UPDATE: Sen. Cynthia Lummis said Congress may be able to pass the CLARITY Act ahead of the July 4 recess, though she indicated August is a more realistic target as lawmakers work to merge several crypto-related bills into a single package.

A long-standing barrier to active retail trading is set to fall. The U.S. Securities and Exchange Commission on April 14, 2026 approved amendments to FINRA Rule 4210 that eliminate the "pattern day trader" designation and its associated $25,000 minimum equity requirement for frequent day trading in margin accounts. The revised framework takes effect June 4, 2026. Brokerages are expected to adopt the changes in phases, with implementation stretching through 2027. Markets quickly priced in the potential boost to retail trading activity. Robinhood shares rose about 7.61% to $85.11, and Webull gained 9%. What changes The prior rule, introduced in the wake of the 2001 dot-com crash, required margin accounts to maintain at least $25,000 in equity to execute four or more same-day round-trip trades within five business days. Accounts below the threshold that crossed the trade count could be restricted for 90 days. FINRA's proposal (SRFINRA2025017) replaces that trade-counting approach with a model centered on real-time risk assessment. Broker-dealers will no longer be required to track day trades for the purpose of assigning special margin requirements based on frequency. In practical terms, investors with smaller balances, including accounts around $5,000, may be able to day trade in margin accounts without a preset regulatory minimum, so long as their broker's risk controls do not flag the activity. Why brokers are cheering Commission-free brokers such as Robinhood and Webull generate revenue primarily from payment for order flow, margin lending, and subscription products. Higher trading frequency and broader participation can lift volumes and related revenue across those business lines. What it means for investors The shift places more responsibility on broker-dealers. The old framework was largely mechanical; the new one requires firms to build and maintain robust, continuous monitoring systems. Policies may diverge across the industry: some brokers could implement internal limits that mirror the old standard, while others may take a more permissive stance to compete for retail customers. With a phased rollout through 2027, the transition is expected to unfold gradually rather than as a single, market-wide switch.

