Kiffmeister’s #Fintech Daily Digest (20260529)

May 29, 2026May 29, 2026 ~ kiffmeister ~ Leave a comment

Reserve Bank of India Updates on its CBDC Pilot Programs (RBI)

The Reserve Bank of India (RBI) published its 2025–26 Annual Report in which it provided updates on its multiple retail central bank digital currency (CBDC) pilots tied to direct benefit transfer (DBT) schemes. These included using programmable retail CBDC to distribute food subsidies. Beneficiaries in Gujarat, Puducherry, and Chandigarh received subsidies in CBDC form that could be redeemed only for eligible goods at designated merchants, demonstrating the technology’s ability to target and restrict spending. The RBI views programmability as a key feature for public-sector use cases and plans to extend CBDC pilots to additional DBT programs and broader domestic retail applications during 2026–27. [RBI]

The RBI also reported on its wholesale CBDC pilots. During 2025–26 it developed the Unified Markets Interface (UMI), a platform designed to support tokenized financial assets while using wholesale CBDC for settlement. A pilot involving tokenized certificates of deposit was launched on the platform. The RBI also advanced cross-border wholesale CBDC work through cooperation with Singapore and the UAE and by joining BIS Innovation Hub initiatives Project Rialto and Project Mandala. Looking ahead, it plans additional tokenization pilots, broader participation in UMI-based experiments, and the operationalization of bilateral cross-border CBDC pilots with selected use cases. [RBI]

Eurosystem Moves Toward Extending T2 Operating Hours (ECB)

The European Central Bank (ECB) is proposing a phased extension of TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) operating hours, in the context of growing instant payments, cross‑border payment reforms and forthcoming distributed ledger technology (DLT) and digital euro services. In the short term it will (i) automatically remunerate excess reserves on all TARGET current accounts, including TARGET Instant Payment Settlement (TIPS) dedicated cash accounts, (ii) introduce rule‑based floor‑ and ceiling‑driven automated liquidity transfers between TIPS cash accounts and main cash accounts via Central Liquidity Management (CLM), and (iii) add a brief weekend TARGET window for liquidity transfers, without changing value‑dating. Medium‑ to long‑term options include near‑24/7 CLM, near‑24/5 real-time gross settlement, later cut‑off times and weekend opening of the Eurosystem Collateral Management System, with open questions on liquidity and run risk when markets are closed, collateral and staffing costs, cyber risk and the alignment of remuneration and value-dating. [ECB].

Research Project on the Master Plan Development for Pacific Island Countries (Fortience)

[March 22, 2026] Fortience (QUNIE) published selection results stating that, under Japan’s Ministry of Economy, Trade and Industry “Global South Future‑Oriented Co‑Creation” program, ABeam Consulting had been chosen for a “Research Project on the Master Plan Development for the Introduction of Central Bank Digital Currency (CBDC) for Cross-Border Payments in Pacific Island Countries.” The RFP window had run from 7 October to 1 November 2024, and the contract’s implementation period was defined as approximately one year from signing, capped at 28 February 2026, implying that most substantive work should have been completed before the March 2026 announcement. The description notes the use of Soramitsu’s blockchain and cites countries “such as Tonga, Samoa, and Cook Islands,” but no master plan, technical design, or central‑bank response linked to this project has been published. [Fortience]

FYI I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20260416)

April 16, 2026April 16, 2026 ~ kiffmeister

Factors that Promote Adoption and Use of a CBDC Wallet in Peru (IDEAS)

Banco Central de Reserva del Perú (BCRP) economists examined the determinants of adoption and usage of Peru’s retail central bank digital currency (CBDC) pilot, implemented through Viettel’s BiPay digital wallet beginning in October 2024, focusing on eight regions with low financial inclusion. Based on individual-level survey data, active CBDC usage was positively associated with awareness of the BCRP’s role in the pilot, wallet satisfaction, knowledge of functionalities, and prior digital wallet use, while self-employment was negatively associated, plausibly due to the pilot’s closed-loop, non-interoperable design. Targeted advertising significantly increased merchant adoption, active user counts, and bill payment volumes, with merchant network expansion identified as a key transmission channel. The authors conclude that retail CBDC scaling requires attention to both sides of the payment market — user-facing communication and financial incentives on the demand side, merchant onboarding on the supply side — with interoperability remaining a persistent structural barrier to broader adoption. [IDEAS]

