survived the SEC’s biggest regulatory battles in crypto history, and is now on the other side with legal clarity, growing integration, and increasing relevance to government infrastructure in its favor. Xfinancebull concluded that Caroline has helped clear the regulatory path, Brad and Ripple built what actually runs on that path, and they have been aligning all along, which is how the real adoption happens.

The US Securities and Exchange Commission has agreed to dismiss its enforcement case against Gemini, the cryptocurrency exchange founded by billionaire twins Tyler and Cameron Winklevoss, after investors in its defunct lending program recovered their crypto assets in full.

In a joint filing submitted Friday to federal court in Manhattan, the SEC and Gemini Space Station cited the complete repayment of assets to users of the Gemini Earn program through the Genesis Global Capital bankruptcy process.

The repayments were completed between May and June 2024, according to the court document.

SEC Drops Gemini Case After Earn Investors Made Whole

The regulator said the decision followed the “100 percent in-kind return” of crypto assets to affected investors, meaning customers received the same digital assets they had originally deposited rather than cash equivalents.

Based on that outcome, the SEC concluded that dismissing its claims against Gemini was appropriate.

The case stems from charges brought in January 2023, when the SEC accused Gemini Trust Company and Genesis Global Capital of offering unregistered securities through the Gemini Earn program.

Under the arrangement, Gemini users loaned their crypto to Genesis in exchange for yield, with Gemini acting as the platform intermediary.

The SEC has dismissed its lawsuit against the Winklevoss twins–backed Gemini over its earn product pic.twitter.com/aq35vpGxG7

— 0xMarioNawfal (@RoundtableSpace) January 23, 2026

At its peak, the Gemini Earn program held approximately $940 million in customer assets.

That balance was frozen in November 2022 when Genesis halted withdrawals amid broader market turmoil following the collapse of several major crypto firms.

Genesis later filed for bankruptcy, triggering months of negotiations among creditors, regulators, and counterparties.

Unlike many firms that failed during the 2022 crypto downturn, Genesis ultimately returned customer assets rather than liquidating holdings and distributing cash proceeds.

That outcome played a central role in the SEC’s decision to unwind its case against Gemini.

SEC Drops Gemini Case as Crypto Policy Softens and Exchange Grows

The dismissal comes amid a broader shift in the SEC’s approach to digital asset regulation under US President Donald Trump.

The administration has signaled a more accommodating stance toward the crypto sector, with Trump publicly pledging to support mainstream adoption of digital assets and ease regulatory pressure on the industry.

In its filing, the SEC stressed that the dismissal does not reflect its position on other crypto-related enforcement actions, underscoring that the decision was specific to the facts of the Gemini case.

The exchange has continued to expand its institutional footprint following the resolution of the Earn dispute.

Gemini made a high-profile debut on Nasdaq last year, reflecting renewed investor interest in regulated crypto platforms as the market rebounds. According to LSEG data, the company is currently valued at approximately $1.14 billion.

The post SEC Drops Enforcement Case Against Winklevoss-Founded Crypto Exchange Gemini appeared first on Cryptonews.

This week’s regulatory developments show a familiar reality in Washington: there is broad agreement that crypto needs rules, but little consensus on how those rules should be written or who should take the lead.

That tension was on full display as Senate Judiciary leaders Chuck Grassley and Dick Durbin raised concerns over a provision in Senate Banking Chair Tim Scott’s crypto market structure bill.

Senate Judiciary leaders oppose blockchain developer protections in crypto bill, warning exemptions modeled on Lummis-Wyden BRCA could block money laundering prosecutions.#Senate #CryptoBill #Developershttps://t.co/onqKSmbDQ2

— Cryptonews.com (@cryptonews) January 19, 2026

The language would exempt certain blockchain software developers from financial licensing requirements, a move lawmakers warned could weaken law enforcement’s ability to pursue money laundering and other illicit financial activity.

In a private letter first reported by Politico, Grassley and Durbin argued that the provision falls squarely under the Judiciary Committee’s jurisdiction and noted that their panel was not consulted before the markup was scheduled and later postponed.

The section closely mirrors the Blockchain Regulatory Certainty Act, a bipartisan proposal led by Senators Cynthia Lummis and Ron Wyden, but its inclusion has now become another flashpoint in an already fragile legislative process.

Market Structure Bill Slips Further Down the Agenda

Momentum behind the broader market structure bill continues to slow. According to reports, the Senate Banking Committee has again delayed work on the legislation, pushing consideration to late February or March. Instead, lawmakers are shifting focus to housing legislation following President Donald Trump’s renewed push on affordability.