The U.S. Securities and Exchange Commission (SEC) has elevated digital assets to a top strategic priority in its forthcoming Strategic Plan for fiscal years 2026–2030, signaling that rulemaking and guidance around blockchain, tokenization, and crypto market infrastructure will remain central to the agency's agenda through 2030. In the draft plan, digital assets are positioned as a core objective alongside the SEC's longstanding mission pillars, including capital formation, investor protection, and agency modernization. The SEC says it intends to build a firm regulatory foundation for digital assets and distributed ledger technology (DLT) using a "rational, coherent, and principled" approach, reflecting the agency's view that blockchain-based technologies could materially reshape U.S. financial infrastructure. The SEC acknowledges that digital-asset growth has outpaced existing rules and argues that markets need greater legal certainty. The draft highlights tokenized offerings and onchain financial infrastructure as areas where the SEC aims to support compliant, orderly capital formation. It also states that custody, trading, and staking services should be able to operate under appropriate oversight without duplicative or conflicting regulatory requirements. Key takeaways - Digital assets become a strategic, cross-cutting priority in the SEC's 2026–2030 blueprint, with an explicit focus on reducing legal ambiguity for market participants. - The draft plan points toward clearer jurisdictional lines between the SEC and the Commodity Futures Trading Commission (CFTC), suggesting momentum toward a more unified, cross-agency framework. - Oversight of custody, trading, and staking is framed as practical and non-duplicative, aligning supervisory expectations with market structure and capital formation needs. - The legislative backdrop remains active, including congressional consideration of the Digital Asset Market Clarity Act, which would expand the CFTC's role and influence how markets are regulated at scale. - The plan references international policy context, including the EU's Markets in Crypto-Assets Regulation (MiCA), as part of the broader environment for standards and cross-border activity. Market implications: tokenization and onchain infrastructure The draft plan frames digital assets and DLT as building blocks for modernizing U.S. financial markets. By emphasizing durable, principled rules, the SEC signals an effort to support legitimate innovation while strengthening investor protections. The focus on tokenized offerings and onchain financial infrastructure suggests a market trajectory where securitization, settlement, and financing structures increasingly rely on programmable digital assets. For institutions, this could translate into clearer licensing expectations, more predictable custody standards, and more standardized supervision of trading venues and onchain settlement mechanisms. The SEC's emphasis on reducing duplicative compliance burdens addresses a common point of friction for exchanges, liquidity providers, and service firms navigating fragmented oversight. If implemented, this approach could affect registration pathways, product approvals, and ongoing compliance obligations. For banks and institutional clients, clearer expectations for custody and onchain activity may influence risk controls, auditability, and interoperability with traditional payment rails and settlement systems. Jurisdiction and coordination with the CFTC A central theme in the plan is sharpening the boundary between SEC and CFTC jurisdiction. The stated goal is to reduce uncertainty by clarifying which agency supervises which activities, a debate that has persisted since early attempts to formalize U.S. digital-asset regulation. The SEC frames jurisdictional clarity as essential to a coherent national framework and to closing perceived gaps in supervision and enforcement. Interagency cooperation has also advanced. In March, the SEC and CFTC signed a memorandum of understanding aimed at strengthening collaboration and information sharing as digital-asset technologies continue to influence markets. The draft plan suggests such coordination will underpin future guidance, rulemaking, and supervisory approaches affecting trading venues, custody solutions, and onchain infrastructure. Legislation and global standards The Digital Asset Market Clarity Act remains a focal point in Congress. The bill seeks to formalize a regulatory framework for digital assets and would expand the CFTC's authority across significant portions of the market. The legislation has advanced from the Senate Banking Committee and is moving toward floor consideration, a trajectory that could materially shape how the SEC and CFTC coordinate oversight, enforcement, and market structure over the coming years. The SEC also cites the broader international landscape, including cross-border enforcement considerations and global standards development. The plan references the EU's MiCA regime as a comparative backdrop that may influence U.S. regulatory design, harmonization efforts, and priorities for firms operating across jurisdictions. Compliance focus From a compliance and enforcement perspective, the draft plan underscores scalable controls for AML/KYC, data governance, and risk management as onchain activity expands. For firms pursuing tokenized offerings or building tokenized custody and settlement services, the SEC signals continued emphasis on transparent disclosures, governance standards, and independent oversight. The stated goal of non-duplicative regulation is positioned as a way to reduce fragmented compliance demands that complicate licensing, audits, and cross-border operations. The SEC's draft Strategic Plan points to a more structured, cross-agency posture on digital assets. With regulatory clarity, a sharper SEC'3CFTC division of responsibility, and practical oversight for custody, trading, staking, and onchain infrastructure, the agency is laying groundwork for a more predictable compliance pathway through 2030 as legislative and international frameworks continue to evolve. Related coverage referenced in contemporaneous reporting includes the SEC's approval of Paxos as a "blockchainnative" clearing agency and Cointelegraph reporting on Paxos' clearance agency registration. This article was originally published as SEC Strategic Plan Supports Digital Assets, Signals Compliance Push on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Revolut is aiming to launch a U.S. bank in 2027, combining FDIC-insured accounts and stablecoin functionality within the same app, according to a Wednesday Reuters interview with U.S. CEO Cetin Duransoy. The British neobank has about 70 million customers worldwide and was valued at $75 billion in a November 2025 secondary share sale. The planned entity, to be named Revolut Bank US, N.A., would be headquartered in Stamford, Connecticut, with a second office in New York. Duransoy said the product lineup would include FDIC-insured checking and high-yield investment accounts, multicurrency deposits, stock and crypto trading, and stablecoin access delivered through a single platform. Revolut filed for a national bank charter with the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) on March 5, committing $500 million in U.S. investment to support the application. The move is notable because Revolut is positioning stablecoins as an integrated launch feature rather than an add-on. A comparable U.S. precedent is SoFi Technologies, currently the only U.S. national bank offering a proprietary stablecoin. SoFi received its charter in January 2022 but did not introduce SoFiUSD to retail customers inside its banking app until May 27 of this year. Revolut's plan would bring that kind of integration from day one in 2027. Charter route and regulatory reach Revolut's application seeks a federal charter that would allow uniform operations across all 50 states under a single regulator, replacing an earlier approach that included the possibility of acquiring an existing U.S. lender. The filing follows comments made about six months earlier by then-U.S. head Sid Jajodia to Banking Dive, where he said a charter would give Revolut "a seat at the table with the regulator." Jajodia is now Revolut's global chief banking officer, and Duransoy took over the U.S. role in January. At the time of the filing, Revolut co-founder and CEO Nik Storonsky said: "Filing for a national bank charter is a major milestone toward our vision of building the world's first truly global banking platform." If approved, a charter would provide direct access to Federal Reserve payment rails such as Fedwire and ACH. It would also allow Revolut to offer FDIC-insured deposits without partner banks and to originate personal loans and credit cards directly. OCC charter decisions typically take 12 to 18 months. Revolut's application arrives amid rising new-bank activity. The OCC received 18 de novo applications in 2025 and additional filings in 2026. Crypto-native firms including Ripple, Paxos and Circle have also applied. Crypto.com secured a conditional national trust bank charter earlier this year, while Erebor Bank is already operating with a full charter. What "stablecoin services" could look like Duransoy did not specify which stablecoins Revolut would support, whether the bank would issue a Revolut-branded coin, or how custody would be structured. So far, the company has described the offering as "access" to stablecoins alongside FDIC-insured deposits, rather than a Revolut-issued dollar token. Revolut already enables zero-fee USDC and USDT swaps for European users and surpassed $1.2 billion in on-chain stablecoin volume on Polygon in 2025. Based on those existing capabilities, third-party stablecoin distribution appears the more likely starting point. Still, a bank-issued model has a clear U.S. example. SoFi's SoFiUSD launched on Ethereum and Solana on May 27, is redeemable 1:1 for dollars, and is available inside the consumer app for SoFi's 14.7 million members. Cash App, which does not hold a U.S. bank charter, supports USDC across Ethereum, Solana, Polygon and Arbitrum. Chime remains a nonbank fintech partner model and does not offer a stablecoin product. Revolut's rollout would also be shaped by a regulatory framework that was not in place when SoFi received its charter. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, enacted July 18, 2025, created a federal pathway for U.S. banks to issue payment stablecoins under their existing regulators. The OCC's implementing rulemaking was published in the Federal Register on March 2, proposing requirements for national bank stablecoin issuance and custody. The comment period closed May 1. Distribution as the key lever In stablecoins, distribution matters. The combined circulating supply of the five largest dollar stablecoins is roughly $281 billion, including $187.5 billion for Tether and $76 billion for Circle's USDC. Revolut reports about 1 million U.S. customers and 70 million globally. Storonsky has set a goal of reaching 100 million customers by mid-2027. If Revolut were to route cross-border transfers through stablecoin rails by default, it could become a distribution channel orders of magnitude larger than most crypto-native platforms. Duransoy told Reuters the initial focus will be cross-border needs: "We'll begin by focusing on business and retail customers that need multiple currencies, such as dollars, rupees or Latin American currencies." Revolut does not plan to operate physical branches, and customers would rely on ATM networks. The app currently supports more than 30 currencies. What remains uncertain Neither the OCC nor the FDIC has indicated a decision timeline. Charter approvals can come with conditions that influence a launch product, including capital requirements, limits on activities, or restrictions on certain digital-asset offerings. No such conditions have been disclosed. Revolut's 2027 timeline remains a company target rather than a regulatory commitment. The firm's most recent financing was the November 2025 secondary share sale that valued it at $75 billion, up from $45 billion fifteen months earlier. Revolut has ruled out an IPO before 2028, with Storonsky indicating a U.S. listing would be the preferred venue when it does go public.