South Korean Government to Test Tokenized Deposits on Disbursements (MOEF)

South Korea’s Ministry of Economy and Finance (MOEF) will run a regulatory sandbox pilot in Sejong City to use distributed ledger technology (DLT) based tokenized bank deposits for day‑to‑day government operational spending, testing preset time, amount, and category controls on expenses to improve oversight and reduce misuse, with legal and regulatory changes and nationwide rollout targeted from Q4 2026 as part of a broader plan to digitize around a quarter of treasury disbursements by 2030, building on an earlier tokenized‑deposit subsidy pilot for EV charging infrastructure. https://cointelegraph.com/news/south-korea-pilot-tokenized-deposits-government-spending [MOEF]

Tether Launches tether.wallet Self-Custodial Digital Wallet (Tether)

Tether has launched tether.wallet, a self‑custodial digital wallet intended to extend its stablecoin‑based payment infrastructure directly to end users in over 160 countries. The product aggregates access to Tether’s digital dollars (USD₮, USA₮), gold (XAU₮), and Bitcoin across multiple networks, abstracts away gas‑token management, and enables transfers via simple human‑readable identifiers, reducing frictions that have limited previous wallet adoption. This move potentially deepens dollarization dynamics in high‑inflation and underbanked jurisdictions while bypassing bank‑intermediated channels. [Tether]

Central Banks of UAE and Philippines Agree to Link Instant Payment Systems (CBUAE)

The Central Bank of the United Arab Emirates (CBUAE) and the Bangko Sentral ng Pilipinas (BSP) signed a memorandum of understanding (MoU) to support broader cooperation on financial infrastructure and payments connectivity. This includes working to integrate their instant payment platforms to enable seamless cross-border payment transactions. The MoU also provides for collaboration on central bank digital currency (CBDC) initiatives, including sharing expertise on the development of CBDC platforms for individuals and institutions. [CBUAE]

Kiffmeister’s #Fintech Daily Digest (20260405)

April 5, 2026April 8, 2026 ~ kiffmeister

Is Nigeria’s eNaira Dead? (Cryptonews)

[October 22, 2025] Nigeria’s eNaira has effectively slipped into a quiet death, with official channels and infrastructure fading away even as authorities stop short of formally killing the project. The mobile apps have disappeared from major app stores, the USSD access channel no longer works, leaving users locked out or unable to complete basic actions. And the eNaira’s official website returns a “404 Web Site not found” message and the official social media presence has been silent since 2023. [Cryptonews]

Question to readers: Should the eNaira be classified as “canceled” in the CBDCTracker.org database? The story above is old, but everything it says is now current.

Innovations and the Layering of Money and Payments (SAFE)

In a Sustainable Architecture for Finance in Europe (SAFE) working paper, Ulrich Bindseil argues that technological innovation is reshaping but not abolishing the hierarchical “layering” of money and payment ledgers, with central bank money remaining the ultimate anchor. He develops a typology of ledger layers and balance‑sheet structures, then applies it to central bank digital currency (CBDC), instant payment systems, public blockchains, tokenized multi‑asset platforms, expanded non‑bank access to central bank accounts, and stablecoins, finding that most proposals reorganize tiers rather than create a genuinely flat architecture. This matters because optimal layering balances efficiency, risk allocation, and governance: central banks should preserve singleness of money via a senior public ledger while selectively widening access and modernizing regulation to manage new operational and financial risks. The key unresolved question is how far to extend base‑layer access and programmability without undermining the advantages of a two‑tier banking system or overburdening central banks’ risk‑management role. [SAFE vis SSRN]

Kiffmeister’s #Fintech Daily Digest (20260401)

