United States
Crypto
Large US lenders are reportedly working (subscription) on launching stablecoins in anticipation of a friendlier crypto regulatory regime in the country.
Trump signs landmark, bipartisan stablecoin regulation bill, the GENIUS Act.
Roman Storm, founder of crypto platform Tornado Cash, began his criminal trial for facilitating money laundering.
Data/Cybersecurity
A former US soldier pleaded guilty to participating in a scheme to hack and extort telecoms companies. The hacking took place while the soldier was on active duty.
Senate Intelligence Committee Chairman Tom Cotton calls on Department of Defense to investigate Microsoft’s supply chain due to connections with Chinese engineers that work on sensitive topics.
Healthcare
A data breach at medical billing company Episource has potentially exposed the personal details and health information of more than 5.4 million people.
The FDA will take affordability into consideration when granting vouchers that speed up approvals of treatments proposed by drug companies.
Regulation
Former FDIC chair Sheila Blair criticized plans to lower banks’ capital requirements, arguing that it will weaken “global systemically important banks” ability to lend to main street, and will fail to achieve the aim of boosting the Treasuries market.
PCAOB chair Erica Williams was asked to resign by SEC chair Paul Atkins, as Republicans plan to roll its responsibilities into the SEC’s purview.
HHS and State Department issued a joint statement formally rejecting World Health Organization’s 2024 amendments to the International Health Regulations.
The DOJ and CFTC close their investigation into prediction marketplace Polymarket, signaling the company’s potential entry into the US market.
Technology
Companies using Chinese technologies and equipment will be banned (subscription) by the FCC from building submarine communications cables amidst concern for American infrastructure security.
Google plans $3 billion hydropower deal to power datacenters, in largest-ever initiative of its type.
Brazil
The COP30 summit in Brazil is expected to attract 45,000 attendees with representatives of developing nations voicing concern over accommodation costs.
The Central Bank of Brazil introduced Phase 3 of its Fundamental Review of the Trading Book (FRTB) implementation, introducing rules aligned with Basel III risk directives.
Canada
The Alberta Securities Commission (ASC) hits financial advisor and his firm with $700,000 in monetary sanctions after a regulatory hearing panel found it liable for fraud.
The Canadian Securities Administrators (CSA) published a revised proposal to introduce binding authority on decisions made by the Ombudsman for Banking Services and Investments (OBSI) after its “name and shame” practices were criticized for being anemic.
China
China has prevented (subscription) a Wells Fargo banker from leaving the country amid industry concerns about doing business in the country.
EU
The FT has reported that the EU has “stalled” its probe into Elon Musk’s X while awaiting the results of upcoming EU-US trade negotiations.
The EBA, EIOPA and ESMA have published a guide on DORA oversight activities. A complex, but useful document that outlines oversight and supervisory activities connected with the regime.
Germany
Germany will revive its sustainable finance advisory board.
Bundesbank head warned that tariffs would damage German economic growth.
Hong Kong
The HK SFC has launched a consultation on proposed amendments to its Securities and Futures (Financial Resources) Rules. Lower capital requirements and other rule changes are all intended to bolster the development of HK financial markets.
International
The IFRS Foundation is proposing amendments to SASB standards in a push to help organizations in the application of the IFRS S1 and IFRS S2 standards.
The Basel Committee on Banking Supervision has published a report on the interconnections between banks and non-bank financial intermediaries and the resulting risks stemming from such linkages.
Russia
Bloomberg has reported that Russian banks have discussed state bailouts as a result of a growing volume of bad loans present on their books.
South Korea
The head of electronics giant Samsung has been cleared of fraud charges by the country’s supreme court.
UK
The CEO of UK retailer Co-op confirmed that the personal data of all of its 6.5 million customers was stolen by cybercriminals in April.
A British soldier accidentally disclosed a spreadsheet that contained the personal details of approximately 25,000 Afghans who had worked with the UK before the Taliban seized power in the country, putting them and their families in danger. According to reports the soldier was unaware that the spreadsheet contained thousands of records as those entries were ‘hidden’.
BP continued (subscription) its pivot toward fossil fuels by selling its US onshore wind farm business to LS Power for an undisclosed sum.
