1. U.S.: The SEC and CFTC draw the map for crypto regulation.
The U.S. Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) issued coordinated public statements clarifying how existing federal securities and commodities frameworks apply to crypto-asset activities. The SEC explained that its analysis is based on a five-category token taxonomy: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. According to the SEC, this framework is intended to clarify how federal securities laws apply depending on the characteristics, uses, and functions of each type of crypto asset.
In particular, the SEC highlighted that:
- digital commodities, digital collectibles, and digital tools are treated as categories that are generally not securities, based on the features described in the release;
- stablecoins may require a case-by-case analysis depending on their structure and characteristics; and
- digital securities remain subject to federal securities laws, including the registration and compliance framework applicable to securities more broadly.
In parallel, the CFTC confirmed that digital assets classified as commodities fall within its supervisory authority when used in derivatives transactions, including futures, options, and certain leveraged products, and reiterated its enforcement jurisdiction over fraud and market manipulation involving crypto commodities in interstate commerce.
2. U.S.: Nasdaq moves toward trading tokenized securities.
Nasdaq received authorization from SEC to support infrastructure enabling the trading of tokenized securities within the existing regulatory framework applicable to securities markets.
According to public reports, the initiative is intended to facilitate the issuance and trading of blockchain-based representations of traditional financial instruments through regulated market infrastructure.
3. Argentina: The CNV shuts down a yield-bearing stablecoin.
Argentina’s National Securities Commission (“CNV”) initiated administrative proceedings against Belo, a crypto wallet and payments application, in connection with the promotion of a stablecoin that offered yield-generating features. According to the CNV, the structure of the instrument was assessed under criteria similar to the Howey Test, considering whether the arrangement could qualify as an investment contract under securities regulations.
As a result of this assessment, the CNV ordered the immediate cessation of the listing, offering, and intermediation of the stablecoin, as well as the cessation of any issuance-related activity associated with the instrument.
4. Argentina: Buenos Aires court blocks Polymarket.
A criminal court in the City of Buenos Aires ordered measures restricting access to the prediction-market platform Polymarket within Argentina in the context of an investigation related to unauthorized gaming activities. The decision reportedly included instructions directed to internet service providers to block local access to the platform while the investigation proceeds. The case reflects increasing interaction between decentralized prediction platforms and existing regulatory frameworks governing online gaming and betting.
5. Argentina: The BCRA expands cybersecurity rules to PSPs.
The Central Bank of Argentina expanded its technology and information security risk framework to include payment service providers (“PSPs”), bringing them under the same minimum standards applicable to financial institutions in areas such as governance, third-party risk management, cybersecurity incident response, and access control policies.
The framework also clarifies that critical technology and cybersecurity services may be outsourced both locally and abroad, subject to supervisory notification requirements and enhanced oversight obligations.