April 1, 2026April 1, 2026 ~ kiffmeister

The Eurosystem’s Comprehensive Payments Strategy (ECB)

The European Central Bank (ECB) set out the Eurosystem’s comprehensive two pronged payments strategy, defining its vision for the evolution of European payments under rapid technological change. The first prong is upgrading core infrastructures such as T2, the real time gross settlement backbone for high value and time critical payments during business days, and TIPS, the 24/7 Single Euro Payments Area (SEPA) instant retail settlement layer, while developing distributed ledger technology based wholesale settlement via Pontes and Appia. The second prong is a retail digital euro, with tokenized deposits and regulated, EU governed stablecoins in a complementary role. The strategy links tokenization choices to preserving the singleness of money, monetary sovereignty, and financial stability, reduces dependence on non European schemes, and embeds strategic autonomy and cyber resilience into core infrastructures and retail acceptance layers. It also promotes deeper integration of cross border and corporate payments through instant payments, standardization, and interlinking fast payment systems. [ECB]

Kiffmeister’s #Fintech Daily Digest (20260304)

March 4, 2026March 5, 2026 ~ kiffmeister

The New Financial Ecosystem and the Role of Central Banks (BOJ)

Bank of Japan (BOJ) Governor Ueda Kazuo provided updates to the central bank’s digital payments projects. The BOJ is still investigating retail central bank digital currency (CBDC) with an eye towards providing a “digital form of cash” if needed, and has set up (and now plans to reorganize) a CBDC Forum to draw on private‑sector expertise and consider the future of payments more broadly. Internationally, the BOJ is participating in Project Agorá, exploring tokenized deposits and smart‑contract‑based cross‑border interbank payments on blockchains, and domestically it has launched a sandbox to test settlement in central bank current account balances on blockchain‑based systems, including links to existing infrastructures and use cases such as interbank and securities settlement. [BOJ]

Digital Pound Design Phase Progress Update (BOE)

The Bank of England (BOE) published a progress update on the digital pound design phase, which is focusing on four workstreams: a joint assessment of need, policy and public‑interest impacts, commercial viability, and operational feasibility; a detailed blueprint covering product design, roles of intermediaries, interoperability in a multi‑money ecosystem, product roadmap, alias services and offline functionality; targeted experiments and proofs of concept (including a prototype ledger architecture and the Digital Pound Lab, where firms test use cases such as POS payments, conditional B2B payments, tourist wallets and programmable features via allowances and locks); and extensive engagement with industry, academia and civil society to refine requirements, privacy protections and user safeguards. This work is tightly linked to the UK National Payments Vision and the new Retail Payments Infrastructure Board, with an emphasis on interoperability between bank deposits, tokenized deposits, stablecoins and a potential digital pound, and on preserving access to cash, prohibiting “programmable money”, and embedding strong privacy and data‑protection guarantees in both law and system architecture. The design phase runs to 2026, and the Bank and HM Treasury plan to publish the blueprint assessment and a decision on whether to proceed with building a digital pound later in 2026. [BOE]

Kraken Becomes First Crypto Company to Secure a Fed Master Account (CoinDesk)

Kraken has become the first crypto firm to obtain a Federal Reserve master account, granted to its banking subsidiary Kraken Financial under a Wyoming special-purpose bank charter, with oversight by the Federal Reserve Bank of Kansas City. The account gives Kraken direct access to Fedwire, the Fed’s core interbank payment network, eliminating its previous reliance on partner banks to handle U.S. dollar settlements and enabling faster deposits and withdrawals for large traders and institutional clients. The approval is limited in scope, however, as Kraken will not earn interest on reserves nor have access to the Fed’s emergency lending facilities, unlike traditional banks. [CoinDesk]

Stablecoins and Monetary Policy Transmission (ECB)