Crypto market structure bill – Clarity Act – has been further delayed by the US Senate Banking Committee until late February or March.#CryptoMarketStructureBill #ClarityAct #CryptoRegulationhttps://t.co/sfk07tyygY

— Cryptonews.com (@cryptonews) January 22, 2026

The delay reinforces a growing concern within the crypto industry: despite years of debate, market structure reform remains vulnerable to political reprioritization. What was once positioned as urgent now risks being sidelined by competing legislative priorities.

Partisan Cracks Begin to Show

While the Banking Committee hesitates, the Senate Agriculture Committee is moving ahead, even without Democratic support. Chair John Boozman has scheduled a markup for January 27, acknowledging that “differences remain on fundamental policy issues” but signaling a willingness to proceed regardless.

Senate Agriculture Committee advances crypto bill for January 27 markup without Democratic support as Banking delays CLARITY Act over stablecoin disputes.#ClarityAct #Stablecoinhttps://t.co/Wjz1vpYh5d

— Cryptonews.com (@cryptonews) January 22, 2026

If passed, the move would mark a shift away from bipartisan consensus toward a more partisan approach, raising questions about the long-term durability of any resulting framework in a divided Congress.

Regulators Step In as Lawmakers Stall

As Congress struggles, regulators are increasingly filling the gap. Newly appointed CFTC Chair Michael Selig this week declared the start of a “golden age” for U.S. financial markets, launching a “Future-Proof” initiative intended to update decades-old rules to reflect crypto, blockchain, and artificial intelligence.

@CFTC Chair @MichaelSelig launches "Future-Proof" initiative to modernize derivatives rules, calling it America’s “GOLDEN AGE” for markets. #CFTC #MichaelSelig https://t.co/LMwHJ6NJLi

— Cryptonews.com (@cryptonews) January 20, 2026

At the White House, Digital Asset Advisor Patrick Witt added pressure from another angle, urging swift passage of a market structure bill. Pushing back against claims that “no bill is better than a bad bill,” Witt warned that failure to act now could invite far more punitive legislation under a future Democratic Congress, particularly in the aftermath of a market crisis.

Enforcement Pulls Back—Coordination Moves Forward

Meanwhile, enforcement trends continue to shift. A Cornerstone Research report found that SEC crypto enforcement actions fell 60% in 2025 following Paul Atkins’ appointment as chair, indicating a move away from regulation by enforcement and toward a more targeted focus on fraud.

The SEC opened just 13 crypto enforcement cases in 2025, down 60% from 2024, with most new actions under Chair Paul Atkins focused on fraud.#SEC #CryptoEnforcement https://t.co/YI5S1uVisH

— Cryptonews.com (@cryptonews) January 23, 2026

That recalibration was reinforced this week as Atkins and Selig announced a joint event aimed at regulatory harmonization between the SEC and CFTC, a symbolic but meaningful step toward reducing the jurisdictional confusion that has long plagued U.S. crypto markets.

The Bigger Picture

Taken together, this week’s developments point to a clear pattern: legislative paralysis is pushing more responsibility onto regulators. Whether that results in clarity or further fragmentation will depend on whether coordination can replace congressional gridlock—and whether lawmakers can still reclaim leadership before agencies set the rules by default.

The post Weekly Crypto Regulation Roundup: Market Structure Stalls as Power Shifts From Congress to Regulators appeared first on Cryptonews.

Bitcoin Magazine

Nasdaq Moves to Remove Position Limits on Bitcoin ETF Options

Nasdaq has filed a rule change with the U.S. Securities and Exchange Commission seeking to remove position and exercise limits on options tied to spot Bitcoin exchange-traded funds, a move that would further integrate crypto-linked products into traditional derivatives markets.

The proposal, originally filed on Jan. 7 and made effective this week on the 21st, eliminates the current 25,000-contract cap on options linked to Bitcoin and Ethereum ETFs listed on Nasdaq. 

Affected products include funds from BlackRock, Fidelity, Grayscale, Bitwise, ARK/21Shares and VanEck, according to the filing.

The SEC waived its standard 30-day waiting period, allowing the rule change to take effect immediately, while retaining the authority to suspend it within 60 days if further review is deemed necessary. 

A public comment period is now open, with a final SEC determination expected by late February unless the rule is paused.

Nasdaq argued that lifting the limits would allow crypto ETF options to be treated “in the same manner as all other options that qualify for listing,” eliminating what it described as unequal treatment without undermining investor protections. 

The exchange said the change would support market efficiency while maintaining safeguards against manipulation and excessive risk.

