Marina Khaustova

🇬🇧🇺🇸 SEC’s Hester Peirce Proposes UK–US Cross-Border Tokenization Sandbox — But No Invite for EU. from Darshana Manikkuwadura (Dash)⚡️🇬🇧 🇱🇰⚡️ Last week, SEC Commissioner Hester Peirce doubled down on her call for a cross-border tokenization sandbox — and this time, she wasn’t pulling punches. Speaking on the future of digital securities, Peirce outlined a framework for a regulatory sandbox between the US and UK to trial tokenized financial instruments in a way that promotes innovation without political baggage. Her message was clear: “Focus on finance, not politics.” This isn’t the first time Peirce has floated the idea. Over a year ago, she responded to the UK’s Digital Securities Sandbox (DSS) consultation with cautious optimism. But now, the vision is firmer: ✅ Bilateral collaboration with like-minded markets ✅ Market-first incentives ✅ Clarity, flexibility, and actual utility for participating firms The sandbox isn’t meant to be just another pilot project where innovation goes to die. Peirce emphasized that real-world applications need room to scale, pivot, and capitalize on user demand in real time — not years after regulators finally catch up. 🔑 “If a regulator were not able to react quickly, the company would have to turn new users away.” That one line speaks volumes. Unlike many policymakers who view sandboxes as safe experimentation zones with no commercial urgency, Peirce gets it: innovation isn't something you run in a lab and shelf for later. Firms building in blockchain and tokenized finance are already live, user-facing, and solving real inefficiencies. They don’t need more theory. They need interoperable, market-driven, legally sound frameworks — now. And here’s where it gets political. While she left room for other like-minded jurisdictions to join the sandbox, she explicitly called out the EU’s approach — particularly its “double materiality” doctrine that injects sustainability goals into financial reporting. Peirce pushed back on the export of EU sustainability disclosure rules, drawing a sharp regulatory divide. Her final words were blunt: “Market integration suffers when two jurisdictions diverge on core matters such as the purpose of financial statements and other securities disclosures.” 💡 Translation? If financial systems can't agree on why they regulate or what outcomes they prioritize (capital formation, efficiency, investor protection), cross-border experimentation will remain fractured. As someone building at the intersection of AI and blockchain, I see this moment as pivotal. If done right, a UK–US sandbox could offer: • Legal clarity for asset tokenization • Regulatory flexibility to scale responsibly • A blueprint for future financial infrastructure Let’s hope this doesn’t stay a speech. The builders are ready. The capital is waiting. And the tech? It’s already live. #Tokenization #BlockchainRegulation #darshanamanikkuwadura Darshana Manikkuwadura (Dash)⚡️🇬🇧 🇱🇰⚡️

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💥Deutsche Börse and Circle partner to push stablecoin adoption in Europe's capital markets 👇 Deutsche Börse Group and Circle Internet Financial (NYSE: CRCL) have signed an MoU to integrate USDC and EURC into Deutsche Börse’s financial market infrastructure. This includes: - Listing and trading of stablecoins on 3DX (digital exchange) and via Crypto Finance (institutional crypto broker), both part of Deutsche Börse. - Custody: Institutional-grade custody through Clearstream, with Crypto Finance Group (Germany) acting as sub-custodian. Source: https://lnkd.in/eyR-AwQC ➡️ Why this matters Despite the recent announcement about nine European banks coming together to issue a consortium EUR stablecoin, Circle's EURC stablecoin is by far the largest MiCAR-compliant EUR stablecoin with $270M market supply. While there is much talk about the tranformative power of stablecoins, institutional usage of stablecoins in Europe has so far been more theory than practice. This move by Deutsche Börse could mark the first real integration of stablecoins into European capital markets infrastructure. Ball is in ESMA's court. ✅ Want more business insights on digital assets and tokenization? Join 20,000+ readers at Tokenization Insight to get the latest market insights 👉 https://lnkd.in/eCZyphum

