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Crypto, fintech, SEC/CFTC/Fed/Treasury, IPOs, market-cap milestones, and the finance of tech.

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THIS WEEK IN MARKETS

01 · Decrypt

OKX Secures Backing at $25 Billion Pre-Money Valuation

02 · CNBC Tech

Skydance merger closes, Musk regains trillionaire status, AI risks flagged

03 · business-standard.

Schneider Electric Agrees to Buy PTC for $22.6 Billion

04 · Decrypt

OKXICE Files for 24/7 Tokenized Stock Trading Under SEC Exemption

05 · Bitcoin Magazine

SEC Proposes Crypto Custody Rules for Advisers and Funds

TOP SOURCES IN MARKETS

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CNBC Tech

58 STORIES · 100% VERIFIED

DigiTimes Asia

49 STORIES · 100% VERIFIED

CoinDesk

39 STORIES · 100% VERIFIED

Engadget

37 STORIES · 100% VERIFIED

Decrypt

36 STORIES · 100% VERIFIED

Markets

50 total
OKX Secures Backing at $25 Billion Pre-Money Valuation
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·1 min read

OKX Secures Backing at $25 Billion Pre-Money Valuation

OKX attracted investment at a $25 billion pre-money valuation from Circle, Ripple, Standard Chartered’s venture arm and Qube Research. The round builds on prior support from Intercontinental Exchange and advances the firm’s tokenized asset and platform expansion plans.

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Skydance merger closes, Musk regains trillionaire status, AI risks flagged
VERIFIED⚐ CORRECTEDBy Xavier Rivera·Markets· ·via CNBC Tech·1 min read

Skydance merger closes, Musk regains trillionaire status, AI risks flagged

A $110 billion media merger closed Tuesday while Elon Musk regains trillionaire status and former AI researchers issue safety warnings. Investors are watching these developments as markets open higher.

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Schneider Electric Agrees to Buy PTC for $22.6 Billion
VERIFIEDBy Xavier Rivera·Markets· ·via business-standard.com·1 min read

Schneider Electric Agrees to Buy PTC for $22.6 Billion

Schneider Electric has agreed to acquire PTC in a $22.6 billion all-cash deal. The transaction strengthens Schneider's industrial software and AI portfolio ahead of expected data-center and automation demand.

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OKXICE Files for 24/7 Tokenized Stock Trading Under SEC Exemption
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·1.5 min read

OKXICE Files for 24/7 Tokenized Stock Trading Under SEC Exemption

OKXICE has notified the SEC of plans to operate nonstop tokenized trading for more than 60 U.S. equities under the Innovation Exemption, with pairs against stablecoins and access limited to verified wallets on XLayer.

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SEC Proposes Crypto Custody Rules for Advisers and Funds
VERIFIEDBy Xavier Rivera·Markets· ·via Bitcoin Magazine·1.5 min read

SEC Proposes Crypto Custody Rules for Advisers and Funds

The SEC advanced regulations permitting investment advisers and funds to custody crypto assets under defined conditions, establishing a regulatory path following the Clarity Act blockage last month.

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Dow drops over 4% in September as Micron posts 11-fold data center revenue jump
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Tech·1 min read

Dow drops over 4% in September as Micron posts 11-fold data center revenue jump

The Dow fell more than 4% in September while Micron posted an 11-fold data center revenue increase and beat expectations. Kashkari stated inflation is still too high at around a 3% rate.

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MetaMask Withdraws Validators from Lido Following Infrastructure Issue
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·1.5 min read

MetaMask Withdraws Validators from Lido Following Infrastructure Issue

MetaMask has begun removing Ethereum validators from Lido after a security incident struck part of its infrastructure. The action is precautionary, with no immediate wallet threat identified and ETH returns possibly taking up to 45 days.

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This week in crypto: stablecoin payments partnership, BTC rebound, and Strategy buy
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·1.5 min read

This week in crypto: stablecoin payments partnership, BTC rebound, and Strategy buy

Citi and Coinbase launched a stablecoin integration that hides all crypto elements from business users. Bitcoin ETFs recorded modest inflows while Strategy added 1,665 BTC to reach record holdings.

