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In Today’s Edition:
**Headline:Hyperliquid Eyes Regulated US EntryGlobal Legal Roundup****Case Study:**Singapore Proposes 100% Stablecoin Reserves
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HEADLINE
**State of play: **President Trump says his administration is working to bring Hyperliquid into the US in a “fully compliant and legal fashion,” and a deal with Kraken parent Payward could be how it happens.
Payward subsidiary Bitnomial, a CFTC-licensed platform, is in talks to offer registered US users perps linked to Hyperliquid markets, pending regulatory approval.
Trump singled out Hyperliquid last month, saying CFTC Chair Michael Selig was working to bring the platform onshore in a compliant fashion.
Former SEC counsel Ashley Ebersole said SEC and CFTC rule changes are still needed and could take 10 to 12 months even moving quickly.
Nansen’s Nicolai Sondergaard said the US product would likely offer fewer markets and lower leverage than Hyperliquid’s main venue, in exchange for KYC and fund protections.
Critics including CME CEO Terrence Duffy and advocacy group Americans for Financial Reform warn the push for onshore perps risks financial instability.
**What’s Next: **Payward and Hyperliquid still need the CFTC and SEC to finalize the regulatory structure, a process Ebersole estimates could take 10 to 12 months even under a best case timeline.
**Why it Matters: **A regulated US venue built around Hyperliquid’s infrastructure would formalize a market US traders already access informally, while pressuring legacy exchanges to move further toward round the clock trading.
Our Take: The Bitnomial partnership gives Hyperliquid a real regulatory shortcut, but the tension between a compliant US product and its permissionless global venue will shape how much of its core appeal survives the transition onshore.
GLOBAL LEGAL ROUNDUP
🇺🇸
CoinbaseseeksSEC greenlight to list equity perpetuals.🇺🇸
President Trumpsayshe wants Hyperliquid to enter the US.🇺🇸
CFTCfilesto dismiss CME’s lawsuit over crypto perpetual futures.🇺🇸
Michigan courtordersKalshi to keep blocking sports prediction markets.🇺🇸
Crypto firmsurgeSEC to speed ETF reviews and allow confidential filings.🇺🇸
HyperliquidseeksUS foothold through Payward in crypto perpetuals deal.🇺🇸
SECseeksto update its 1970s-era transfer agent rules for the blockchain age.🇺🇸
US banking agencygivesblockchain bank OpenReserve initial OK to operate.
🇵🇱
Polandupholdscrypto bill veto as Zondacrypto scandal widens.🇮🇪
Irelandexcludescrypto from new tax-advantaged investment accounts.🇷🇺
Russian Bankforecasts$46B in first-year crypto trading under new rules.
🇸🇬
Singaporeweighsrecognizing some foreign-issued stablecoins.🇹🇭
Thailandadoptscrypto Travel Rule with self-custodial wallet checks.🇰🇷
South Koreato starttokenizing ‘all types’ of securities in 3 stages from 2027.🇸🇬
Singaporeproposes100% reserves and a ban on yields for stablecoin issuers.🇦🇺
Australiawarnsunlicensed crypto firms of fines up to 10% of annual turnover.
CASE STUDY
State of play: Singapore’s MAS proposed amendments requiring stablecoin issuers to hold reserves equal to at least 100% of circulating tokens and banning yield payments to holders.
Issuers would need to keep reserve assets segregated from their own funds and custodied only with licensed financial institutions.
MAS said stablecoins should serve payments, not function as investment products, and the yield ban aligns with the US GENIUS Act and EU’s MiCA.
The consultation also opens a path to limited recognition of foreign stablecoins under comparable overseas frameworks, though the mechanics remain undecided.
The proposal follows MAS’s first 2022 stablecoin consultation and comes as Ripple tests RLUSD for cross-border trade finance in the central bank’s sandbox.
The consultation closes October 16, with subsidiary legislation and an implementation date still to be determined.
Our Take: Singapore is deliberately mirroring the US and EU playbook rather than competing on looser rules, betting that harmonized, yield-free stablecoin standards will make it easier for issuers to operate across all three jurisdictions at once.
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