Tag: Regulation

Kiffmeister’s #Fintech Daily Digest (20250815)

~ kiffmeister

Circle Launching Arc Open Layer-1 Blockchain (Circle)

Circle announced plans to launch a new stablecoin-focused, Ethereum Virtual Machine (EVM) compatible Layer 1 blockchain called Arc, which will use USDC as its native gas token. Aimed at supporting enterprise-grade stablecoin payments, FX, and capital markets, Arc promises features like a stablecoin FX engine, rapid sub-second settlement, opt-in privacy, seamless integration with Circle’s platform, and interoperability across other partner blockchains. The public testnet for Arc is expected to go live in the fall of 2025 and a mainnet beta in 2026. [Read more at Circle]

Digital Dollar: Privacy and Transparency Dilemma (UC Law)

The University of California (UC) Law Journal published a paper by Jiaying Jiang that explores the debate around implementing central bank digital currency (CBDC), focusing on the tension between privacy and regulatory demands. The author argues that the prevailing fear of government surveillance is not a technical inevitability but a result of outdated anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations. To address this, the paper proposes concrete solutions: modernizing AML/CFT rules to allow for limited, threshold-based anonymity in everyday CBDC transactions; updating institutional record-keeping and reporting so small or low-risk transfers can occur privately; adopting privacy-preserving technologies like token-based payment options and encryption; and introducing clear legal carve-outs that permit financial institutions to implement privacy-by-design features without breaching regulatory obligations. These reforms, the author contends, would enable a digital dollar that protects user privacy while still equipping authorities with the tools necessary for oversight and crime prevention—demonstrating that privacy and compliance can be achieved together through thoughtful legal and technical innovation. [Read more at UC Law]

Public Attitudes Towards CBDC and the Role of Trust in the Central Bank (SSRN)

A forthcoming Bar Ilan University Faculty of Law Research Paper reports on the results of a multi-stage nationally-representatvie survey conducted in collaboration with the Bank of Israel on Israeli attitudes towards a possible digital shekel. The survey revealed that willingness to adopt was strongly correlated with trust in the central bank; respondents who expressed higher trust in the Bank of Israel were much more likely to intend to use the digital shekel. Interestingly, concerns about privacy were lower among Israelis compared to similar surveys in other countries, which may explain their relatively high acceptance. When asked about the most important features, respondents prioritized ease of use across payment scenarios, fraud protection, the ability to use the currency offline, absence of hidden fees, the option to earn interest, and above all, assurance that the central bank would not have access to personal transaction data. Overall, the survey highlights that while technical features matter, trust in the central bank is the most decisive factor influencing public willingness to adopt CBDC in Israel. [Read more at SSRN]

Personal Financial Planning and the Propensity of CBDC Adoption [Emerald Insight]

A paper published in the International Journal of Bank Marketing explores how personal financial planning impacts individuals’ willingness to adopt central bank digital currencies (CBDCs), using survey data from Sweden and the UK. The research finds that individuals who engage in activities such as budgeting, tracking expenses or setting long-term goals are more likely to express interest in CBDC adoption. These behaviors, reflecting financial literacy and forward-looking decision-making, align with openness to innovative financial technologies, were strengthened by perceptions of security, safety, and trust in the new technology. Individuals who believe that CBDCs are secure and that their personal data will be protected are significantly more likely to adopt the technology. Socioeconomic factors like education and age, as well as personal attitudes toward technology and risk, also influence adoption. [Read more at Emerald Insight]

Instant Cross-Currency Payments to Launch in October (Riksbank)

The TIPS Cross-Currency (TIPS X-CCY) service, a joint initiative by the Riksbank, ECB, Banca d’Italia, and Danmarks Nationalbank, will launching in October 2025, to enable instant, simultaneous settlement of cross-currency payments between the euro, Swedish krona, and Danish krone, with a future expansion to the Norwegian krone planned. This system leverages the Enhanced Linked Transaction (ELKT) model to ensure real-time payment and settlement across participating central bank systems, and is undergoing technical trials and regulatory updates to support its rollout, aiming to interlink with additional global payment systems over time. [Read more at the Riksbank]

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]

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 (20250813)

