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first_img Stablecoin infrastructure company Bastion received conditional approval from OCC for a national trust bank license

Stablecoin infrastructure company Bastion announced that the Office of the Comptroller of the Currency (OCC) has granted it preliminary conditional approval for a national trust bank charter. This charter allows Bastion to incorporate stablecoin issuance, custody, and exchange products under the same federal regulatory entity, adding OCC federal oversight on top of its existing state licenses. The company will operate under the name Bastion Platforms National Trust Company, providing stablecoin custody and wallets, payment infrastructure, and white-label issuance services.Bastion previously obtained a New York trust license in February 2025. Under the new charter, the company will offer custodial services for USDC and other digital assets compliant with the GENIUS Act, as well as white-label stablecoin wallet and issuance services (minting, redemption, and exchange), and continue to provide technology and operational infrastructure to other regulated issuers. Bastion itself does not issue stablecoins but primarily provides technology, operations, and compliance stacks for enterprise stablecoin projects.Bastion also appointed four new advisors: Colleen Taylor (Board, former President of American Express U.S. Merchant Services), Michael Patterson (Board, former Chief Compliance Officer of Genesis), Stuart Breslow (Advisor, former Chief Compliance Officer of Morgan Stanley), and Gabriella Fitzgerald (Advisor, former CEO of Optum Financial Medical Payments).

Upbit's parent company Dunamu has undergone changes in its stock swap transaction with NAVER: it may face conflicts regarding regulatory shareholding limits

According to a report by the Korean News Agency, the stock exchange transaction between Upbit's parent company Dunamu and NAVER Pay, a subsidiary of South Korean internet giant NAVER, may have uncertainties. Data disclosed by the Legislative Investigation Office of the Korean National Assembly indicates that the related transaction may simultaneously face the minimum shareholding ratio for subsidiaries stipulated by the Fair Trade Act, as well as the maximum shareholding ratio limit for major shareholders of virtual asset exchanges.Currently, NAVER Pay does not seem to belong to a holding company, but if it becomes a holding company in the future and includes the exchange as a subsidiary, there may be a situation where two conflicting shareholding standards apply simultaneously, necessitating an adjustment of the governance structure. The Korean Fair Trade Act stipulates that a holding company's shareholding ratio in listed subsidiaries must not be less than 30%, and for non-listed subsidiaries, it must not be less than 50%; for venture capital holding companies, it is 20%. Additionally, the second phase of discussions on South Korean virtual asset legislation also involves setting a shareholding limit for major shareholders of exchanges to reduce the concentration of control and the risk of conflicts of interest among specific shareholders.

first_img Security personnel at California technology company plan to strike this week

According to Business Insider, security staff providing services to tech companies such as Anthropic, Google, and OpenAI in California plan to strike this week, which may lead some tech companies to close their offices and require employees to work from home. On Tuesday morning local time, security personnel submitted a 72-hour strike notice to the relevant companies, planning to refuse to participate in work shifts starting from 4:30 AM on Friday.The United Service Workers West Union stated that the security personnel who may participate in the strike are responsible for guarding the offices of companies like Amazon, Microsoft, Salesforce, OpenAI, Anthropic, Google, Meta, and Nvidia. Currently, tech companies in the Bay Area have not announced any office closures due to the strike. This labor dispute involves several security service companies, including Allied Universal, Securitas, and GardaWorld, with the union representing approximately 14,000 security personnel in California. Negotiations over a new labor contract have been ongoing for several months.Security personnel are demanding higher wages, improved healthcare benefits, and better job training. A union spokesperson stated that both parties will continue negotiations on Wednesday and Thursday of this week, and as of Tuesday, the strike has not been finalized. The union plans to organize a march for security personnel in downtown San Francisco on Tuesday, ending at the Salesforce Tower, where Salesforce's headquarters is located. On September 3, security personnel voted to authorize the strike at a rally in San Francisco.
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