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The SEC's conditions for tokenized securities exemptions have sparked disagreements, with the industry calling for clarification on the "public and permissionless" standard

The innovation exemption for tokenized securities trading venues launched by the U.S. SEC in September is sparking controversy within the industry regarding blockchain qualification standards. This exemption allows eligible companies to trade tokenized U.S. stocks without registering as traditional securities exchanges, but requires their smart contracts to be auditable, public, and deployed on a public, permissionless blockchain.Currently, three companies have submitted operational intent notices to the SEC. TSV LLC plans to use the privacy-focused Canton Network; OKXICE and Kephas Corp. intend to utilize their respective enterprise group's developed Ethereum Layer 2 networks.In a letter submitted on Thursday, the Solana Policy Institute requested the SEC to tighten the definition of "permissionless," focusing on who actually controls the blockchain, including who can validate or block transactions and modify network rules. Hedera advocates for an expansion of the exemption's scope, arguing that only authorized entities should participate in validation, which should not disqualify their network.The Securities Industry and Financial Markets Association (SIFMA) also called for clarification on which blockchains are eligible and questioned whether stock tokenization should require explicit prior consent from the issuing company, rather than requiring companies to opt out. The financial regulatory advocacy group Better Markets urged the SEC to withdraw the exemption and instead engage in formal rulemaking.An SEC official stated that companies can begin operations 30 days after submitting a notice, provided they meet the exemption criteria, without waiting for SEC approval, which does not imply SEC endorsement of their chosen blockchain. The official noted that the regulatory agency intends to maintain a broad definition to allow space for companies to experiment; further frequently asked questions may be released, but substantive adjustments would require action from the commission.Meanwhile, more companies are opposing the tokenization of their stocks. As of Friday, among the 62 companies initially listed by OKXICE, 22 have raised objections, exceeding one-third. New objectors include Wells Fargo, Arm, and Intuit.

Anthropic donated the Agent Skills standard to the Linux Foundation

Anthropic announced that it will donate the Agent Skills standard to the Agentic AI Foundation (AAIF) under the Linux Foundation. This format was designed by Anthropic while developing Claude Code, set to launch in October 2025 and open as a cross-platform standard in December. Currently, over 70 agent platforms, including ChatGPT, Cursor, and GitHub Copilot, have integrated it.Anthropic describes Skills as reusable work manuals prepared for AI agents, where developers can write task steps in SKILL.md and attach scripts and reference materials for different agents to read as needed. MCP is responsible for connecting external tools and data, while Skills explain how agents complete specific tasks. What is being donated includes the standard name, logo, GitHub organization, and official website domain.AAIF was jointly initiated by Anthropic, OpenAI, and Block in 2025 and has previously received MCP. In the future, engineers from Anthropic, OpenAI, and Google will jointly maintain the Skills standard in their personal capacities, no longer solely led by Anthropic. Vercel statistics show that the skills.sh directory has recorded approximately 1 million skills, with nearly 280 million installations. Snyk has confirmed 76 malicious skills in ClawHub's skill samples, and Anthropic has proposed establishing version control, formal proposal processes, and security guidelines.

first_img Matera and others demonstrate the U.S. QR code payment standard at Money20/20

An alliance composed of core banking and instant payment software company Matera, embedded payment company Payfinia, and Solana Foundation conducted the first public live demonstration of the American National Standard ANSI X9.150 at Money20/20 USA in Las Vegas. The demonstration showed that a single QR code on an invoice allows customers to pay via FedNow, RTP network, or with USDC on Solana, with the business invoice records automatically updated afterward.The report states that X9.150 was approved by the American National Standards Institute's standards committee X9 in July 2026, providing a unified QR code payment format for banks, payment networks, and software providers, covering account-to-account payments such as FedNow, RTP, ACH credit transfers, Zelle, and stablecoins. In the live process, small businesses send invoices with X9.150 QR codes, and customers can scan them using their credit union banking app or pay and confirm with USDC using the Squads Altitude wallet, with funds arriving within seconds, and the ERP marking the invoice as paid.Carlos Netto, Co-founder and CEO of Matera North America: The company has open-sourced the X9.150 reference software because a standard built by only one company is not a true standard. Jamal Raees, General Manager of Payments at Solana Foundation: X9.150 provides American businesses with a single QR code that can be used across payment rails, allowing customers to scan and pay with USDC, marking the invoice as paid within seconds. Payfinia provides embedded payment support for nearly 30 community financial institutions and stated that testing has been completed using the Star One Credit Union mobile app. The report clarifies that this demonstration is not a product launch. Participants in the X9.150 QR code alliance include Matera, Payfinia, Zelle under Early Warning, and Solana Foundation.