The European Central Bank (ECB) published a paper on rising stablecoin adoption’s impact on monetary policy by reshaping banks’ funding structures and, in turn, the strength and composition of transmission channels. As stablecoins alter banks’ liability mix towards wholesale funding, the traditional bank lending channel is strengthened (through tighter funding constraints) but the deposit channel is weakened (by changing how deposit rates and quantities react to policy rates), thereby undermining the predictability of the overall pass‑through from policy rates to financial conditions. If foreign‑currency (especially USD‑pegged) stablecoins became widely used in the euro area, they would increase banks’ reliance on foreign‑currency wholesale funding and “import” foreign monetary and risk conditions into domestic liquidity and spending, eroding monetary sovereignty and making it harder for the central bank to stabilize inflation and output, particularly in stress episodes. [ECB]

Upcoming Speaking Engagements:

The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! [Register here and get 20% off the regular ticket price by using the Kiffmeister20 code!]

I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20251220)

December 20, 2025December 20, 2025 ~ kiffmeister

European Council Gives Digital Euro the Provisional Green Light (European Council)

The Council of the European Union (“European Council”) has agreed on its positions on introducing a digital euro and clarifying the legal tender status of cash, for its negotiations with the European Parliament. The digital euro would complement physical cash, be backed by the European Central Bank (ECB), and available for payments across the euro area by potentially 2029, with limits on holdings to prevent it being used as a store of value and mandatory free basic services for consumers. Once the proposal to establish the legal framework is adopted by the European Parliament and Council, it will ultimately be for the ECB to decide whether to issue the digital euro. The second position aims to strengthen cash by effectively banning its non-acceptance by retailers (with exceptions for online and unmanned sales), requiring member states to monitor cash acceptance and access, and establishing cash resilience plans for electronic payment disruptions. The Council will now begin negotiations with the European Parliament on both regulations. [Source: European Council]

Federal Reserve Board Proposes Limited-Purpose “Payment Account” (FRB)

The U.S. Federal Reserve Board (FRB) is seeking public comment on a new “payment account” designed for eligible financial institutions to use specifically for clearing and settling payments. Unlike traditional master accounts, payment accounts, holders could only maintain limited overnight balances (lesser of $500 million or 10% of total assets), would receive no interest on balances, and would have no access to the discount window or intraday credit. These accounts would only support specific payment services (Fedwire Funds, FedNow, National Settlement Service, and Fedwire Securities free transfers) that have automated controls to prevent overdrafts, while excluding services like FedACH and check processing. The streamlined account is intended to reduce risks to the Federal Reserve system while providing faster access (generally within 90 days) for legally eligible institutions that primarily need payment clearing and settlement capabilities rather than full banking services. Notably, it does not widen eligibility standards beyond those already in place for regular master account access. [Source: FRB]

Upcoming Speaking Engagements:

Kiffmeister’s #Fintech Daily Digest (20251008)

October 8, 2025October 8, 2025 ~ kiffmeister

Just a reminder that I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

BOE Plans Carveouts on Stablecoin Cap After Industry Backlash (Bloomberg)

The Bank of England (BOE) reportedly plans to grant exemptions to its proposed £20,000 cap for individuals and £10 million cap for businesses on stablecoin holdings, specifically targeting crypto exchanges and other firms that require large stablecoin positions. The central bank will also allow firms to use stablecoins as settlement assets in its experimental Digital Securities Sandbox, marking a notable shift from Governor Andrew Bailey’s earlier warnings that stablecoins could destabilize public trust in money. This policy adjustment comes amid growing concerns that the UK is falling behind the US in stablecoin regulation, with only $581,000 worth of pound-pegged stablecoins in circulation compared to $468 million in euro-pegged tokens, and fears that talent and investment could flow to New York under the Trump administration’s more favorable Genius Act framework. The changes reflect pressure from the digital payments industry. [Source: Bloomberg]

Pricing in Fast Payments: A Practical and Theoretical Overview (BIS)

