Analysis
Analysis and perspectives from a firm that operates at the intersection of Bitcoin infrastructure, public markets, and institutional capital in Asia.
SEC Opens Onchain Stock Trading After CLARITY Act Fails
Two days after the Senate declined to advance the CLARITY Act, the U.S. Securities and Exchange Commission acted on its own authority. The relief…
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BIP-110: The Bitcoin Debate That Matters for Institutional Investors
Michael Saylor, Chairman of Strategy (NASDAQ:MSTR), just published 110 reasons to kill a Bitcoin proposal. If you hold Bitcoin on a balance sheet, the…
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South Korea Is Treating Crypto as a National Asset. Here Is What That Means.
On July 15, 2026, South Korea's Ministry of Economy and Finance released an economic policy roadmap with a provision that would have been difficult…
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Japan Reclassifies Crypto as a Financial Asset. What It Changes.
On July 15, 2026, Japan's Parliament passed legislation that fundamentally reframes how the country treats digital assets. The amendment to the Financial Instruments and…
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Taiwan Just Passed Its First Crypto Law. Here Is What It Means.
On June 30, 2026, Taiwan's Legislative Yuan passed the Virtual Asset Service Act on third reading, the island's first dedicated legal framework for digital…
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The CLARITY Act Passes the Senate Banking Committee. Here Is What It Means.
On May 14, 2026, the Senate Banking Committee passed the Digital Asset Market Structure Clarity Act of 2025 (H.R. 3633) by a 15-9 bipartisan…
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The CLARITY Act’s Stablecoin Yield Compromise: What It Actually Says
On May 1, 2026, Punchbowl News reported it had obtained the compromise bill text hammered out by Senators Thom Tillis (R-NC) and Angela Alsobrooks…
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Hong Kong Issues Its First Stablecoin Licenses. Here Is What It Means.
On April 10, 2026, the Hong Kong Monetary Authority updated its Register of Licensed Stablecoin Issuers. For the first time since the Stablecoins Ordinance…
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What Circle’s cirBTC Tells Us About Where Bitcoin Infrastructure Is Heading
Circle built the institutional trust layer for stablecoins. Now it is applying the same playbook to Bitcoin. On April 2, 2026, Circle announced cirBTC:…
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Hong Kong’s Stablecoin Licensing Delay: What It Signals and What Comes Next
Hong Kong set out to be first. Instead, it is waiting. The Hong Kong Monetary Authority's Stablecoin Ordinance came into effect on August 1,…
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What the GENIUS Act Means for Stablecoin Operators in 2026
In the span of one week, the U.S. regulatory framework for stablecoins moved from an abstraction to an operational reality. On April 1, 2026,…
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