securities

Paul Atkins, the Chairman of the SEC, delivered a speech on the first anniversary of his inauguration at the Washington Economic Club, stating that the SEC is advancing reforms to the regulatory framework for digital assets and incorporating it into the "A - C - T" strategy, which aims to modernize regulation, clarify regulatory boundaries, and reshape the rule system.Regarding crypto assets, the SEC has released a classification system for crypto tokens, dividing digital assets into five categories, four of which do not fall under securities. It indicated that the SEC is about to launch an "innovation exemption" mechanism to provide a limited framework for market participants to conduct tokenized securities trading on-chain in a compliant manner, and has initiated Project Crypto to adapt securities rules and regulatory systems to the trend of capital markets moving on-chain.Additionally, the SEC signed a Memorandum of Understanding (MOU) with the CFTC last month to unify key definitions, clarify regulatory jurisdictions, and coordinate joint regulatory matters, including digital assets. Paul Atkins also stated that the previous regulatory approach to crypto assets in the U.S. had led to innovation activities flowing overseas.

The Hong Kong Securities and Futures Commission has announced a new regulatory framework that allows tokenized investment products approved by the Commission to be traded in the secondary market, in order to promote the development of digital asset trading activities in Hong Kong.The new guidelines primarily facilitate the secondary market trading of tokenized open-ended funds on licensed virtual asset trading platforms and will consider allowing over-the-counter trading arrangements on a case-by-case basis. As of March 2026, there are already 13 tokenized products available to the public in Hong Kong, with the total asset value of tokenized equity management assets increasing to approximately 10.7 billion. The first batch of products is expected to mainly consist of tokenized money market funds. The new measures cover fair pricing, orderly trading, liquidity provision, and information disclosure.

ChainCatcher live report, the Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Ye Zhi Heng, delivered a keynote speech titled "ASPIRe in Action Hong Kong's Digital Asset Journey" at the 2026 Hong Kong Web3 Carnival. He reviewed the six major milestones since the Commission launched the ASPIRe roadmap last year, including allowing licensed platforms to provide staking services, conducting joint consultations on virtual asset trading and custody systems, opening up perpetual contracts and margin financing frameworks, and launching plans to strengthen market defenses through technology.He revealed that the draft regulations for the four systems of virtual asset trading, custody, management, and advisory have reached 260 pages, and the draft was received last week. The work for the next 12 months is divided into three major clusters: first, promoting innovation through regulation, advancing legislative and regulatory guideline consultations; second, promoting innovation through practice, gradually allowing tokenized authorized funds to trade on licensed platforms; third, promoting innovation through interaction, advancing automated reporting, signing international bilateral memorandums, and combating financial crime frameworks. He emphasized that Hong Kong is "moving steadily forward, fast because of stability."

The SEC released a document (34-105260) disclosing the rule change application submitted by the NYSE, intending to formally introduce a framework for trading tokenized securities.According to the proposal, the NYSE plans to add Rule 7.5, allowing eligible securities to be traded and settled in a blockchain-based tokenized form in addition to traditional forms. The relevant arrangements will operate under the DTC pilot program. The core mechanisms include: tokenized securities and traditional stocks will share the same trading code (CUSIP) and rights structure, and will be fully interchangeable; in the matching system, tokenized and traditional securities will have the same execution priority, and the order of transactions will not be affected by the different forms; trading participants can choose to settle and clear in an on-chain form through a tokenization flag, with specific processing carried out by custodians. Additionally, the NYSE also plans to simultaneously modify order sorting, routing, and clearing rules to accommodate the trading process of tokenized securities, ensuring seamless integration with the existing market structure.From a market perspective, this proposal signifies that traditional U.S. securities exchanges are officially exploring the introduction of blockchain technology into the core trading and settlement systems. If approved, it could become an important milestone for on-chain securities entering mainstream financial infrastructure.

According to documents from the U.S. Securities and Exchange Commission (SEC), the New York Stock Exchange (NYSE) submitted a rule change proposal to the SEC (File No. SR-NYSE-2026-17) to add Rule 7.5 and amend related provisions, allowing eligible securities to be traded in tokenized form on the exchange.The proposal is based on the three-year tokenization pilot program by the Depository Trust Company (DTC) and is modeled after similar rules previously approved by the SEC for Nasdaq. According to the proposal, tokenized securities must share the same CUSIP number, trading code, and shareholder rights as traditional securities to trade with equal priority on the same order book. The initial scope is limited to components of the Russell 1000 Index and ETFs tracking major indices, with a settlement cycle remaining unchanged at T+1, and existing regulatory rules will also apply to tokenized securities.

The "2026 Digital Asset Institutional Investor Survey" released by financial giant Nomura Securities shows that nearly 80% of institutional investors plan to allocate 2% - 5% of their total managed assets to the cryptocurrency sector. 65% of the surveyed institutions view cryptocurrencies as a diversification tool on par with stocks, bonds, and commodities.The survey covered institutional investors and family offices managing over $60 billion in assets. In terms of investment direction, more than two-thirds of respondents hope to earn returns through DeFi mechanisms such as staking, 65% are focused on lending and tokenized assets, and 63% are exploring derivatives and stablecoins. Additionally, 63% of respondents believe that stablecoins have practical uses for managing cash, cross-border payments, and investing in tokenized assets, with stablecoins issued by major financial institutions being the most trusted.Nomura Securities stated that regulatory clarity, increased awareness, and improved risk control frameworks are key to expanding investments. Although challenges such as the lack of clear methods for asset valuation and regulatory uncertainties still exist, the development of diversified investment products and improvements in risk management practices are accelerating institutional adoption.