~ kiffmeister

Closing the Payment of Interest Loophole for Stablecoins (BPI)

The U.S. Bank Policy Institute (BPI), backed by several U.S. banking groups, implored Congress to close a loophole that could allow stablecoin holders to receive interest indirectly through affiliated exchanges, thereby evading the GENIUS Act’s ban on interest and yield. Because payment stablecoins neither fund loans like bank deposits nor operate as securities like money market funds, the BPI says they should not pay interest. They cite a Treasury estimate that up to $6.6 trillion of deposits could flow out of banks if stablecoins can offer yield, warning that such shifts would raise borrowing costs and reduce credit availability, especially during stress, unless the prohibition is extended to affiliates and distribution channels. [Read more at the BPI]

An Approach to Anti-Money Laundering (AML) Compliance for Crypto-Assets (BIS)

The Bank for International Settlements (BIS) published a Bulletin that proposes a practical AML/CFT framework for public blockchains that leverages transparent on-chain histories to compute “AML compliance scores” for crypto units and wallets, ranging from clean to tainted based on provenance, links to allow/deny lists, and risky patterns (e.g., mixers). Instead of relying on intermediaries as in traditional finance, authorities and off-ramps (fiat conversion points) would apply threshold-based acceptance rules to block or permit redemptions, with options spanning strict (only allow-listed/KYC’d flows) to lighter (exclude only deny-listed exposure), plus intermediate, tiered criteria like clean holding periods or limits by score. This approach aims to realign incentives—encouraging users, intermediaries, and stablecoin operators to avoid tainted flows—while enabling third-party compliance services, accommodating both UTXO- and account-based designs, and anticipating evasive tactics. It argues “same risk, same regulation” is insufficient for crypto’s unique structure, and that provenance-aware rules, coordinated internationally, can strengthen financial integrity and monetary sovereignty as crypto integrates with mainstream finance. [Read more at the BIS]

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]

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 (20250811)

~ kiffmeister

Bolivia Taps El Salvador for Crypto Regulation Guidance (Coingeek)
The Central Bank of Bolivia (BCB) signed a memorandum of understanding with El Salvador’s National Commission of Digital Assets (CNAD) to promote mutual cooperation, information exchange, and technical-regulatory knowledge on digital assets, including blockchain analytics and risk analysis. The agreement, signed by CNAD President Juan Carlos Reyes García and BCB Acting President Edwin Rojas Ulo, aims to leverage El Salvador’s experience as a crypto-asset regulatory pioneer to help Bolivia develop secure, regulated ecosystems that attract investment and support families and small entrepreneurs; it takes effect immediately and indefinitely. [Read more at the BCB]

Ethena USDe Jumps to 3rd in Stablecoin Market Cap Rankings (AInvest)

Ethena’s USDe stablecoin has experienced remarkable growth in 2025, with its market capitalization surging to over $8.4 billion, making it the third-largest stablecoin behind USDT and USDC. USDe is a “synthetic dollar” backed by crypto-assets, and liquid staking tokens rather than currency-matched high-quality liquid assets (HQLA). When users mint USDe by depositing crypto-asset collateral, Ethena simultaneously opens an equivalent short position in perpetual futures markets, creating a delta-neutral hedge that offsets price movements in the underlying assets. The protocol generates yield through funding rates from perpetual swap positions and staking rewards on liquid ETH, which is distributed to holders of sUSDe (staked USDe). However, this mechanism carries risks, particularly during periods of negative funding rates in bear markets, which could erode the protocol’s reserves and threaten the peg stability. [Read more at AInvest]

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]

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 (20250809)

~ kiffmeister

Regulating Stablecoins: Comparing MiCAR and the GENIUS Act (SSRN)