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California Bans Public Officials From Issuing Memecoins
VERIFIEDBy Xavier Rivera·Markets· ·via Engadget·1 min read

California Bans Public Officials From Issuing Memecoins

California Governor Gavin Newsom signed legislation barring public officials from issuing memecoins and prohibiting companies from using officials' likenesses in such coins. The rules were motivated by reports of roughly one million investors losing an alleged $3.8 billion on a 2025 presidential memecoin.

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APAC leads crypto adoption as Bitget revises breach to $388M
VERIFIED⚐ CORRECTEDBy Xavier Rivera·Markets· ·via Bitget·1.5 min read

APAC leads crypto adoption as Bitget revises breach to $388M

APAC nations hold nine of the top 20 spots in the 2026 crypto adoption ranking while Bitget revised its breach figure to about $387.5 million from an initial $351.6 million. Regional banks are also testing 24-hour settlement and blockchain bond issuance.

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SoFi moves entire card program to SoFiUSD stablecoin settlement
VERIFIED⚐ CORRECTEDBy Xavier Rivera·Markets· ·via CoinTelegraph·1.5 min read

SoFi moves entire card program to SoFiUSD stablecoin settlement

SoFi has begun settling its card program with Mastercard using SoFiUSD, targeting more than $25 billion in expected annualized volume after migration. The change provides faster onchain settlement while leaving consumer cards and merchant systems unchanged.

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Warren Buffett steps down as Berkshire Hathaway chairman
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Finance·2 min read

Warren Buffett steps down as Berkshire Hathaway chairman

Warren Buffett has stepped down as chairman of Berkshire Hathaway and will become chairman emeritus, with his son Howard taking over under a long-standing succession plan at the $1 trillion company he has led since 1965.

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Copart Agrees to Buy ACV Auctions for $1.9 Billion in Cash
VERIFIEDBy Xavier Rivera·Markets· ·via Carscoops·2 min read

Copart Agrees to Buy ACV Auctions for $1.9 Billion in Cash

Copart will purchase ACV Auctions through a $1.9 billion all-cash transaction to secure access to dealer trade-ins and wholesale inventory earlier in the used-car lifecycle. The acquisition merges ACV’s digital marketplace and supporting tools with Copart’s physical assets in a long-term data and logistics approach.

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Bitmine buys 28k ETH, hits 97% of 5% supply goal
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·2 min read

Bitmine buys 28k ETH, hits 97% of 5% supply goal

Bitmine Immersion Technologies purchased 28,086 ETH last week, reaching 97% of its goal to hold 5% of Ether's supply with 5.93 million ETH now in treasury. The move comes as the company reports $15.7 billion in assets and $330 million in annualized staking revenue but faces a $5.1 billion unrealized loss on its holdings.

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Nvidia subscribes to US$3.5 billion of MediaTek's record US$3.9 billion convertible bond
VERIFIEDBy Xavier Rivera·Markets· ·via DigiTimes Asia·1 min read

Nvidia subscribes to US$3.5 billion of MediaTek's record US$3.9 billion convertible bond

MediaTek finalized pricing of a record US$3.9 billion overseas convertible bond on August 31, 2026, with Nvidia reportedly subscribing to US$3.5 billion or roughly 90 percent of the total. The issuance, which exceeds NT$120 billion, is described by the company as the largest overseas CB ever from a Taiwanese issuer.

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Stripe Acquires AI Gateway OpenRouter for Over $7B
VERIFIED⚐ CORRECTEDBy Xavier Rivera·Markets· ·via bloomberg.com·1.5 min read

Stripe Acquires AI Gateway OpenRouter for Over $7B

Stripe has finalized an agreement to acquire AI gateway startup OpenRouter for more than $7 billion according to Bloomberg. The deal values the company far above its $1.3 billion valuation from a May funding round and brings a platform with 8 million users and access to over 400 models into Stripe's portfolio.