Options are derivative contracts that give traders the right, but not the obligation, to buy or sell an asset at a predetermined price before a set expiration date. Position and exercise limits are typically imposed to prevent concentrated positions that could amplify volatility or destabilize markets.

The filing builds on Nasdaq’s approval in late 2025 to list options on single-asset crypto ETFs as commodity-based trusts. While that decision allowed Bitcoin and Ethereum ETF options to trade on the exchange, existing position limits remained in place.

Nasdaq has steadily expanded its involvement in crypto markets in recent years. 

Nasdaq’s bitcoin and digital asset push

In November, the exchange filed a separate proposal to raise position limits on options tied to BlackRock’s iShares Bitcoin Trust (IBIT) to as much as one million contracts, citing growing institutional demand and increased use of options for hedging strategies.

The exchange has also pushed into crypto indexing and tokenization. In January, Nasdaq and CME Group announced plans to unify their crypto benchmarks under the Nasdaq-CME Crypto Index, which tracks major digital assets including Bitcoin, Ether, XRP, Solana, Cardano and Avalanche.

If approved permanently, the latest rule change would mark another step toward normalizing Bitcoin derivatives within U.S. regulated markets, further blurring the line between traditional financial instruments and crypto-native assets.

This post Nasdaq Moves to Remove Position Limits on Bitcoin ETF Options first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

SEC Chairman Paul Atkins and CFTC Chairman Michael Selig will hold a joint event on January 27 to discuss regulatory harmonization and efforts to make the United States the global crypto capital.

The two regulators issued a joint statement announcing the event will take place at CFTC headquarters from 10 a.m. to 11 a.m. ET, marking another step in their ongoing coordination efforts.

“For too long, market participants have been forced to navigate regulatory boundaries that are unclear in application and misaligned in design, based solely on legacy jurisdictional silos,” the chairmen said in their statement.

“This event will build on our broader harmonization efforts to ensure that innovation takes root on American soil, under American law, and in service of American investors, consumers, and economic leadership.“

I'm looking forward to joining @ChairmanSelig next week at our @SECgov and @CFTC joint event to discuss harmonization between our two agencies.

Together we will discuss our efforts to deliver on President Trump’s promise to make the US the crypto capital of the world.

Join us! https://t.co/qgJwmiHYus

— Paul Atkins (@SECPaulSAtkins) January 22, 2026

Regulators Build on September’s Historic Turf War Resolution

The upcoming event continues momentum from a September 29 roundtable where both agencies publicly declared an end to their jurisdictional conflicts.

CFTC Commissioner Caroline Pham told attendees at that gathering that “the turf war is over,” while Atkins described it as “a turning point for American financial markets.“

That roundtable brought together executives from major platforms, including Kraken, Polymarket, Kalshi, Nasdaq, CME Group, and Robinhood, to discuss coordinated oversight of digital assets.

Atkins emphasized at the time that “for years, the SEC and CFTC have worked in silos, sometimes at odds,” but that era had ended.

The January 27 event will feature opening remarks from both chairmen, followed by a fireside chat moderated by Eleanor Terrett, co-founder of Crypto in America.

Doors open at 9:30 a.m., and the session will be broadcast live on the SEC’s website.

Agencies Accelerate Crypto Policy After Leadership Changes

Both regulators have moved aggressively on digital asset policy since new leadership took over in 2025.

Atkins assumed the SEC chairmanship in April after Gary Gensler’s departure, immediately shifting away from enforcement-based regulation toward clearer frameworks and guidance.

As reported by Cryptonews today, under Atkins, the SEC opened just 13 crypto-related enforcement actions in 2025 compared to 33 in 2024, a 60% decline and the lowest level since 2017, according to Cornerstone Research.

Eight of those cases involved fraud allegations, indicating a narrower focus on investor harm rather than broad registration theories.

The agency also dismissed seven ongoing actions and reduced total monetary penalties to $142 million, less than 3% of 2024 levels.

The SEC opened just 13 crypto enforcement cases in 2025, down 60% from 2024, with most new actions under Chair Paul Atkins focused on fraud.#SEC #CryptoEnforcement https://t.co/YI5S1uVisH

— Cryptonews.com (@cryptonews) January 23, 2026

Selig took the CFTC helm on December 22 after Senate confirmation, replacing acting chair Caroline Pham.

He immediately launched the Future-Proof initiative, a comprehensive review aimed at updating decades-old regulations for blockchain, AI-driven trading, and prediction markets.

“We are at a unique moment as a wide range of novel technologies, products, and platforms are emerging,” Selig said after his swearing-in.