first_img SBI and Startale join Open Standard to explore interoperability between JPYSC and OUSD

On October 16, SBI Holdings and Startale Group announced their participation in Open Standard to explore the interoperability of the dollar-pegged stablecoin OUSD and the yen-denominated trust-based stablecoin JPYSC. The article states that Open Standard will launch in June 2026, and the alliance already includes over 140 global companies, including Visa, Stripe, Mastercard, BlackRock, and Coinbase, with OUSD already publicly launched on-chain. The announcement clarified that this only involves exploring a pilot project and does not represent the launch of new commercial services or the initiation of production environment settlements or trading activities.Yoshitaka Kitao, Representative Director, Chairman, President, and CEO of SBI Holdings, stated that cross-border transactions will become more common, and seamless conversion between yen and dollar stablecoins is crucial. Joining Open Standard and exploring related proof of concepts is an important step. He also mentioned that the SBI Group has been the first in Japan to offer dollar stablecoins USDC and RLUSD. Startale Group CEO Sota Watanabe stated that joining Open Standard reflects both parties' belief that the future of finance is on-chain, borderless, and interoperable, and that the pilot interoperability of JPYSC and OUSD is of significant importance.JPYSC is issued by SBI Shinsei Trust Bank and is positioned as an on-chain yen settlement infrastructure compliant with Japan's Payment Services Act and trust law framework. In July 2026, SBI Global Asset Management, DigiFT, and Startale announced a proof of concept for tokenized securities settlement and distribution payments, considering the future use of JPYSC. Open Standard claims it was established in 2026, with founding partners including Coinbase, Mastercard, Shopify, Stripe, and Visa, and over 200 institutions have signed up to add OUSD to the platform.

first_img Standard Chartered Bank has postponed its prediction for the $20 trillion stablecoin market to 2030

According to a report by The Block, Standard Chartered Bank has postponed its prediction for the stablecoin market to reach a scale of $2 trillion from 2028 to 2030. Geoffrey Kendrick, the bank's global head of digital asset research, stated that the $2 trillion scale estimate remains unchanged, but he believes the market will need an additional two years to reach it. Over the past 12 months, the supply of stablecoins has remained in the range of $300 billion to $320 billion, currently around $309 billion. Kendrick believes this slowdown is cyclical rather than structural, as it occurs during a period of weak activity in the cryptocurrency market.Kendrick pointed out that despite the stagnation in supply growth, the use and trading activity of stablecoins continue to rise. The on-chain original transfer amount set a monthly record of $19 trillion in May, with an average monthly scale of nearly $10 trillion this year, higher than the $4 trillion expected in 2025.The monthly average circulation velocity, which measures the number of times each dollar of stablecoin is transferred, has doubled this year to about 30 times, compared to 15 times in 2025, with USDT maintaining around 7 times, while USDC has increased from 45 times to about 80 times. Kendrick stated that the differences stem from different uses, with USDT primarily used for dollar savings in emerging markets, while USDC is more used for payments, financial transactions, and early payments between AI agents.Kendrick expects that competition in stablecoin payments and trading in developed markets will be the most intense, with potential challengers including Open USD, stablecoin infrastructure provider M^0, and the A+ network, which plans to allow banks to issue shared stablecoins and retain reserve earnings.

first_img Author of "The Bitcoin Standard": Bitcoin will fluctuate less than gold and have a larger scale

In a post on platform X, Saifedean Ammous, the author of the 2018 academic work "The Bitcoin Standard," stated that Bitcoin already possesses monetary functions. Holding Bitcoin is equivalent to using Bitcoin as currency. Its limited use as a payment method does not prove that its monetization process will not continue to advance. He believes that as Bitcoin matures, its volatility will be lower than that of gold, and its market capitalization will surpass that of this largest precious metal globally.Ammous's viewpoint is a response to the relevant discussions in the work "Better Money: Gold, Fiat, or Bitcoin?" by American economist Lawrence H. White. White cited content from Chapter 6 of that book on platform X, stating that Bitcoin's supply is fixed and cannot respond to changes in demand, resulting in excessive price volatility, making it difficult to become the reliable medium of exchange that people need. This is also the reason why stablecoins have surpassed Bitcoin in trading volume.Similar judgments have been made in the industry previously. In May 2025, André Dragosch, the European research director at Bitwise, told Cointelegraph that their internal forecast predicts Bitcoin will reach $1 million by 2029, at which point its market capitalization could be comparable to gold. However, Bitcoin's current market capitalization of approximately $1.6 trillion needs to grow at least 18 times to exceed gold's nearly $29 trillion market capitalization and become the largest asset in the world.
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