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Kalshi Discusses $750 Million Raise at $40 Billion Valuation
VERIFIEDBy Xavier Rivera·Markets· ·via CoinDesk·1.5 min read

Kalshi Discusses $750 Million Raise at $40 Billion Valuation

Kalshi is in advanced talks with Sequoia Capital and Wellington Management to raise at least $750 million at a $40 billion valuation. The round would nearly double its May valuation while the company reports $4 billion in annualized revenue and eyes a 2027 IPO.

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Goldman Sachs to Acquire NEOS Investments in $2.25B Deal
VERIFIEDBy Xavier Rivera·Markets· ·via Bitcoin Magazine·1.5 min read

Goldman Sachs to Acquire NEOS Investments in $2.25B Deal

Goldman Sachs agreed to acquire NEOS Investments for up to $2.25 billion, adding three crypto-income ETFs that use derivatives rather than direct holdings. The deal expands Goldman's active ETF business to roughly $80 billion and is expected to close in Q1 2027 pending regulatory approval.

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Riot Platforms Jumps 20% Pre-Market After Signing $9.1 Billion Frontier AI Pact
VERIFIED⚐ CORRECTEDBy Xavier Rivera·Markets· ·via CoinDesk·2 min read

Riot Platforms Jumps 20% Pre-Market After Signing $9.1 Billion Frontier AI Pact

Riot Platforms shares rose more than 20% in pre-market trading after the bitcoin miner entered a $9.1 billion, 20-year agreement to supply an unnamed “frontier AI lab” with 191 megawatts of AI computing capacity at its Texas site. Bloomberg and CNBC reported the customer as Anthropic; neither Riot nor Anthropic has confirmed that identification. The transaction underscores the sector’s transition toward stable revenue streams from AI infrastructure.

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Visa Agrees to Buy BioCatch for $2.4 Billion
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Finance·1.5 min read

Visa Agrees to Buy BioCatch for $2.4 Billion

Visa announced it will acquire Israeli fraud-detection startup BioCatch for $2.4 billion in cash from Permira and other investors. The purchase centers on behavioral biometrics technology and expands the payments company’s fast-growing value-added services business as global fraud losses surpass $1 trillion a year.

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Visa to cut 7% of workforce, about 2,600 jobs
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Finance·1.5 min read

Visa to cut 7% of workforce, about 2,600 jobs

Visa plans to cut about 2,600 jobs, representing roughly 7% of its workforce, with AI cited as a significant but not sole factor. The company will redirect savings into growth areas such as affluent customers, cross-border activity and geographic expansion as it reports quarterly earnings the same day.

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CXMT jumps 466% in Shanghai debut to eclipse all other China-listed firms
VERIFIED⚐ CORRECTEDBy Xavier Rivera·Markets· ·via CNBC Tech·2 min read

CXMT jumps 466% in Shanghai debut to eclipse all other China-listed firms

CXMT shares jumped nearly 466% in their Shanghai debut, closing at 49 yuan to reach a 3.3 trillion yuan market cap that exceeds every other China-listed firm. The $8.6 billion IPO haul will support memory wafer manufacturing while the firm commands 7.67% of the worldwide DRAM sector and stands to benefit from Beijing's semiconductor self-reliance campaign.

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Seattle startup funding drops 40% amid AI shift
VERIFIEDBy Xavier Rivera·Markets· ·via GeekWire·1 min read

Seattle startup funding drops 40% amid AI shift

Seattle startup funding dropped about 40% in the first half of 2026 while AI money flowed elsewhere, alongside a court loss for Kalshi, Impinj's 10-year Nasdaq milestone, and a local flip-phone detox trial. The developments highlight shifting venture dynamics, legal hurdles for prediction markets, corporate endurance, and growing interest in reducing smartphone reliance.

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Repligen Agrees to Buy BioLife Solutions in $1.5 Billion Deal
VERIFIEDBy Xavier Rivera·Markets· ·via GeekWire·1.5 min read

Repligen Agrees to Buy BioLife Solutions in $1.5 Billion Deal

Repligen will acquire BioLife Solutions for $1.5 billion, merging two longtime providers of tools for cell and gene therapy and biopreservation. The deal values BioLife shares at $31 each and is slated to close in the fourth quarter pending approvals.

