The Treasury Department issued its first proposal for implementation of the GENIUS Act, calling for public comment on a framework for designating whether state-level rules are "substantially similar" to federal stablecoin regulations. Under the proposal, smaller stablecoin issuers could be subject to state oversight rather than full federal supervision if state stablecoin regulations adhere to the "substantially similar" requirements. The Treasury's proposed rule will undergo a 60-day public comment period.

JPMorgan Chase CEO Jamie Dimon said the bank is considering offering prediction market services similar to those of Kalshi and Polymarket. "We're not going be in sports. We're not going be in politics. There's a bunch of stuff we won't do. And obviously, we have strict rules around insider information," Dimon said. He added that "for the most part" prediction markets are "more like gambling," but "there are areas where you could say, 'No, it's investing.'"

Google researchers said advances in quantum computing could weaken the cryptography underpinning bitcoin and other digital assets sooner than expected, urging a shift to post-quantum security. The company also outlined a 2029 timeline for its own transition, warning that the industry's "margin for error is increasingly narrow."

Kalshi and Polymarket have intensified a public dispute as competition heats up in the fast-growing prediction market sector and regulatory scrutiny increases in Washington. The clash centers on differences in oversight and practices, including offshore operations and contracts tied to geopolitical events, as trading volumes surge and lawmakers examine risks such as insider trading.

Federal Reserve Governor Michael Barr emphasized the importance of the quality and liquidity of reserve assets for the long-term viability of stablecoins, noting that the GENIUS Act provides some clarity for issuers but that significant work remains. "Tight control over reserve assets, coupled with supervision, capital and liquidity requirements, and other measures, could enhance the stability of stablecoins and make them more viable payment instruments," Barr said.

Nishad Singh, former engineering chief at FTX, reached a settlement with the Commodity Futures Trading Commission over his involvement in the cryptocurrency exchange's collapse. Under the settlement, Singh must return $3.7 million in unlawful profits, and he will be subject to a five-year trading ban and an eight-year ban on registering with the CFTC.

Online betting platforms such as Polymarket are increasingly influencing global oil markets, with traders using data feeds to inform multimillion-dollar trades, especially in Brent crude futures. This trend has raised concerns about the potential for insider betting and market manipulation. Intercontinental Exchange has introduced a tool to integrate Polymarket data, highlighting the growing impact of prediction markets on oil pricing.

Energy traders faced significant challenges during the early weeks of the Iran war, contending with tankers on fire, missile attacks on oil terminals and vessels immobilized in the Gulf. Many were caught off guard, holding short positions in markets that rapidly turned volatile. Vitol and Trafigura have had ships stuck in the Persian Gulf, while Mercuria and Trafigura both experienced losses in the first days of the war, although the companies have reversed some of the losses.

Franklin Templeton agreed to acquire 250 Digital and integrate the crypto investment firm into its Franklin Crypto unit to expand beyond passive products such as spot bitcoin exchange-traded funds. The deal reflects a broader institutional shift toward actively managed crypto strategies, with part of the payment made using the firm's tokenized BENJI fund shares.

The Depository Trust & Clearing Corp. has introduced Rapid Issuance, a service to automate the issuance of structured notes held at the Depository Trust Company. The service, part of DTC's Underwriting Central platform, is intended to reduce processing times and operational complexity by allowing bulk issuance and eligibility checks. Rapid Issuance is also designed to enhance accuracy in corporate actions and accelerate payment distribution and tax reporting. BNY Mellon and UBS are among the initial users.

The Office of the Comptroller of the Currency finalized a rule eliminating recovery planning requirements for banks with more than $100 billion in assets, arguing the plans were overly scenario-based and of limited value during stress. The change does not affect resolution planning requirements and reflects the agency's broader effort to streamline its supervisory framework, a move consumer advocates warn could weaken safeguards.