CLARITY Regulatory Updates (Issue 4 · Week 29, 2026)

01Latest Developments

Latest Developments

2026-07-13 The Japanese Prime Minister has publicly supported the development of Web3 for three consecutive terms. SBI has invested nearly $500 million to build out a full-chain ecosystem, while Rosen has launched pilot programs for stablecoin payments to create a zaibatsu-level compliance framework in line with tax reforms. LayerZero and Centrifuge have proposed a hub-and-spoke model aimed at resolving the conflict between compliance requirements and transaction speed in the $33 billion RWA market. The CEO of Robinhood Chain has shifted his stance significantly, leveraging the popularity of CASHCAT to initiate cold starts and drive the chain’s market value to $200 million.

2026-07-10 Polymarket has applied to the NFA for a Futures Commission Merchant (FCM) license through its affiliated companies and is seeking approval from the CFTC to amend regulations in order to support non-full-collateralized transactions. Gate US has obtained an additional currency transmission license in Florida, raising the total number of state-level licenses to 36 and expanding its compliance coverage to all 47 U.S. jurisdictions. The implementation of the EU’s MiCA regulations has led to record levels of activity and new addresses on the EURC chain in four years. Circle has secured a license in France, filling a gap in the market.

2026-07-09 Major players such as Samsung and Figure have completed five acquisitions over the past month, acquiring licensed institutions and assets at low prices to accelerate the institutionalization of crypto infrastructure. Circle faces criminal charges from Wisconsin and New York states for refusing to freeze $380,000 in fraudulent assets, sparking a debate over the technical architecture of stablecoins and their legal obligations. Optimism and OKX have discussed blockchain compliance and risk management, with the former advocating for control of the transaction layer to be held by relevant parties, while the latter emphasizes proactive risk prevention.

2026-07-07 Clearstream has added six new crypto asset custody services under the MiCA framework, covering assets such as Ripple and Solana, to meet the compliance needs of institutions. Coinbase has included the compliant DeFi derivative GRVT in its listing roadmap, reflecting institutions’ preference for compliant assets. On March 28, Upbit, Bithumb, and Coinone took joint action to place BONK on delisting watch under new regulations, marking a stricter enforcement phase by South Korean regulators. AscendEX was shut down on July 1 due to failure to meet MiCA standards, resulting in suspended automatic withdrawals and a shortfall of millions of dollars in hot wallet funds.

02Impact Analysis

The regulatory push for CLARITY is shifting from mere compliance requirements to reshaping the rules governing how the industry operates, with its impact expanding significantly. The market landscape is showing stark divisions: industry giants are accelerating integration by taking advantage of this trend. Companies such as Samsung and Figure have completed five acquisitions in the past month, aiming to drive institutionalized transformation through the acquisition of licensed assets. At the same time, higher compliance standards have led to the elimination of weaker players. AscendEX was shut down on July 1 for failing to meet MiCA standards, resulting in a shortfall of millions of dollars in hot wallets, and users faced risks of frozen funds and repayment issues.

Regional differences in regulatory effects are becoming more pronounced. Under the EU’s MiCA framework, institutions are expanding their services—Clearstream has added six new crypto asset custody options, covering mainstream assets such as Ripple and Solana. The popularity of the compliant stablecoin EURC has reached new heights in terms of active transactions and new addresses, the highest levels in four years. In the United States, compliance efforts are also advancing rapidly. Gate US, after obtaining approval in Florida, now serves 47 jurisdictions, while Polymarket is applying for an FCM license to enable compliant margin trading. In Japan, a zaibatsu-style closed ecosystem is being developed, with SBI investing nearly $500 million to build out a full-chain infrastructure, and Lawson piloting stablecoin payments.

At the token level, compliance status has become a key factor affecting liquidity. Coinbase has included the compliant DeFi derivative GRVT in its listing roadmap, drawing significant attention from institutional investors. On the other hand, South Korea’s three major exchanges jointly placed BONK on delisting watch on March 28, marking the start of strict enforcement measures. It is worth noting that there is irrational competition within the compliant blockchain ecosystem. Although Robinhood Chain focuses on RWA, the CASHCAT token has overtaken it, with its market value soaring to $200 million, illustrating the distortion of traffic-driven logic under regulatory pressures. Conflicts between technical architecture and legal obligations are intensifying in the stablecoin sector. Circle faces criminal charges for refusing to freeze $380,000 in fraudulent assets, sparking intense debates within the industry regarding freezing mechanisms.