A forthcoming Texas A&M University School of Law Legal Studies Research Paper compares the European Union’s MiCAR and the U.S. GENIUS Act approaches to regulating stablecoins. Both embody contrasting regulatory philosophies for stablecoin oversight. MiCAR establishes a dual categorization of stablecoins—asset-referenced tokens (ARTs) and e-money tokens (EMTs)—with tailored regimes for each, emphasizing comprehensive conduct obligations, strict liability for misleading disclosures, mandatory asset segregation, and strong, statutory redemption rights applicable to all holders. In contrast, the GENIUS Act defines a single “payment stablecoin” category, prioritizing operational requirements and, most distinctively, providing unprecedented legal protections in bankruptcy: it grants all holders statutory standing, excludes reserves from the bankruptcy estate, and gives stablecoin holder claims super-priority over all other creditors. While MiCAR relies on strict consumer protection rules and regulatory controls, the GENIUS Act centers its strongest protections around insolvency outcomes and allows for the development of additional consumer safeguards through future rulemaking, resulting in two robust but philosophically distinct approaches to stablecoin regulation. [Download the paper at SSRN]

Decoupling Age, Period and Cohort from Euro Cash Use (ECB)

The European Central Bank (ECB) published an article that analyzes why cash remains a vital means of payment in the euro area despite long-standing predictions of a cashless society. Using recent data (2019–2024), it finds that while digital payments are growing and the share of cash in transactions is declining—especially among younger and middle-aged people—cash continues to play important roles: older adults use it more for everyday purchases, younger people often keep cash at home for precautionary reasons, and all age groups increasingly view it as an important payment option. The resilience of cash is shaped by overlapping factors such as habit, limited substitutability of digital payments, privacy and crisis concerns, and demographic shifts—meaning future payment systems should ensure continued access to and acceptance of cash alongside digital options, supporting payment choice, inclusion, and economic stability. [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]

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 (20250808)

~ kiffmeister

SEC, Ripple Lawsuit to End After Joint Agreement to Drop Appeals (CoinTelegraph)

The U.S. Court of Appeals for the Second Circuit recognized a joint dismissal of the Securities and Exchange Commission’s (SEC’s) appeal and Ripple’s cross-appeal in the lawsuit over XRP. This has been going on since late 2020, when the SEC sued Ripple in a federal court, accusing it of selling the token XRP as an unregistered security. A federal judge delivered a mixed ruling in July 2023, finding some tokens could be considered securities, and ordered Ripple to pay $125 million in fines to the SEC, far lower than the agency’s $2 billion request. The fine and ruling triggered the regulator to appeal, which Ripple then cross-appealed. The earlier this year (2025) the two came to a settlement and filed a request to dissolve the injunction and lower the $125 million fine against Ripple. [Read more at The Court Listener]

National Bank of Ukraine to Test e-hryvnia Digital Currency (RBC-Ukraine)

National Bank of Ukraine (NBU) Chairman Andriy Pyshny revealed the central bank’s preparations for an e-hryvnia central bank digital currency (CBDC) pilot. The NBU already has an understanding of the potential architecture model and is currently completing the search for a technological partner. This is at least the third time that the NBU has considered issuing a CBDC, starting in 2019 with a proof-of concept (POC) and then restarting its e-hryvnia research in 2022, so maybe the third time is the charm!? [Read more at RBC-Ukraine]

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]

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 (20250806)

~ kiffmeister

SEC Offers Stopgap Stablecoin Accounting Clarity (Bloomberg)

The U.S. Securities and Exchange Commission (SEC) has reportedly introduced updated staff guidance aimed at providing accounting clarity for stablecoins. It is expanding its initial crypto accounting rules, allowing certain U.S. dollar-pegged stablecoins to be treated as cash equivalents if they come with a guaranteed redemption right. This move is part of the SEC’s broader efforts, under Chair Paul Atkins, to relax previous restrictive policies and encourage traditional lenders to enter the crypto market, while the commission develops more comprehensive regulations for crypto securities. However, I can’t find any new staff guidance on this topic on the SEC website. [Read more at Bloomberg]

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]

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 (20250801)

~ kiffmeister

The National Bank of Rwanda Launches CBDC Ideathon (NBR)