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In case you missed it, this goes far beyond stablecoins. We are witnessing the rise of new financial infrastructure aiming to upend traditional finance. Stripe’s announcement about Tempo, just a few days ago, isn’t a story about blockchain or stablecoin nerds. It cuts to the heart of what’s at stake: who will own the next generation of payment rails - and how much traditional players will stay relevant. 𝗧𝗵𝗲 𝗽𝗿𝗼𝗯𝗹𝗲𝗺 — Current blockchains aren’t payment-ready: Bitcoin, Ethereum, and Solana were built for trading, speculation, or decentralized apps, not high-volume, fiat-denominated payments. — Paying gas - transaction fees on blockchain - in crypto adds friction for businesses that primarily operate in USD or EUR. — Today’s blockchains can only handle a limited number of transactions per second: Bitcoin ~ 5, Ethereum ~ 20, and Solana ~1,000. Global payment networks, however, require 10,000+ to operate at scale. — Blockchains lack core payment features businesses depend on - batch pay-outs, metadata for reconciliation, or merchant privacy - making them difficult to use in real-world payment scenarios. 𝗧𝗵𝗲 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 With the right infrastructure purpose-built for payments, stablecoins have the potential to evolve into the next global payment rails 𝗦𝘁𝗿𝗶𝗽𝗲’𝘀 𝗽𝗹𝗮𝘆 — Tempo (announced Sep 2025): a new Layer-1 blockchain, incubated with crypto VC Paradigm, purpose-built for stablecoin payments. Independent governance, validator network, and partnerships. Vision: a decentralized SWIFT at internet scale. It delivers payment-network scale (100,000+ transactions per second), confirms transactions almost instantly, and allows fees to be paid directly in stablecoins. — Bridge (acquired Mar 2024): Infrastructure for stablecoin treasury, issuance, liquidity, and compliance. — Privy (acquired May 2023): Wallet and key management layer that abstracts blockchain complexity for end users. Together, Tempo, Bridge, and Privy form a vertically integrated stack - Stripe’s bid to deliver end-to-end infrastructure for stablecoin payments at internet scale. 𝗨𝘀𝗲 𝗖𝗮𝘀𝗲𝘀 — Business payments: Instant, low-cost cross-border payments, payroll, vendor settlements, remittances. — Programmable money: digital forms of currency that can be coded to move automatically - settling payments 24/7, enabling tiny transactions, or triggering transfers based on pre-set rules. — Embedded stablecoin wallets and payment cards with simple, consumer-friendly UX. — Plug-and-play APIs for fintechs and banks to build on stablecoin infrastructure. It will not happen in a day, but a lot is at stake: stablecoins challenge Visa and Mastercard on xborder flows, threaten SWIFT and correspondent banks in global transfers, and reduce the reliance on global treasury platforms (e.g. Kyriba, FIS, SAP). Opinions: my own Subscribe to my newsletter: https://lnkd.in/dkqhnxdg Register for my upcoming webinar: https://hubs.ly/Q03GpVF50

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🚨 Finally, a crypto warning that gets it right. Most regulator warnings about crypto sound like: “Don’t touch it.” But this time, EU regulators new “Warning on Crypto-Assets” takes a smarter turn, focusing on fraud prevention and informed decision-making, not fear. Instead of blanket scaremongering, ESMA gives practical guidance: • Fraud, scams and hacks — beware of unauthorized actors, fake authorizations, phishing, and “guaranteed return” schemes. • Misleading promotions — especially from influencers paid to push certain tokens or promising "too good, to be true" returns. • Security hygiene — keep your devices and private keys protected. 👏 This is the kind of progress we like to see. Instead of treating crypto as a threat, the ESA's are treating it as a reality. One that needs clear rules and responsible players. At Januar, that’s exactly what we stand for: safe, compliant access to the digital economy. Because building trust in crypto starts with working with the right partners. #Crypto #ESMA #MiCA #ConsumerProtection #Fintech #Regulation #Januar #NoBankRequired

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