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BitMEX to Shut Down in September
VERIFIEDBy Xavier Rivera·Markets· ·via Bitcoin Magazine·1.5 min read

BitMEX to Shut Down in September

BitMEX will close its crypto derivatives exchange in September and has urged users to withdraw funds as soon as possible. The shutdown follows a strategic review and comes after years of regulatory penalties and legal actions against the company and its founders.

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DTCC Processes First Live Trades of Tokenized Securities
VERIFIEDBy Xavier Rivera·Markets· ·via CoinDesk·2 min read

DTCC Processes First Live Trades of Tokenized Securities

DTCC has completed its first live production trades of tokenized stocks, ETFs and U.S. Treasurys with more than two dozen major institutions. The milestone advances its planned tokenization service launch in October and shows blockchain integration into core Wall Street infrastructure while preserving traditional legal rights.

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Inflation cools, IBM plunges 25%, Morgan Stanley beats
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Tech·1.5 min read

Inflation cools, IBM plunges 25%, Morgan Stanley beats

Inflation cooled sharply in June while Morgan Stanley delivered record earnings and IBM suffered its worst trading day on record. Markets reacted positively to the inflation data and bank results but remain on edge over potential oil-price spikes from Middle East conflict.

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Stripe and Advent International Propose $53 Billion PayPal Takeover
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·1.5 min read

Stripe and Advent International Propose $53 Billion PayPal Takeover

Stripe and Advent International have reportedly jointly offered $53 billion to acquire PayPal at $60.50 per share, representing a 28% premium with about $50 billion in committed financing. The approach underscores both firms' deepening involvement in stablecoins while PayPal contends with competitive pressures.

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State Attorneys General File Antitrust Suit Against Paramount-Warner Bros. Discovery Merger
VERIFIEDBy Xavier Rivera·Markets· ·via Engadget·2 min read

State Attorneys General File Antitrust Suit Against Paramount-Warner Bros. Discovery Merger

A dozen state attorneys general filed an antitrust lawsuit to halt Paramount's acquisition of Warner Bros. Discovery one month after Department of Justice approval, alleging the $110 billion deal would lessen competition in theatrical film distribution and basic cable licensing.

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Robinhood Chain Launches as Ethereum L2 for Tokenized Stocks
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·1.5 min read

Robinhood Chain Launches as Ethereum L2 for Tokenized Stocks

Robinhood launched Robinhood Chain on July 1, 2026, as an Ethereum layer-2 network using Arbitrum technology to support tokenized stocks, ETFs, and DeFi applications. It enables developers to build on-chain financial products with reduced fees while blending traditional finance exposure through Stock Tokens that do not grant legal ownership.

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Circle Secures Final OCC Nod for National Trust Bank
VERIFIEDBy Xavier Rivera·Markets· ·via Bitcoin Magazine·2.5 min read

Circle Secures Final OCC Nod for National Trust Bank

Circle obtained final OCC approval to charter Circle National Trust, subjecting USDC reserves to federal oversight while expanding its regulated digital asset custody services and tightening links to the U.S. banking system ahead of the GENIUS Act’s rollout.

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Robinhood Chain racks up $1B DEX volume in debut week
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·1.5 min read

Robinhood Chain racks up $1B DEX volume in debut week

Robinhood Chain has posted more than $1 billion in first-week DEX volume while its TVL soared millions of percent on memecoin momentum; Circle obtained a national trust bank charter and crypto legislation inches forward with a possible Clarity Act draft next week.

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SK Hynix Nasdaq Debut Tests Long-Standing Korea Discount
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Tech·2.5 min read

SK Hynix Nasdaq Debut Tests Long-Standing Korea Discount

SK Hynix begins trading on the Nasdaq via ADRs on Friday, raising $26.5 billion while testing whether better access for U.S. investors can reduce its long-standing Korea discount. The stock's 4.8 times forward earnings multiple remains far below the industry median of 29.84 times and Micron's 6.6 times despite its leading position in high-bandwidth memory chips.