The National Bank of Rwanda (NBR) in collaboration with Giesecke+Devrient (G+D), will host a retail central bank digital currency (CBDC) Ideathon. This event aims to engage local payment industry stakeholders, including individuals, startups, Fintechs, and other innovators, to validate ideas and use cases that foster the adoption of a potential e-Franc-Rwandais. The NBR’s CBDC work goes back to 2023 when it launched a feasibility study in collaboration with the Alliance for Financial Inclusion (AFI) that culminated in a research paper published in 2024. Registration of interest in the Ideathon closes on August 15, 2025, after which successful applicants will get access to the G+D Filia Wallet App to test the base functionalities of a potential eFranc-Rwandais. The idea is to create innovative use cases on top of the core CBDC functionalities (only conceptually, no need to do a prototype or any programming) and submit final idea by September 15, 2025. This will be followed by an event with final presentations in front of jury on the September 30, 2025. Selected use cases could potentially be developed further in future proof-of-concept work or a pilot. [Read more at the NBR]

Banco Central de Timor-Leste to Accelerate CBDC Strategy (Montran)

The Banco Central de Timor-Leste (BCTL) has reportedly entered a new phase of its strategic partnership with Montran to drive modernization of the country’s payments ecosystem and advance development of a central bank digital currency (CBDC). As part of this initiative, Montran’s Instant Payments Solution (IPS) will be deployed across the country to enable secure, real-time payments and provide interoperability between financial institutions, businesses, and individuals. Montran is also working with BCTL to develop a national strategy for introduction of a CBDC, known as eCentavos. [Read more at Montran]

U.S. Securities and Exchange Commission (SEC) launches Project Crypto (SEC)

U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins announced “Project Crypto,” a comprehensive initiative to position the United States as a global leader in the digital finance revolution and the “crypto capital of the world.” Key initiatives include launching an SEC-wide effort to modernize securities regulation to support the on-chain transformation of America’s capital markets, implementing the GENIUS Act for a gold-standard stablecoin framework, and developing new, clear guidelines for categorizing crypto assets. The SEC will prioritize onshoring crypto-asset distributions, providing regulatory clarity for issuers and entrepreneurs, modernizing custody rules to allow greater choice including self-custody, enabling “super-apps” for integrated trading of diverse assets, and amending outdated rules to accommodate tokenization and DeFi activities. Atkins emphasizes the development of purpose-fit disclosures, safe harbors for crypto distributions, innovation exemptions to accelerate market entry, and fostering an environment that encourages innovation, commercial viability, and American technological leadership in blockchain and finance. [Read more at the SEC]

Version 0.9 of the Digital Euro Scheme Rulebook (ECB)

The European Central Bank (ECB) published a preliminary draft version (version 0.9) of the digital euro scheme rulebook. It reflects the ECB’s continuous effort to develop a draft rulebook in close cooperation with the Rulebook Development Group (RDG), comprising senior representatives from European associations representing both the supply and demand side of the retail payments market. Version 0.9 is generally based on the 2023 proposal for a regulation on the establishment of the digital euro (2023/0212/COD) and the Regulation on the provision of digital euro services by payment services providers incorporated in Member States whose currency is not the euro (2023/0211/COD). Version 0.9, which was shared with the RDG members on 30 June 2025, is non-binding and does not necessarily reflect the final views of the ECB, the Eurosystem, the RDG, or any of its members or their constituencies. [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]

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 (20250731)

~ kiffmeister

President’s Working Group on Digital Asset Markets Recommendations to Strengthen American Leadership in Digital Financial Technology (White House)

U.S. President Trump’s Working Group on Digital Asset Markets published its regulatory and legislative proposals aimed at strengthening America’s leadership in digital financial technology. The recommendations span six key areas: creating a fit-for-purpose regulatory framework through Congressional action including Commodity Futures Trading Commission (CFTC) oversight spot markets for non-security digital assets and embracing decentralized finance (DeFi) technology; modernizing banking regulations by ending “Operation Choke Point 2.0” and clarifying permissible bank activities in custody and stablecoin issuance; strengthening the dollar’s role through implementation of the GENIUS Act creating federal stablecoin regulations and banning central bank digital currencies (CBDCs); combating illicit finance by modernizing anti-money laundering rules while protecting self-custody rights; ensuring fair taxation by reducing compliance burdens and treating digital assets as a distinct asset class; and enabling immediate trading at the federal level through regulatory clarity on registration, custody, and trading requirements. [Read more at the White House]

