Market Intelligence

In the last 25 minutes, Andrew Cuomo said the U.S. is lagging on crypto rules and urged Congress to pass the CLARITY Act. That call lands alongside the SEC’s newly proposed Regulation Crypto Assets framework — a plan, reported over the past two hours, to create capital-raising exemptions for digital-asset issuers and bring them back to U.S. markets. Outside regulation, the macro backdrop was relatively thin: central banks cut gold purchases sharply in early 2026, a notable shift for commodities. FX markets had no major new catalyst in the latest headlines, leaving currency moves tied to broader rate and growth expectations. Crypto markets are now weighing a more structured U.S. regime, even as congressional legislation remains stalled. The SEC’s proposal offers an issuance pathway, while institutional custody is expanding: Citi is reported to be launching Bitcoin custody for institutions by year-end. Separately, state-level activity continues — Wyoming is tied to a $15 billion LayerZero-related stablecoin exodus — and Wisconsin lawmakers are examining scams and consumer protections. The SEC action also revives the asset-classification question XRP made famous. Net watchword: regulatory maturation, with clarity likely to come through rulemaking rather than new statutes.