“Under my leadership, the CFTC will conquer these great frontiers and ensure that the innovations of tomorrow are Made in America.“

Joint Efforts Face Congressional Pressure on Market Structure Bills

The harmonization push comes as Congress advances competing digital asset legislation.

The Senate Agriculture Committee released updated text for its Digital Commodity Intermediaries Act and scheduled a January 27 markup at 3 p.m., just hours after the Atkins-Selig event concludes.

Chairman John Boozman acknowledged that “differences remain on fundamental policy issues” with Democrats, who failed to support the bill despite extended negotiations.

The markup could proceed on party lines, unlike the House Agriculture Committee’s bipartisan 47-6 vote on similar legislation.

According to Eleanor Terrett, Senator Cory Booker’s team told Politico that he will continue working with Boozman to pass and sign the legislation, though no Democrats have publicly supported the text.

NEW: Where do we stand on crypto market structure legislation right now? The @SenateAg Committee released its latest legislative text last night, with Chairman @JohnBoozman (R-AR) acknowledging that Republicans and Democrats failed to reach a deal despite an extra two weeks of…

— Eleanor Terrett (@EleanorTerrett) January 22, 2026

Meanwhile, the Senate Banking Committee delayed its markup of the CLARITY Act until late February or March to focus on housing legislation.

Industry divisions over stablecoin yield provisions have complicated negotiations, with Coinbase CEO Brian Armstrong calling certain restrictions “catastrophic” before withdrawing support.

However, President Trump confirmed at Davos 2026 that he expects to sign crypto market structure legislation “very soon,” stating his administration is working to ensure “America remains the crypto capital of the world.”

For now, the joint regulatory event indicates that both agencies are preparing to implement whatever framework Congress ultimately delivers.

The post SEC’s Atkins and CFTC’s Selig Unite to End Crypto Regulatory Chaos appeared first on Cryptonews.

US securities regulators opened far fewer crypto-related enforcement actions in 2025, with a Cornerstone Research report pointing to a sharp shift in priorities after President Donald Trump’s administration installed Paul Atkins as SEC chair.

The report found the SEC initiated 13 crypto-related actions in 2025, down from 33 in 2024, a 60% decline and the lowest level since 2017.

Part of that count reflects a handover at the top. Five of the 13 actions were initiated under Gary Gensler before his departure in Jan. 2025, while eight were initiated under Atkins. Those eight included allegations of fraud.

That mix matters for crypto markets that spent the last few years bracing for regulation by enforcement.

Image Source: Cornerstone Research

Fewer Cases, But A Sharper Focus Under Atkins

With the SEC focusing new crypto cases on fraud, the focus has shifted away from broad registration theories and toward cases built around clear investor harm that are easier to argue in court.

The same report also found 29 crypto-related actions were resolved in 2025, including seven that the SEC dismissed under Atkins.

Meanwhile, total monetary penalties imposed against digital asset market participants came to $142M in 2025, which Cornerstone said was less than 3% of the penalties imposed in 2024.

SEC Focus Turns To Frameworks Beyond Courtrooms

“Enforcement actions under Chair Atkins reflect a shift in the SEC’s approach to digital-asset oversight, consistent with the priorities laid out in early 2025,” said Robert Letson, a principal at Cornerstone Research.

“Digital asset regulation continues to evolve and is something we will be watching closely in 2026.”

Atkins took office in April 2025 after a brief period with an acting chair, and legal observers have tracked a broader reset in tone across the agency since the leadership change.

If the SEC keeps prioritizing cases it can frame as fraud, the next phase of US crypto oversight may hinge less on surprise lawsuits and more on what rulemaking, guidance, or negotiated standards the commission chooses to put on the table in 2026.

The post SEC Crypto Crackdown Shrinks 60% Under Trump Pick Paul Atkins appeared first on Cryptonews.

The alleged risks of being publicly identified have not stopped DHS  and ICE employees from creating profiles on LinkedIn, even as Kristi Noem threatens to treat revealing agents’ identities as a crime.

F/m Investments has asked the United States Securities and Exchange Commission to allow it to tokenize shares of its flagship Treasury exchange-traded fund.

The $18 billion asset manager filed an application on Wednesday seeking exemptive relief that would permit ownership records for the F/m US Treasury 3 Month Bill ETF (TBIL) to be maintained on a permissioned blockchain.

The fund, which holds roughly $6 billion in assets, would continue to operate as a conventional ETF regulated under the Investment Company Act of 1940.

