The Securities and Exchange Commission has proposed "Regulation Crypto Assets," a framework that would create two registration exemptions for certain crypto offerings and establish a conditional safe harbor from the definition of an investment contract. The proposal would allow qualifying offerings of up to $5 million over four years or $75 million annually. Comments are due 60 days after publication in the Federal Register.

Solana has achieved a $378 million increase in tokenized US Treasury activity over 30 days, leading the broader tokenized Treasury market to $16.23 billion in total distributed value, according to RWA.xyz. Ethereum remains dominant with 43% market share, but Solana's rapid growth is narrowing the gap.

MarketAxess has lost its dominance in the US credit e-trading market, falling behind Tradeweb in average daily volumes. In June, Tradeweb reported $9.3 billion in investment-grade trading and $1.16 billion in high-yield trading, surpassing MarketAxess' $7.8 billion and $1.6 billion, respectively. Trumid reported $9.6 billion in total credit ADV, with an estimated $6.85 billion being fully electronic.

Uncertainty remains over whether repo trades using tokenized US Treasuries will fall inside clearing requirements, even after a DTCC-hosted pilot showed digital twins could support market transactions. The decision is likely to sit with DTCC, making clearing status a key unresolved issue for firms hoping to use tokenized Treasuries in repo and collateral workflows.

Mitsubishi UFJ Financial Group has partnered with Digital Asset Holdings, Progmat and Secured Finance to launch a proof of concept for digital Japanese government bond repo transactions. The PoC aims to test simultaneous settlement of JGBs and digital money using blockchain and automate the full repo transaction lifecycle. MUFG is also developing a stablecoin with Sumitomo Mitsui Financial Group and Mizuho Financial Group, with plans for joint issuance by March 2027.

A major focus of the workshop was the ongoing transition toward central clearing of eligible U.S. Treasury repo trades, which speakers described as a significant transformation for market structure since the financial crisis. Panelists discussed the benefits of central clearing, including multilateral netting, reduced settlement risk and improved risk management. Progress toward the SEC's 2027 implementation deadline was noted, with ongoing industry migration and continued evaluation of centrally clearing the Fed's Standing Repo Operations.

Clearstream is set to participate in the European Central Bank's testing program for Pontes, a distributed-ledger-technology-based settlement system for central bank money. Clearstream will conduct end-to-end tests to validate settlement processes and interoperability ahead of Pontes' September launch.