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Warsh taps Andreessen, McMillon and ex-central bankers for Federal Reserve review panels
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Finance·1.5 min read

Warsh taps Andreessen, McMillon and ex-central bankers for Federal Reserve review panels

Federal Reserve Chairman Kevin Warsh on Thursday disclosed experts for five task forces reviewing the central bank's operations, including Marc Andreessen, Doug McMillon, Mervyn King and Raghuram Rajan. The independent panels will examine communications, data, the balance sheet, productivity, jobs and inflation frameworks with findings due back to the Federal Open Market Committee.

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SWIFT activates blockchain ledger to begin 17-bank tokenized deposit trial
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·2 min read

SWIFT activates blockchain ledger to begin 17-bank tokenized deposit trial

SWIFT has introduced a blockchain ledger that will run a tokenized bank deposit pilot involving 17 major banks targeting faster cross-border payments. The initiative reportedly extends regulated tokenized deposits to continuous 24/7 availability without altering compliance standards and is described by the firm's CBO as a milestone for digital assets inside traditional finance.

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Sony Bank Gains Preliminary OCC Approval for New York Stablecoin Trust
VERIFIEDBy Xavier Rivera·Markets· ·via CoinDesk·1.5 min read

Sony Bank Gains Preliminary OCC Approval for New York Stablecoin Trust

Sony Bank received preliminary conditional OCC approval to form Connectia Trust, a New York-based subsidiary capitalized with $40 million to manage dollar-denominated stablecoins. The approval arrives as stablecoin transaction volumes hit a record $1.79 trillion last month, intensifying competition in a market dominated by USDT and USDC.

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Luxshare Shares End Down 1.55% After Tepid Hong Kong Debut
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Tech·1.5 min read

Luxshare Shares End Down 1.55% After Tepid Hong Kong Debut

Luxshare Precision Industry shares closed 1.55% lower at HK$62.3 in their Hong Kong trading debut after raising $3.09 billion in the year's largest IPO there. The Apple supplier, already listed in Shenzhen, derives about 70% of revenue from the iPhone maker and continues expanding through acquisitions.

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Paradigm Closes $1.2 Billion Fund Aimed at Crypto, AI and Robotics Startups
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·2.5 min read

Paradigm Closes $1.2 Billion Fund Aimed at Crypto, AI and Robotics Startups

Paradigm has closed a $1.2 billion fund targeting startups in crypto, AI, robotics and other emerging technologies while continuing to center digital assets. The vehicle reflects colliding frontiers in technology and arrives as crypto builders create tools that let AI agents transact with minimal oversight.

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Analysts Initiate Bullish Coverage on SpaceX After Quiet Period
VERIFIEDBy Xavier Rivera·Markets· ·via CoinDesk·2 min read

Analysts Initiate Bullish Coverage on SpaceX After Quiet Period

Major brokerages initiated coverage of SpaceX with mostly buy ratings and price targets ranging from $205 to $800 after the post-IPO quiet period ended. The bullish calls underscore Wall Street confidence in the company's launch, Starlink and government contract businesses following its $75 billion June IPO.

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Coinbase Obtains UK Approval to Add Equities and Derivatives
VERIFIEDBy Xavier Rivera·Markets· ·via CoinDesk·1.5 min read

Coinbase Obtains UK Approval to Add Equities and Derivatives

Coinbase has secured UK authorization to offer equities and derivatives alongside crypto, enabling perpetual futures for institutional traders and equity trading for retail customers. The move advances the company's Everything Exchange strategy ahead of the UK's full crypto framework in 2027.

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Sky buys UK's largest commercial broadcaster ITV for £1.6B
VERIFIEDBy Xavier Rivera·Markets· ·via Engadget·1.5 min read

Sky buys UK's largest commercial broadcaster ITV for £1.6B

Sky has agreed to buy ITV's media and entertainment business for £1.6 billion base with up to an additional £200 million earn-out, gaining its broadcast channels and ITVX platform. The move aims to build scale against streaming giants and YouTube but faces regulatory scrutiny over media plurality.