F/m Calls Proposal First-of-Its-Kind Bid to Tokenize ETF Shares

In a press release announcing the filing, F/m described the proposal as the first attempt by an ETF issuer to obtain US regulatory approval specifically for tokenized shares of a registered investment company.

Under the plan, blockchain-based shares would carry the same CUSIP identifier as existing TBIL shares and offer identical rights, fees, voting privileges and economic exposure.

According to the firm, the initiative is not intended to create a new digital asset. Instead, tokenization would function as an alternative method for recording ownership, alongside traditional book-entry systems used by brokerages and custodians.

The filing places F/m alongside a growing number of traditional asset managers experimenting with tokenization.

Franklin Templeton has already launched blockchain-enabled US government money market funds, moving share ownership records onchain while maintaining compliance with federal securities laws.

F/m’s proposal extends that model to a listed Treasury ETF, potentially expanding access to tokenized fixed-income products within regulated markets.

F/m Investments becomes first ETF issuer to file w/ SEC for tokenized ETF shares…

Would be for the F/m US Treasury 3 Month Bill ETF (TBIL).

"Tokenization is coming to securities markets whether we f #Bitcoin Macro hedge play heating up pic.twitter.com/vjJzL89iB8

— yusef crypto (@yusefkassar) January 21, 2026

F/m also drew a sharp distinction between its approach and crypto-native instruments such as stablecoins or unregistered tokens.

The company emphasized that tokenized TBIL shares would remain subject to independent board oversight, daily portfolio disclosure, third-party custody and audits, as well as the investor protections embedded in the 1940 Act.

If approved, the structure would allow TBIL to trade through both traditional brokerage channels and digital-native, token-aware platforms using a single share class. F/m said the fund’s investment strategy and portfolio composition would remain unchanged.

NYSE’s Tokenization Push Signals Shift Beyond Pilot Projects

The application arrives as tokenization gains traction across financial markets.

Just days earlier, the New York Stock Exchange revealed plans for a new trading venue designed to support around-the-clock trading and onchain settlement of tokenized stocks and ETFs, underscoring the industry’s push beyond pilot projects toward broader adoption.

Market forecasts suggest the opportunity could be significant. Standard Chartered previously projected that tokenized real-world assets could reach a $2 trillion market capitalization by 2028.

In a recent research, Web3 digital property firm Animoca Brands said that tokenization of RWAs could unlock a $400 trillion traditional finance market.

Last month, Libeara, the blockchain infrastructure platform backed by Standard Chartered’s venture arm SC Ventures, rolled out a new tokenized gold investment fund in Singapore, bringing one of the world’s oldest safe-haven assets onto digital rails.

The fund, launched in partnership with FundBridge Capital, allows professional investors to gain exposure to gold through blockchain-based tokens issued on Libeara’s ledger.

The post Asset Manager F/m Seeks SEC Approval to Tokenize Treasury ETF Shares appeared first on Cryptonews.

• SEC deputy secretary-general Jomkwan Kongsakul said crypto ETF rules could be issued early this year.
• Thailand’s SEC will treat crypto as another asset class and allow up to 5% portfolio allocation to digital assets.
• KuCoin Thailand is seeking to resolve an SEC suspension linked to capital requirements and a shareholder dispute.

Thailand’s Securities and Exchange Commission is preparing a new set of regulations designed to bring crypto investment products further into the country’s formal financial system.

The regulator is working on rules to support crypto exchange-traded funds (ETFs), crypto futures trading, and tokenised investment products, according to SEC deputy secretary-general Jomkwan Kongsakul.

The Bangkok Post reported on Thursday that the SEC aims to issue formal guidelines for crypto ETFs in Thailand “early this year.”

The move signals Thailand’s effort to position itself as a regional crypto hub for institutional investors, even as retail trading remains active despite a ban on crypto payments.

Crypto ETFs move closer to formal approval

Kongsakul said the SEC’s board has approved crypto ETFs in principle and the agency is now finalising investment and operational rules. He said the regulator sees crypto ETFs as a product that could reduce barriers for investors who may be hesitant about directly holding digital assets.

“A key advantage of crypto ETFs is ease of access; they eliminate concerns over hacking and wallet security, which has been a major barrier for many investors,” Kongsakul said.

Under the proposed framework, the SEC will treat crypto as “another asset class,” and investors will be able to allocate up to 5% of a diverse portfolio to digital assets.

Futures trading planned for TFEX

Alongside ETF guidelines, the SEC is also moving to regulate and enable crypto futures trading on the Thailand Futures Exchange (TFEX).

This would allow investors to gain exposure to crypto price movements through regulated derivatives markets.