Cboe Global Markets is moving to preserve regulatory flexibility around its inactive crypto venue, after the U.S. Commodity Futures Trading Commission granted temporary no-action relief linked to the exchange's dormant status. In a June 3 letter, the CFTC said staff would not recommend enforcement action against Cboe Digital Exchange if it lists products during a limited relief window without first reinstating its designated contract market (DCM) status. The step comes as Cboe Digital nears classification as a "dormant designated contract market" following nearly a year with no trading. Cboe Digital traces back to Cboe's 2022 acquisition of crypto exchange ErisX, part of a broader effort to build regulated digital-asset market infrastructure. The company later rolled out regulated Bitcoin and Ether futures aimed at institutional participants. In 2024, Cboe reworked its approach, winding down parts of the standalone crypto business and shifting several digital-asset derivatives products into its broader futures franchise. The changes included shutting spot market operations, migrating futures products to Cboe Futures Exchange, and scaling back activity on the standalone Cboe Digital venue. The latest filing confirms the platform has been inactive long enough to approach dormant status under CFTC rules. Under existing regulations, a DCM that is inactive for 365 days is deemed dormant and typically must reinstate its designation before listing products again. Cboe Digital asked for temporary relief from those reinstatement requirements while it assesses future opportunities. CFTC staff granted conditional, time-limited no-action relief through April 6, 2027, or until trading resumes on the venue, whichever comes first. The relief does not waive broader regulatory obligations, and the letter underscores that the no-action position reflects staff guidance rather than a formal Commission rule change. Cboe's filing also points to strategic optionality. The company said it is evaluating "commercial partnerships," "sales opportunities," and "strategic investments," signaling it may still see value in retaining regulated crypto exchange infrastructure despite the current inactivity. The no-action relief lets Cboe maintain operational flexibility and avoid a potentially lengthy reinstatement process if it later chooses to relaunch or repurpose the platform. Final Summary: The CFTC provided temporary no-action relief allowing Cboe Digital to sidestep immediate reinstatement requirements even as it nears dormant exchange status. Cboe's filing indicates it may still be exploring partnerships, investments, or other future uses for the regulated venue.

