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BTC $77,287.25 -0.12%
ETH $2,116.90 -0.45%
BNB $648.29 +0.87%
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SOL $85.74 +1.13%
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BCH $374.85 +2.09%
LINK $9.56 -0.00%
HYPE $57.25 +15.45%
AAVE $88.08 +0.52%
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Trump signs a significant executive order on digital assets, SEC plans to implement tokenized stock innovation exemptions this week

According to BBX data, yesterday the global digital asset compliance process welcomed a historic policy dividend, as the U.S. federal government and the top securities regulatory agency are jointly breaking down the payment and securities boundaries between the crypto ecosystem and traditional finance. The core dynamics are as follows:Trump signs digital asset executive order: U.S. President Trump officially signed an executive order on Tuesday local time, requiring U.S. financial regulatory agencies to review existing rules within the next three months, identify and dismantle regulations that hinder fintech companies from collaborating with federally regulated financial institutions. The order specifically requires the Federal Reserve to take measures to encourage innovation within six months, reassess the eligibility of non-bank financial companies to access Federal Reserve payment accounts and services, and appoint 12 regional Federal Reserve banks to study the feasibility of independent open payment accounts.SEC poised to release "innovation exemption" framework: According to Bloomberg Law, the "Project Crypto" plan led by SEC Chairman Paul Atkins is expected to officially launch the tokenized stock "innovation exemption" framework as early as this week. This framework will allow crypto-native platforms to provide trading and clearing services for tokenized U.S. stocks to the market during the experimental period without undergoing full broker registration.Traditional exchange giants race to tokenize: Regulatory easing has already sparked competition for existing market share on Wall Street. Nasdaq, Inc. (NASDAQ: $NDAQ) has officially received SEC approval to launch trading of DTC-compliant security token versions by March 2026; meanwhile, the NYSE parent company Intercontinental Exchange, Inc. (NYSE: $ICE) has also submitted its independently developed 24/7 tokenized securities platform for final approval, which is currently pending.

Trump signs an executive order requiring a review of restrictions on cryptocurrency companies accessing the U.S. payment system

On Tuesday local time, U.S. President Trump signed an executive order requiring the federal government and the Federal Reserve to review the existing regulatory framework to promote deeper integration of digital assets and financial technology into traditional financial services and payment systems. The executive order mandates U.S. financial regulators to review current rules within the next three months and identify any "unreasonable barriers" to cooperation between fintech companies and federally regulated financial institutions. Within six months, regulators must also take measures to encourage financial innovation. Among other things, the order specifically requires the Federal Reserve to reassess the eligibility of uninsured deposit institutions and non-bank financial companies for payment accounts and payment services.The document also requests the 12 regional Federal Reserve Banks to study whether they can independently open payment accounts to relevant institutions without relying on the approval of the Federal Reserve Board. Analysts believe this policy may benefit special purpose deposit institutions in Wyoming and similar structures for cryptocurrency companies. Previously, Kraken's Wyoming SPDI had obtained a limited version of "master account" authority from the Kansas Federal Reserve, and other cryptocurrency institutions are also seeking similar qualifications. Reports indicate that the Federal Reserve is currently also studying a more formal "streamlined master account" mechanism and had announced related proposals last December.

BSC releases a report on quantum-resistant cryptography migration: transaction signatures have switched to ML-DSA-44, TPS testing has decreased by about 40%-50%

On May 14, BNB Chain released the "BSC Post-Quantum Cryptography Migration Report," stating that it has completed the migration testing for quantum-resistant cryptography for transaction signatures and the consensus layer, using the NIST standardized post-quantum signature algorithm ML-DSA-44 (Dilithium) and the pqSTARK aggregation scheme.The report shows that BSC has replaced transaction signatures from ECDSA to ML-DSA-44 and switched consensus voting aggregation from BLS12-381 to pqSTARK to address the potential threats posed by future quantum computing to the existing elliptic curve cryptography system. However, post-quantum signatures also significantly increase the on-chain data volume: the size of a single transaction has increased from about 110 bytes to approximately 2.5KB; the block size in a 2000 TPS scenario has increased from about 130KB to around 2MB; and the TPS in the testing environment has decreased by about 40%-50%.BSC stated that the current network bottleneck mainly comes from the larger transaction data propagation, rather than the consensus protocol itself. Meanwhile, the consensus layer aggregation still maintains high efficiency, with pqSTARK achieving a signature compression ratio of about 43:1, and the additional burden on validators remains within a controllable range. The report concludes that existing technology can achieve "quantum-resistant" deployment for blockchain, but future issues related to network bandwidth and data scalability still need to be addressed.

Minnesota, USA, signs a bill allowing banks and credit unions to offer cryptocurrency custody services

Minnesota Governor Tim Walz has officially signed HF 3709, a bill that allows banks and credit unions in the state to offer cryptocurrency custody services. The bill will take effect on August 1, 2026. According to the bill's requirements, financial institutions must develop written policies covering risk management, internal controls, and security measures, and submit written notice to the state commissioner of commerce at least 60 days before providing custody services. The bill specifically emphasizes that customer assets must be strictly segregated from the institution's own assets.One of the main authors of the bill, Representative Bernie Perryman, stated that this move aims to allow local financial institutions to "grow alongside their customers," preventing residents from being forced to rely on unregulated out-of-state or offshore providers. The Minnesota Credit Union Network stated that this legislation provides residents with a "safer way to manage crypto assets" and strengthens protections against risks such as fraud and hacking through regulation. With this, Minnesota becomes another state, following New York, Wyoming, and Virginia, that allows banks to offer crypto custody services.Meanwhile, earlier this month, the state also enacted another bill (SF 3868) that bans cryptocurrency ATMs. Starting August 1, the state cannot install new cryptocurrency ATMs, and existing machines must be removed by December 31. As a result, Bitcoin ATM operator Bitcoin Depot has filed for Chapter 11 bankruptcy protection and initiated business liquidation this Monday.
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