Kongsakul said other initiatives under consideration include establishing market makers to support trading liquidity and recognising digital assets as an official asset class under the Derivatives Act.

Thailand has been working to attract more institutional interest in crypto markets, particularly through regulated products that sit within existing legal frameworks.

Tokenisation and sandbox collaboration with central bank

The SEC is also expanding its approach beyond ETFs and futures through tokenisation initiatives.

Kongsakul said the agency is working with the Bank of Thailand on a tokenisation sandbox, which could provide a controlled setting for testing tokenised instruments.

The SEC “will encourage issuers of bond tokens to enter the regulatory sandbox,” Kongsakul added.

By pushing tokenised bond products into a supervised environment, Thailand could develop regulated pathways for blockchain-based issuance without opening the door to unmonitored retail distribution.

Tighter oversight for financial influencers

While expanding products and market access, the SEC is also tightening standards around promotion and investment-related content online.

Kongsakul said the regulator is stepping up oversight of “financial influencers,” signalling that marketing and informal advice will face more restrictions.

He said, “Any recommendation related to securities or investment returns will require proper authorisation as either an investment advisor or introducing broker.”

The rules aim to curb unregulated investment promotion, particularly at a time when digital assets continue to be widely discussed across social media.

KuCoin Thailand works to resolve SEC suspension

The regulatory shift comes as the Thai SEC continues enforcement actions in the local exchange market.

Earlier in January, the SEC suspended KuCoin Thailand’s operations after the company’s capital fell below the minimum requirements for five consecutive days, according to local news outlet The Nation on Wednesday.

KuCoin Thailand said the breach was linked to a shareholder dispute between Singapore’s CI group and KuCoin Global, which prevented approval of a planned capital increase.

The company said the issue was not due to actual financial liquidity problems.

KuCoin entered the Thai market in June 2025 and is planning for its local entity to apply for a digital-asset broker license.

The company said this would allow it to offer a wider range of financial products.

Thailand’s crypto market remains active, with Bitkub, the country’s largest exchange, seeing daily trading volumes of around $60 million.

Even with crypto payments banned, regulators appear to be prioritising controlled investment access through structured products such as ETFs, futures, and tokenised instruments.

The post Thailand moves toward crypto ETFs, futures and tokenised investment products appeared first on CoinJournal.

Thailand’s Securities and Exchange Commission is finalizing regulations to introduce crypto exchange-traded funds early this year, alongside rules for crypto futures trading and expanded tokenized investment products, as the regulator moves to align the country’s capital market framework with accelerating global trends in digital asset adoption.

According to the Bangkok Post, Deputy Secretary-General Jomkwan Kongsakul confirmed that the SEC plans to issue formal guidelines supporting the establishment of crypto ETFs early this year, while working to enable crypto futures trading on the Thailand Futures Exchange.

The regulatory push builds on the SEC board’s approval of crypto ETFs in principle, with detailed investment and operational rules now undergoing final development requiring close cooperation between asset management companies and licensed digital asset exchanges.

THAILAND MOVES TO SUPPORT CRYPTO INVESTMENTS

Thailand’s 'SEC' says new rules are coming for crypto ETFs, crypto futures, and tokenized investments, formally recognizing digital assets as an official asset class under the law. pic.twitter.com/o5qMMBbZG4

— Coin Bureau (@coinbureau) January 22, 2026

Crypto ETFs Designed to Lower Barriers and Security Risks

Kongsakul emphasized that crypto ETFs offer significant advantages for Thai investors who already have access to similar products in overseas markets.

“A key advantage of crypto ETFs is ease of access; they eliminate concerns over hacking and wallet security, which has been a major barrier for many investors,” she stated.

The products allow exposure to digital assets without opening digital wallets or managing private keys, substantially reducing operational and cybersecurity risks that have deterred mainstream participation.

The SEC is considering introducing market makers for crypto ETFs to ensure adequate liquidity, potentially including digital asset exchanges, financial institutions, corporations, and entities holding cryptocurrencies on their balance sheets.

Once finalized, jointly developed products between asset managers and licensed exchanges could be listed and traded on the Stock Exchange of Thailand.

The regulator is also pursuing formal recognition of digital assets as an underlying asset class under the Derivatives Act, paving the way for crypto futures trading on TFEX under the Futures Trading Act.

“Crypto futures would be traded on TFEX under the Futures Trading Act,” Kongsakul explained, adding the move would provide investors with hedging tools and sophisticated risk management options.

Regulators Position Digital Assets as Portfolio Diversification Tool

The SEC emphasized that crypto should be treated as “another asset class” rather than a speculative instrument, recommending that investors with a higher risk tolerance allocate 4-5% of their portfolios to digital assets while maintaining diversification.