Sen. Cynthia Lummis, chair of the Senate Banking Subcommittee on Digital Assets, criticized JPMorgan Chase CEO Jamie Dimon after he took aim at Coinbase CEO Brian Armstrong and questioned the Digital Asset Market Clarity Act (the "Clarity Act"). Speaking on CNBC, Lummis called Dimon's remarks "really distasteful" and said he either had not read the legislation or was trying to mislead the public. Dimon, in a recent CNBC interview, said "no one is going to bow down to Armstrong or Coinbase" and labeled Armstrong "full of sh––," while arguing the Clarity Act leaves "major gaps" in consumer protection. His core policy objection centered on the bill's treatment of interest-like rewards: Dimon said it could allow crypto firms to offer bank-style returns on deposits, stablecoins, or similar products without the same guardrails required of banks. He also argued the bill does not adequately address Anti-Money Laundering (AML) obligations or the Bank Secrecy Act (BSA). Lummis rejected that framing, saying AML and BSA requirements already apply to digital assets and that the Clarity Act explicitly incorporates those obligations. She also condemned Dimon's personal attacks on Armstrong as inappropriate and misleading. The dispute lands amid a broader fight over whether crypto platforms should be allowed to pay yields on stablecoins and other payment tokens. Banking groups warn that permitting such yields could draw customer funds into crypto products without the protections that underpin insured bank deposits. In May, the American Bankers Association urged senators to close what it called a loophole that could let digital-asset service providers bypass restrictions on paying interest or yield on payment stablecoins, linking its concerns to earlier proposals including the GENIUS Act. A legal analysis by Davis Wright Tremaine said the Senate Banking Committee advanced the Digital Asset Market Clarity Act on May 14, 2026. The firm noted the bill addresses illicit finance, decentralized finance, limits on stablecoin yields, tokenization standards, protections for developers, customer property rules, and bankruptcy protections—provisions aimed at bringing clearer rules to a fragmented market-structure debate. During the CNBC segment, host Andrew Ross Sorkin pressed Lummis on her financial and political ties to the crypto industry. Lummis said it is common for lawmakers shaping industry-specific legislation to receive stakeholder contributions. Lummis remains one of Congress's leading crypto advocates. In 2024, she said she was building a pro-crypto coalition after former President Donald Trump began accepting crypto donations. Coinbase has also become one of the sector's largest political donors, expanding its influence as policymakers debate whether oversight should sit primarily with securities regulators or banking regulators. The Dimon-Lummis exchange underscores how high the stakes have become as Washington weighs consumer protection, financial stability and innovation—and as competing pressure from banks, crypto firms and major political donors converges on the question of stablecoin yields and related products.

Treasury Secretary Scott Bessent urged lawmakers to advance the CLARITY Act over the summer, telling the Senate Finance Committee to "get behind" the proposal as part of a push to establish federal crypto rules and position the U.S. as "the innovation capital of the world." Bessent pointed to a narrowing legislative window, with budget battles and the November midterms expected to crowd the calendar. He also said the strategic bitcoin-native reserve is "moving forward" but at a "deliberate speed," signaling a more cautious pace than earlier White House guidance. A White House adviser said in April that a major reserve announcement would come "in weeks." Now, in June, Bessent described the process as complicated.

U.S. Treasury Secretary Scott Bessent said he is looking forward to the Clarity Act being passed this summer.

A cross party House of Lords committee urged the Bank of England to scale back proposed stablecoin rules, warning they could hinder a market it says is small and early stage. The committee highlighted a £20,000 per person holding cap and a plan requiring 40% of reserves to be held at the central bank.