03Keep an eye on it later.

Ongoing Monitoring

1. Stablecoin Freezing Orders and Criminal Proceedings (Continued Monitoring) Stay tuned to the progress of criminal charges filed by Wisconsin and New York states against Circle on July 9, 2026, for refusing to freeze $380,000 in fraudulent assets. It is crucial to watch whether regulators will demand further disclosure of the technical details behind on-chain freezing, and whether Circle will adjust its compliance protocols to resolve conflicts between legal obligations and its technical architecture. If more jurisdictions file similar lawsuits, it will signal an era of stricter regulation for stablecoins.

2. Institutional Access and Liquidation Risks under the MiCA Framework (Continued Monitoring) Monitor the expansion of institutional services following the implementation of the EU’s MiCA regulations, with a focus on the actual capital inflows resulting from Clearstream, a subsidiary of Deutsche Börse, adding six new crypto asset custody services on July 7, 2026. At the same time, be vigilant about liquidation risks arising from compliance failures, drawing lessons from AscendEX’s shutdown on July 1, 2026, due to failure to meet MiCA standards, which led to a shortfall of millions of dollars in hot wallet funds. If more platforms shut down because they fail to pass MiCA audits, it will be necessary to assess the overall solvency of the industry.

3. License Expansion in U.S. Jurisdictions and Derivative Compliance (New Focus) Track the progress of Gate US’s expansion into 47 U.S. jurisdictions after obtaining a license in Florida on July 10, 2026. Pay close attention to the approval status of Polymarket’s application to the NFA for a Futures Commission Merchant (FCM) license on July 10, 2026, as well as whether the CFTC will approve its request to amend rules to support non-collateralized trading. If the FCM license is approved, it will demonstrate the U.S. willingness to accept decentralized prediction markets in a compliant manner.

4. Actual Implementation of Compliance Frameworks at Japan’s Zaibatsu Level (New Focus) Observe the progress of SBI’s investment of nearly $500 million in July 2026 to develop full-chain and Rosen-based pilot programs for stablecoin payments, as announced by Japan on July 13, 2026. It is essential to determine whether Japan’s tax reforms and compliance frameworks can create a replicable business model within 2026, particularly in terms of changes in the penetration rate of stablecoins in retail payment scenarios, given the interconnected infrastructure in place.

5. Asset Delisting Trends Under South Korea’s Strict Enforcement Phase (New Focus) Pay attention to the subsequent actions taken by South Korea’s three major exchanges—Upbit, Bithumb, and Coinone—after jointly placing BONK on delisting watchlist on March 28, 2026. Monitor whether more Solana meme coins will be placed on watchlists or forcibly delisted due to non-compliance with new regulations, to assess the scope and intensity of South Korea’s strict regulatory enforcement.

04Related Reads

1. “Top Execs Team Up; SBI Loses $500 Million, Rosen Opens Doors: Japan Seizes the Compliance Advantage”
2. “The $33 Billion RWA Market: LayerZero and Centrifuge Solve the Compliance Speed Paradox”
3. “Half a Year of Preparation for Compliance Chains, Yet a Cat Triggers a $200 Million Market Drop”
4. “Polymarket Applies for U.S. FCM License to Offer Compliant Margin Trading”
5. “Gate US Gets Florida Approval, Expanding U.S. Compliance Coverage to 47 Jurisdictions”
6. “MiCA Takes Effect, Triggering a Compliance Wave: EURC On-Chain Data Reaches Four-Year High”
7. “Valuations Cut by 90%; Giants Rush to Obtain Compliance Licenses Amid Bear Market”
8. “Refusing to Freeze Assets Leads to Criminal Charges; Stablecoin Compliance Crisis Erupts”
9. “Optimism and OKX Discuss Blockchain Compliance and Risk Management”
10. “Deutsche Börse’s Subsidiary Adds Six New Currencies: New Path for Institutional Compliance under MiCA”
11. “Compliant DeFi Gains Mainstream Favor: GRVT Listed on Coinbase”
12. “Three Major Exchanges Collaborate to Address Issues; BONK Under Delisting Observation Due to Compliance Crises”
13. “Compliance Pressures Force Platform Shutdowns, Leaving Millions in Hot Wallets Unprotected”