Thailand approved its first spot Bitcoin ETF in 2024 through One Asset Management, structured as a “fund of funds” that provides institutional clients with regulated access through global investment vehicles, following similar moves in the United States and Hong Kong.

The upcoming expansion into altcoin ETFs represents the next policy development stage, with Bloomberg reporting in October 2025 that the SEC was drafting rules in coordination with other agencies to widen crypto ETF offerings beyond Bitcoin to include a basket of digital tokens.

Thailand plans to expand its crypto ETF market beyond Bitcoin to include multiple tokens, with new rules expected early next year.#Thailand #CryptoETFs https://t.co/ob28LM5N0g

— Cryptonews.com (@cryptonews) October 2, 2025

Beyond new investment products, the SEC intends to strengthen oversight of online financial personalities by establishing clearer boundaries between general market commentary and services that require professional licensing.

“Providing factual information may not require a licence, but any recommendation related to securities or investment returns will require proper authorisation as either an investment advisor or introducing broker,” Kongsakul stated.

Thailand Joins Global Push Toward Regulated Crypto Products

The regulator is collaborating with the Bank of Thailand to establish a sandbox to promote tokenization and distributed ledger technology, believing that tokenization could significantly lower barriers for retail investors and help digital assets become a meaningful driver of Thailand’s economic growth.

The SEC also wants to expand the use of digital tokens for investment beyond existing investment tokens to include bond tokens and tokenized fund units, with Thailand’s first green token expected to launch, supporting sustainable finance and ESG-linked investment.

Thailand chooses KuCoin as lead partner for historic $153M tokenized government securities with $3 minimum investment.#Thailand #Cryptohttps://t.co/do6x6GRhEE

— Cryptonews.com (@cryptonews) August 27, 2025

Thailand’s preparations for a crypto ETF align with broader momentum across Asia and Western markets, as South Korea announced plans to introduce spot Bitcoin ETFs in 2026 as part of its Economic Growth Strategy, despite ongoing legislative disputes over stablecoin governance.

Vietnam has also introduced a crypto pilot licensing regime this week, requiring a minimum capital of $380 million, attracting interest from around 10 securities firms and banks.

Outside Asia, Vanguard has also reversed years of resistance by opening its $11 trillion brokerage platform to third-party crypto ETFs and mutual funds in December 2025, with its head of brokerage, Andrew Kadjeski, stating that “cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity.“

The post Thailand Targets Early 2026 for Crypto ETF Regulations appeared first on Cryptonews.

Residents of Thailand may soon have access to crypto exchange-traded funds as the Securities and Exchange Commission is working on formalizing regulations. Thai SEC deputy secretary-general, Jomkwan Kongsakul, has recently confirmed that the regulator plans on issuing formal guidelines that…

 

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The US Securities and Exchange Commission’s Crypto Task Force is facing renewed pressure from industry groups and individual contributors as questions around self-custody rights and the scope of dealer regulation in decentralized finance move back into focus.

On Tuesday, the Task Force’s public “Written Input” page added two new submissions that reflect a broader tension shaping US crypto policy: how to protect investors without collapsing core features of on-chain markets, particularly self-custody and non-custodial trading.

SEC Filings Spotlight Self-Custody Protections and DeFi Market Structure

One submission, filed by an individual identified as DK Willard, centers on the experience of retail crypto users in Louisiana and ties state-level protections directly to the federal debate now unfolding in Washington.

Willard points to Louisiana legislation such as House Bill 488, which explicitly affirms residents’ right to self-custody digital assets, arguing that these protections should not be diluted by federal market structure proposals.

The filing shows that Congress is considering frameworks that include registration, transparency, and anti-fraud standards, but certain exemptions risk allowing developers or platforms to sidestep core investor protections.

In Willard’s view, weakening self-custody protections could expose consumers to fraud and financial crime rather than supporting responsible innovation.

At the same time, a more technical submission from the Blockchain Association’s Trading Firm Working Group focuses on how proprietary trading firms should be treated when providing liquidity in tokenized equity markets that operate on DeFi infrastructure.

The group argues that long-standing distinctions in securities law between dealers and traders should continue to apply on-chain.

Trading for one’s own account, without customer solicitation, custody, or agency execution, should not trigger dealer registration under the Exchange Act, the filing says, even when that trading occurs through smart contracts and decentralized venues.

The association frames this issue as central to whether tokenized equity markets can function at all during any SEC-approved innovation exemption or sandbox.