Notably, the report recommends amendments to the process by which the Federal Reserve grants master account access. A Fed master account is a deposit account maintained by a bank or other type of depository institution at a regional Reserve Bank and provides a gateway to the Fed’s balance sheet. Depository institutions and other eligible entities use deposits held in their master account for the settlement of interbank payments. Some state chartered banks that have applied for a master account have expressed frustration with the transparency of the Fed’s assessment process and negative outcomes, seemingly on account of their digital asset-related activities. The working group proposes that the Fed provide more clarity and transparency regarding the master account access process, and that expected timelines for assessing requests a master account should be clarified and defined in regulation. Also, the Fed should be prohibited from denying master account and Fed services access solely because the applicant engages in digital asset-related activities.

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]

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 (20250730)

~ kiffmeister

Implementation of Hong Kong Stablecoin Issuers Regulatory Regime (HKMA)

The Hong Kong Monetary Authority (HKMA) published various documents for the implementation of the regulatory regime for stablecoin issuers, which comes into effect on August 1, 2025. These include the finalized guidelines on supervision of licensed stablecoin issuers and on anti-money laundering and counter-financing of terrorism (AML/CFT) for licensed stablecoin issuers) plus explanatory notes on various aspects of the stablecoin issuer licensing regime and application process, and on transitional provisions for pre-existing stablecoin issuers. As of July 29, 2025, no license has been issued by the HKMA. [Read more at the HKMA]

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]

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 (20250718)

~ kiffmeister

FYI for some time I have been producing 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)) that goes out via email on the first business day of every month. (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) I’m now widening the distribution to include academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). If you’re interested in being on the mailing list, please email me at john@kiffmeister.com.

U.S. GENIUS Act Signed Into Law

U.S. President Donald Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to establish a regulatory framework for “payment” stablecoin issuers. (A payment stablecoin is a non-interest-paying digital asset that is or is designed to be used as a means of payment or settlement; and the issuer of which is obligated to convert, redeem, or repurchase for a fixed amount of monetary value.) The Act will restrict issuers to subsidiaries of insured depository institutions, federal-qualified nonbank issuers, or state-qualified issuers with stablecoin issuance of $10 billion or less. Issuers must maintain reserves backing the stablecoins on an at least a one-to-one basis. Permitted reserve assets include demand deposits at insured depository institutions, short-term U.S. Treasury securities, money received under Treasury bill-backed repurchase agreements with a maturity of seven days or less, and reverse repurchase agreements with a maturity of seven days or less that are collateralized Treasury securities on an overnight basis. Issuers must also comply with all anti-money laundering regulations. The Act also prioritizes stablecoin holders’ claims in bankruptcy proceedings, and exempts payment stablecoins from securities laws. [Read more at Congress.gov]

House Passes Anti-CBDC Surveillance State Act, Blocks Fed Digital Dollar Work (The Street)

The U.S. House of Representatives passed the CBDC Anti-Surveillance State Act, which would block the Federal Reserve (Fed) from issuing or testing a retail central bank digital currency (CBDC) without Congressional approval. The bill aims to prevent the government from using a digital dollar as a tool for state surveillance and control, but grants protections for open, permissionless, and private dollar-denominated currencies. The bill, introduced by Rep. Tom Emmer, prohibits the Fed from directly or indirectly issuing a CBDC that would be widely available to the general public, and bars the use of a CBDC as a monetary policy tool. The bill is also carefully worded so that Fed testing of so-called “wholesale CBDC” is permitted. This legislation now moves to the Senate. [Read more at Congress.gov]

House Passes Crypto Market Structure Bill (The Hill)

The U.S. House of Representatives passed the Digital Asset Market Clarity Act, a bill aimed at providing regulatory rules for the crypto industry. The bill aims to draw clear lines between oversight by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The CFTC becomes the primary regulator for most digital assets classified as “digital commodities,” while the SEC retains authority over digital assets that qualify as securities. The bill now heads to the Senate for further consideration. [Read more at Congress.gov]

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]

FYI for some time I have been producing 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)) that goes out via email on the first business day of every month. (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) I’m now widening the distribution to include academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). If you’re interested in being on the mailing list, please email me at john@kiffmeister.com.