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ESMA Targets Binary Event Contracts in EU Prediction Market Surge
VERIFIEDBy Xavier Rivera·Markets· ·via CoinDesk·2 min read

ESMA Targets Binary Event Contracts in EU Prediction Market Surge

ESMA has warned that binary prediction-market event contracts functioning as financial instruments are prohibited for retail clients under the EU’s binary options ban. The move comes as platforms such as Kalshi and Polymarket expand rapidly and attract traditional-finance interest.

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Revolut to delist USDT after Aug. 31
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·2 min read

Revolut to delist USDT after Aug. 31

Revolut will stop supporting USDT purchases from July 6 and fully delist the stablecoin after Aug. 31, automatically converting leftover holdings. The move reflects ongoing European regulatory pressure on non-compliant stablecoins such as Tether's USDT.

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UK retail payments plan backs tokenization and digital money interoperability
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·2 min read

UK retail payments plan backs tokenization and digital money interoperability

Regulators in Britain have issued an updated national blueprint for retail payments that urges building infrastructure capable of handling tokenization along with seamless connections to emerging types of digital money. The move advances a diverse multi-money ecosystem and aligns with the FCA's new crypto licensing regime opening in September.

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U.S. adds 57,000 jobs in June, missing forecasts
VERIFIEDBy Xavier Rivera·Markets· ·via CNBC Markets·1 min read

U.S. adds 57,000 jobs in June, missing forecasts

The U.S. economy added only 57,000 jobs in June, missing the expected 115,000 gain, while the unemployment rate fell to 4.2%. The weaker hiring and drop in labor force participation point to a cooling labor market heading into summer.

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Robinhood Deploys AI-Native Ethereum Layer-2 Focused on Tokenized Stocks
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·2 min read

Robinhood Deploys AI-Native Ethereum Layer-2 Focused on Tokenized Stocks

Robinhood activated the mainnet of its AI-native Ethereum layer-2 network featuring tokenized stocks that function as DeFi collateral, while Venice AI closed a $65M round at a $1B valuation to become crypto's newest unicorn. HOOD shares rose more than 8% and Lighter's LIT token gained 15%.

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OFAC sanctions 134 ISIS-K crypto wallets as Tether freezes funds
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·2 min read

OFAC sanctions 134 ISIS-K crypto wallets as Tether freezes funds

OFAC has sanctioned 134 crypto wallet addresses linked to ISIS-K, including 131 Tron addresses that received over $1.4 million in donations since 2023, prompting Tether to freeze associated funds. The move underscores the increasing reliance on blockchain analytics to enforce financial sanctions against terrorist financing networks.

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Robinhood deploys public mainnet on Arbitrum and targets UK crypto trading
VERIFIEDBy Xavier Rivera·Markets· ·via CoinTelegraph·1.5 min read

Robinhood deploys public mainnet on Arbitrum and targets UK crypto trading

Robinhood activated its public mainnet on Arbitrum four months after testnet launch while disclosing plans for UK crypto trading and new DeFi tools. The developments follow a 10 percent workforce cut and a nearly 50 percent drop in crypto revenue.

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Visa, Mastercard and Coinbase Launch Open USD Stablecoin
VERIFIEDBy Xavier Rivera·Markets· ·via Engadget·1.5 min read

Visa, Mastercard and Coinbase Launch Open USD Stablecoin

Visa, Mastercard, Coinbase and over 140 businesses launched Open Standard to issue Open USD, a US dollar-tied stablecoin expected later in 2026. The move follows the GENIUS Act signed into law on July 18, 2025, which created a new regulatory framework and aims to expand stablecoin use beyond crypto trading.

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Taiwan Enacts Strict Virtual Asset Licensing Regime
VERIFIEDBy Xavier Rivera·Markets· ·via Decrypt·2 min read

Taiwan Enacts Strict Virtual Asset Licensing Regime

Taiwan's Legislative Yuan passed the Virtual Asset Service Act on June 30, requiring licenses for all virtual asset service providers and strict reserve rules for stablecoins. The law shifts the island from light-touch AML registration to full FSC supervision with steep criminal penalties.

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