Without legal certainty, proprietary trading firms may avoid on-chain markets altogether, leaving tokenized equities without reliable liquidity, price discovery, or arbitrage.

The group stresses that existing broker-dealer rules, including those governing clearing, custody, reporting, and capital, were designed for intermediated markets and will take time to adapt to atomic settlement and smart contract execution.

Allowing proprietary firms to participate immediately, they argue, would give regulators space to modernize those frameworks without freezing market activity in the interim.

SEC’s New Crypto Approach Takes Shape After 2025 Restructuring

These submissions land within a broader shift at the SEC that began after the agency’s restructuring in early 2025.

Under Commissioner Hester Peirce, the Crypto Task Force has moved away from what industry participants long criticized as regulation by enforcement and toward formal rulemaking and guidance.

Over the past year, that approach has included dismissing the SEC’s lawsuit against Coinbase, pausing enforcement actions against Binance, and closing investigations into other major platforms.

The @SECGov plans to drop its enforcement case against @coinbase, with CEO @brian_armstrong calling a "huge day" for crypto. #Coinbase #SEChttps://t.co/8Q5mkqG1J8

— Cryptonews.com (@cryptonews) February 21, 2025

The agency has also rescinded restrictive custody guidance and clarified that certain crypto activities do not constitute securities transactions.

The latest filings also intersect with an increasingly complex legislative backdrop.

Negotiations over the CLARITY Act, which aims to establish a comprehensive federal market structure for digital assets, remain unsettled.

Coinbase says crypto market structure bill more complex than stablecoin framework but global competition will force congressional action this year.#Coinbase #ClarityActhttps://t.co/PEuIKIZkwu

— Cryptonews.com (@cryptonews) January 3, 2026

A scheduled markup in the Senate Banking Committee was postponed following industry opposition, while the Senate Agriculture Committee is still expected to review the bill later this month.

Other recent submissions to the Crypto Task Force highlight how contested the custody question remains.

Industry groups, including SIFMA, have cautioned against granting broad exemptions to wallet providers that perform broker-dealer functions, while policy groups tied to the Solana ecosystem are calling for clearer distinctions between non-custodial software and regulated intermediaries.

The post SEC Crypto Task Force Pressed on Self-Custody Rights and DeFi ‘Dealer’ Rules in New Filings appeared first on Cryptonews.

Trump Media has finalized Feb. 2 as the record date when it will airdrop its upcoming shareholder token to those owning at least one full share of DJT stock. According to a recent announcement from Trump Media & Technology Group…

XRP’s next big rise could come with hardly any warning, traders and analysts warn. Markets are quiet now. That quiet has happened before, and it has sometimes been followed by sharp moves that catch most people off guard.

History Of Sudden Moves

According to several community analysts, XRP has a pattern of long quiet periods followed by fast spikes. It rarely creeps steadily upward for weeks before a charge. Instead, price often treads water, people lose faith, and then momentum arrives quickly.

That behavior has left many short-term traders on the sidelines when runs happen. A move looks obvious only after it is already well under way.

Legal Overhang Gone

Reports say the SEC lawsuit changed XRP’s timing for years. While other tokens took part in big market swings, XRP traded under heavy regulatory pressure. That pressure is now removed.

The major $XRP breakout will come when many least expect it. Its always a “catch-off-guard” move.. but we’re prepared.

— ChartNerd (@ChartNerdTA) January 17, 2026

The market has since been allowed to price XRP without that cloud. In late 2024, a notable rally began after US President Donald Trump’s win and the exit of SEC Chair Gary Gensler. Momentum pushed XRP from roughly $0.50 to above $3 in a matter of weeks. But the gains were followed by a long reset.

Exposure Beats Perfect Timing

According to a number of commentators, being already invested matters more than hitting the exact bottom. When the price starts to climb fast, buyers who jump in late often pay too much and panic-sell when the heat fades.

Early holders tend to capture most of the upside. Reports note this has repeated across multiple cycles. Emotion drives late entry; calm positioning often wins.

At the time of writing, XRP was trading near $1.93, down about 4% on the day and roughly 55% below its recent high. Many who bought above $3 over the past year have cut losses or reduced positions, which has left sentiment thin.

On Quick Inflows & Short-Term Squeeze

Liquidity in key ranges is lighter than traders might assume. Volume patterns and derivatives flows will matter if price begins to move again.

An array of factors could start the run — quick inflows, a shift in macro appetite, or a big buyer showing up. On-chain signs, exchange flows, and futures positioning would give clearer clues, but those signals can flip fast.

Featured image from Unsplash, chart from TradingView

 

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