The Bank for International Settlements (BIS) published a paper that provides an overview of how fast payment systems (FPS) are priced at various levels, including system participants (banks and payment service providers) and end-users. It reviews global practices, such as free, paid, freemium, and subscription models, highlighting incentives and trade-offs for financial inclusion, innovation, and competition. Using a two-sided market theoretical model (focused on person-to-merchant (P2M) transactions), the authors show that zero-fee models are unsustainable without external subsidies, while different pricing approaches influence both usage volume and social welfare. Some systems (eg Türkiye, Brazil) avoid joining or fixed fees for participants to encourage adoption, while others (eg Australia, the United Kingdom) use a mix of fee types. At the end user level, many (eg Brazil, Malaysia, Thailand) offer free or low-cost transactions for individuals. Fees for merchants can be market-based or regulated (eg Türkiye, India, Mexico). The model shows that FPS usage may be sub-optimal under many pricing schemes that are currently applied in practice. [Source: BIS]

Upcoming Speaking Engagements:

Stablecoin C-Suite Summit (New York City on November 14-15) will be the definitive conference for exploring the future of digital money and intelligent payments. The event brings together founders, C-level executives, investors, policymakers, and developers for two immersive days of talks, panels, and networking. This be the place to be if you’re building, backing, or regulating the next wave of programmable finance. [Register here]

The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [register here]

Kiffmeister’s #Fintech Daily Digest (20250924)

September 24, 2025September 24, 2025 ~ kiffmeister

Digital Euro May Be Rolled Out in Mid-2029, ECB’s Cipollone Says (Bloomberg)

The digital euro could be launched by mid-2029, according to ECB Executive Board member Piero Cipollone, speaking at a Bloomberg Future of Finance event. A recent agreement among euro-area finance chiefs on customer holding limits has accelerated the project’s momentum, but the initiative’s progress now depends on the European Parliament passing required legislation. Cipollone suggests that the Parliament’s formal position may be ready by early May 2026, with broader agreement among EU member states likely by year-end. [Source: Bloomberg]

CFTC Launches Tokenized Collateral and Stablecoins Initiative (CFTC)

The U.S. Commodities Futures Trading Commission (CFTC) has launched an initiative to allow tokenized collateral—including stablecoins—to be used in U.S. derivatives markets, citing the need for modernization and greater market efficiency. Industry leaders from Circle, Coinbase, Ripple, Tether, and Crypto.com publicly support the move, emphasizing how regulated stablecoins could enhance liquidity, reduce risks, and strengthen U.S. global leadership in financial innovation. The CFTC is inviting stakeholders and the public to submit feedback by October 20, 2025, as it prepares to implement new pilot programs and regulatory updates in line with recommendations from the President’s Working Group and its own Global Markets Advisory Committee. [Source: CFTC]

Drivers of Digital Payment Adoption: Lessons from Brazil, Costa Rica, and Mexico (NBER)

The U.S. National Bureau of Economics and Research (NBER) published a paper that explores why digital person-to-person (P2P) payment platforms like Brazil’s Pix and Costa Rica’s Sinpe Móvil achieve broad, cash-like usage while Mexico’s CoDi lags. It finds that mass adoption depends on rapid spread from affluent early adopters to lower-income groups, which is enabled by low barriers to entry, strong network effects, policy support, universal connectivity, and public trust. For example, CoDi’s adoption plateaued at only 2–3% of adults, due to pre-existing low bank account ownership (~40%), lower mobile and internet penetration, and restrictive access. For example, opening a bank account in Mexico is more cumbersome than in Brazil because it typically involves heavier and stricter documentation requirements, in-person branch visits, and processes that are not fully digitized or simplified for unbanked or low-income populations. [Source: David Argente]

Stablecoins and the Future of Money: Economic Principles and Policy Implications (IMK)

The Institut für Makroökonomie und Konjunkturforschung (IMK) published a paper by Peter Bofinger that argues for the integration of national payment systems across European Union (EU) member states as a means of strengthening European payment sovereignty and resilience, particularly in the face of risks posed by foreign-currency stablecoins—most notably those denominated in USD. The rationale is that by unifying fragmented domestic payment infrastructures, the EU can achieve faster, cheaper, and more seamless cross-border transactions for both consumers and businesses, reducing dependence on non-EU payment schemes and lessening the appeal of private stablecoins for euro area payments. This integration would build on the existing Single Euro Payments Area (SEPA) and extend its ease and efficiency, allowing instant, interoperable euro payments at scale. [Source: IMK]