According to Jinshi News, a research report from CITIC Securities states that the overall inflation in the U.S. in March rose significantly due to soaring oil prices, while core inflation showed moderate performance. It is expected that the April CPI may continue to record a relatively high growth rate month-on-month due to compensatory increases in rental inflation. If the pace of oil price decline is slow, the U.S. CPI year-on-year may continue to exceed 3% for the remainder of the year. CITIC Securities still expects the Federal Reserve to cut interest rates by 25 basis points within the year, and the dollar may experience weak fluctuations in the near term.

According to Jinshi News, CITIC Securities pointed out that the U.S. non-farm payroll data showed that 178,000 new non-farm jobs were added in March, exceeding expectations, partly driven by the repair of short-term disturbances. Although the structure of employment growth has improved compared to February, many industries still show low growth. If the U.S.-Iran conflict continues, it is expected to put pressure on the global supply chain, and U.S. employment may still face pressure in the future. Currently, the upward risk of inflation is squeezing the Federal Reserve's space for interest rate cuts.

According to Jinshi News, a report by TD Securities strategists stated that the sustainability of the recent rise of the dollar may be more limited than in 2022 due to the impact of energy price shocks triggered by the Iran war. They pointed out that when the Russia-Ukraine conflict drove up oil prices in 2022, the dollar's rise was slow and steady, but it continued to strengthen even after oil prices fell. TD Securities expects that if inflation slows down, the Federal Reserve will consider resuming interest rate cuts in the third quarter of 2026, and the dollar is expected to decline by the end of the year.

According to a report by Jinshi, Huatai Securities' research indicates that the duration of the current Middle East conflict and its impact on global supply and demand have exceeded "temporary" shocks, leading to substantial breaks in funding and supply chains. It is expected that the US dollar and oil prices will be stronger than anticipated this year, while the global liquidity easing will be lower than expected, and the potential for valuation increases will also be below expectations. The market may experience a psychological process of shifting from tracking news to returning to fundamentals, with increased focus on material shortages, supply chain, and cash flow risks. Huatai Securities recommends maintaining a certain level of caution towards volatility.

According to Jinshi reports, Huatai Securities believes that the better-than-expected rebound in March's non-farm data shows the resilience of the U.S. labor market. However, under the conflict in the Middle East, the impact of high oil prices on inflation expectations is more critical for the Federal Reserve's monetary policy.Recently, the ongoing conflict in the Middle East has intensified, and the oil supply gap caused by the blockade of the Strait of Hormuz has driven up oil prices and inflation expectations. Inflation is currently the core variable of the Federal Reserve's monetary policy.

According to Herald Economy, Korea Investment & Securities is considering acquiring shares in the digital asset exchange Coinone to respond to competitor Future Asset Group's acquisition of Korbit. Korea Investment & Securities is currently communicating with financial authorities and political circles, and has not yet reached an agreement on specific terms with Coinone representatives.Coinone is the third-largest cryptocurrency exchange in South Korea, with a market share in the double digits, but has reported losses for three consecutive years. Financial authorities are advancing restrictions on major shareholders of exchanges, and some of the 53.44% shares held by Coinone representatives are expected to be sold. Korea Investment & Securities has previously been less active in the digital asset space, and this acquisition would make it a "game changer." Coinone stated that it has not yet determined the specific cooperation model or partner.

According to market news, South Korea's leading brokerage, Korea Investment & Securities, is conducting a preliminary review for the acquisition of shares in Coinone, the country's third-largest cryptocurrency exchange. They are currently working to persuade financial regulatory authorities and the National Assembly's Administrative Committee, following a path similar to that of Mirae Asset Group's acquisition of Korbit.The current CEO of Coinone, Cha Myung-hoon, holds 53.44% of the shares, but the upcoming regulatory new rules may set the upper limit for major shareholders' holdings at 15% - 20%, creating an entry window for external buyers.

Ant Group has completed the acquisition of Hong Kong stablecoin concept stock Yau Choy Securities, obtaining a 50.55% stake for HKD 2.814 billion. The board of Yau Choy Securities has been completely restructured, with Zheng Yanlan, the current head of the overseas business preparation team of Ant Group's Ant Wealth division, Huang Hao, the current senior vice president of Ant Group, and Liu Zheng, the current chief financial officer of Ant Group, appointed as executive directors.

According to Jinshi reports, Nomura Securities expects the Federal Reserve to cut interest rates by 25 basis points in September and December, while the previous forecast was for June and September.

Cryptocurrency payment company Alchemy Pay announced that its strategic investment target in Hong Kong, HTF Securities Limited, has received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its Type 1 (Securities Trading) license to virtual asset trading services, covering both professional and retail investors.Previously, both parties had jointly completed the upgrade of the Type 4 license to VA and are advancing the application for the upgrade of the Type 9 license. In addition, the stablecoin payment public chain Alchemy Chain launched by Alchemy Pay has gone live on the testnet this year, with over 150,000 test addresses since its launch.

Cryptocurrency payment company Alchemy Pay announced that its strategic investment target in Hong Kong, HTF Securities Limited, has received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its Type 1 (Securities Trading) license to virtual asset trading services, covering both professional and retail investors. Previously, both parties had jointly completed the upgrade of the Type 4 license to VA and are advancing the application for the upgrade of the Type 9 license, gradually building a virtual asset licensing system in Hong Kong.In addition, the stablecoin payment public chain Alchemy Chain launched by Alchemy Pay has gone live on the testnet this March. Since its launch, the number of test addresses has exceeded 150,000, providing underlying support for the implementation of its stablecoin payment ecosystem.