Upcoming Speaking Engagements:

Stablecoin NYC 2025 (New York City on November 14-15) will be the definitive conference for exploring the future of digital money and intelligent payments. The event brings together founders, C-level executives, investors, policymakers, and developers for two immersive days of talks, panels, and networking. This be the place to be if you’re building, backing, or regulating the next wave of programmable finance. [Register here]

The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [register here]

Kiffmeister’s #Fintech Daily Digest (20250611)

June 11, 2025 ~ kiffmeister

Transforming global payments: the role of tokenized money & funds in cross-border transactions (VISA)

VISA published an interim report on Phase 2 of the e-HKD Pilot Programme, an initiative by the Hong Kong Monetary Authority (HKMA) to explore cross-border transactions using new forms of digital money including central bank digital currency (CBDC) and tokenized deposits. The pilot, involving VISA, ANZ, Fidelity International, and ChinaAMC Hong Kong, testis how Australia-based investors can purchase tokenized fund units from Hong Kong asset managers using e-HKD or tokenized deposits. The program aims to explore the potential of blockchain technology for near real-time settlements, enhanced interoperability between public and permissioned blockchains, and the establishment of token standards, ultimately seeking to accelerate digital asset adoption and improve the efficiency of fund management and cross-border payments. [Read more at VISA]

Public consultation on possible extension of T2 operating hours (ECB)

The European Central Bank (ECB) is seeking input from market stakeholders on potentially extending the operating hours of T2, its real-time gross settlement system. The Eurosystem is considering the possibility of moving T2 towards a 24/7 model. The consultation will consider several options for extending T2 operating hours, including a move towards (i) a 24-hour operational day, (ii) a 6 or 7-day operational week, or (iii) a 365-day operational year. Additionally, the Eurosystem is considering some potential adjustments to key operational features or longstanding conventions such as (i) reorganizing payments settlement during night-time, (ii) adjusting key cut-off times and (iii) introducing new value dates. [Read more at the ECB]

Upcoming Speaking Engagements:

The CB+DC Conference (Nassau, Bahamas, September 9-11) is a premier gathering centered on CBDCs, tokenized assets, and stablecoins. It provides a forum for central bankers, commercial bankers, technology innovators, policymakers, and academics to explore the latest advancements in digital currency, engage with experts and peers, and discuss the future of digital currency. [Register here but before you do, email me at john@kiffmeister.com for a 15% discount]

And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.

Kiffmeister’s #Fintech Daily Digest (20250516)

May 16, 2025May 16, 2025 ~ kiffmeister

Judge Rejects SEC and Ripple’s Bid to Rework XRP Settlement (Decrypt)

U.S. District Judge Analisa Torres denied a joint bid by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs to approve their recent agreement to drop their appeals and end a four-year legal battle, citing procedural errors. The SEC and Ripple had filed for an indicative ruling, a non-binding signal from the court that it would accept a deal dissolving Ripple’s injunction and reducing its $125 million fine to $50 million. But it bypassed Rule 60 of civil procedure, which governs relief from final judgments, and failed to demonstrate the “exceptional circumstances” required under that standard. However, Ripple’s Chief Legal Officer Stuart Alderoty said that “Ripple and the SEC are fully in agreement to resolve this case and will revisit this issue with the Court, together”. [Read more at X]

ECB sets back deadline for non-bank PSP access to TARGET (ECB)

The European Central Bank (ECB) has postponed a deadline for allowing non-bank payment service providers (PSPs) to access central bank-operated payment systems, including the TARGET settlement and the TIPS instant retail payment systems. This decision is a result of delays in some euro area countries in transposing the required amendments to the Settlement Finality Directive (SFD) and Payment Services Directive (PSD2) into their national legislation. The postponement to October 2025 necessary to avoid legal risks. [Read more at the ECB]

Upcoming Speaking Engagements: