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Hong Kong working to allow perpetual contracts, chief regulator says

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Hong Kong working to allow perpetual contracts, chief regulator says

HONG KONG — Financial regulators in Hong Kong are going to unveil a framework for trading platforms to offer perpetual contracts, the head of the region’s Securities and Futures Commission said Wednesday.

Brokers in Hong Kong will soon be able to provide financing to clients backed by bitcoin and ether and platforms will be able to offer market-making through independent units, said Julia Leung, the CEO of Hong Kong’s SFC at CoinDesk’s Consensus Hong Kong conference.

While the SFC plans to share more details later, the moves are part of the regulator’s broader push to let regulated firms offer more products and services, Leung said, following on its 2025 roadmap which included an effort to develop the local crypto market.

The SFC has already published the conclusions from its consultation on custody and related issues, but these new initiatives are focused on continuing to develop these markets in Hong Kong, including with novel products like perpetual futures contracts.

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“We will be publicizing a high-level framework for platforms to be offering perpetual contracts,” she said.

These products will only be available for institutional investors, not retail clients, at this time, she said, and the framework will focus on risks. Platforms seeking to offer these products will need to be able to manage those risks, “and it also has to be very fair to the customers.”

On the other initiatives, Leung said that the SFC will start sharing further details soon.

“We will allow brokers to provide financing to clients with strong … credit profiles, and the collateral will be backed by both securities as well as virtual assets,” she said. “Because virtual assets … many of them are very volatile, so we’ll start with two that will be eligible as collateral, bitcoin and ether.”

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Platforms looking to engage in market-making will need to make sure they have strong conflict-of-interest rules and independent market-making units, she said.

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US SEC Proposes Guidelines on How Securities Laws Can be Applied to Crypto

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US SEC Proposes Guidelines on How Securities Laws Can be Applied to Crypto


Like the SEC, the derivatives trading regulator, the CFTC, is also working to regulate prediction markets.

The United States Securities and Exchange Commission (SEC) has inched closer to creating guardrails to ascertain how cryptocurrencies are regulated.

In a recent commission-level guidance submitted to the White House’s Office of Information and Regulatory Affairs (OIRA), the SEC outlined how securities laws can be applied to crypto. If followed, the new guidelines could affect how crypto-focused companies register and operate their businesses in the country.

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New Guidelines for Crypto Market

According to the OIRA’s website, the guidance was labeled as the “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets.”

The website shared sparse details about the SEC’s proposal. Still, an SEC spokesperson informed Bloomberg that the financial agency “will consider interpretive guidance around a token taxonomy for crypto assets.” This means that factors such as a crypto’s inherent properties, behavior, and use cases would be considered to determine whether securities laws apply or not.

With these guidelines in place, crypto firms would know how to proceed with registration, operations, and investor engagement. It is worth noting that commission-level guidance has more power than staff-level guidance. Still, it falls short of the requirements to become a rule, which include processes such as public notice and comment.

The latest move aligns with Paul Atkins’ goal of bringing crypto-friendliness to the country since he became the SEC chairman. A few weeks ago, he hinted at the agency’s commitment to establishing structural crypto regulations despite falling cryptocurrency prices.

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CFTC Calls for Regulation of Prediction Markets

The SEC is not the only Wall Street regulator advocating for a crypto-friendly regulatory framework. On March 2nd, the Commodity Futures Trading Commission (CFTC) submitted a measure to the White House’s OIRA on prediction markets.

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Michael Selig, the CFTC chairman, shed some light on the prediction markets’ measure, saying:

“We’re going to be setting very clear standards as to what can be self-certified in our markets and what cannot and how to evaluate the different products that are offered in the space.”

The CFTC’s latest move comes amid heightened attention investors give to prediction markets, popularized by leading platforms Polymarket and Kalshi.

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OpenAI’s new Wall Street AI stack is coming for crypto next

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OpenAI’s new Wall Street AI stack is coming for crypto next

OpenAI’s latest financial-services tools plug ChatGPT into FactSet, Third Bridge, Excel, and Google Sheets, laying the groundwork for AI agents that can treat crypto as just another institutional asset class.

Summary

  • Tools let finance professionals pull data, run models, and draft memos directly in ChatGPT.
  • The same setup can be wired into crypto market and on-chain data, lowering the barrier to automated strategies.
  • OpenAI’s broader push into financial workflows positions AI as core infrastructure for both tradfi and digital assets.

OpenAI’s move to wire ChatGPT directly into FactSet, Third Bridge, and spreadsheet environments is being sold as a play for banks, asset managers, and research shops, but the architecture is asset-agnostic.

Once you have an AI layer that can ingest institutional data, build models, and draft investment memos, swapping equities for Bitcoin (BTC), Ethereum (ETH), or alt liquidity pools is just a matter of pointing the same stack at different feeds: exchange APIs, on-chain analytics, and derivatives venues.

OpenAI’s broader agent framework is already being used alongside crypto APIs to automate portfolio rebalancing, yield monitoring, and strategy execution, turning what used to be bespoke quant and dev work into something closer to configuration. That lowers the barrier to running systematic strategies in DeFi and centralized venues, and it pushes crypto trading desks to look more like lean, AI-augmented quant pods than discretionary shops.

At a higher level, the company is positioning itself as middleware for financial workflows, not just a chatbot, embedding AI into risk, reporting, and decision-making across fintech and banking. If that stack becomes standard, crypto will be pulled into the same pipelines, priced and risk-managed by the same agents that handle equities and credit, with human analysts increasingly supervising rather than building models from scratch. For digital assets, the signal is clear: the real AI trade is not another token launch, but the quiet normalization of crypto inside an AI-native financial operating system.

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ZeroHash applies for national trust bank charter to expand regulated stablecoin services

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ZeroHash applies for national trust bank charter to expand regulated stablecoin services

ZeroHash, which develops behind-the-scenes crypto infrastructure for businesses, said it applied for a National Trust Bank Charter from the U.S. Office of the Comptroller of the Currency (OCC), looking to operate under federal regulatory oversight.

If approved, the charter would give ZeroHash permission to issue stablecoins, custody digital assets and manage reserves under direct federal oversight. It would not be allowed to take customer deposits or engage in commercial lending.

That status could allow the Chicago-based company, which already holds licenses in 51 U.S. jurisdictions and operates internationally, to expand its stablecoin and digital asset services under a single federal framework, rather than navigating a patchwork of state-by-state rules.

ZeroHash is following a path forged by a number of other crypto companies. In the past month, several firms have received initial approval for national bank trust charters. These include Stripe’s stablecoin firm Bridge and cryptocurrency exchange Crypto.com. In December, Circle Internet (CRCL), Ripple, Paxos, Fidelity Digital Assets and BitGo all received similar approvals.

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Founded in 2017, ZeroHash’s platform enables companies to embed stablecoins and digital asset functionality into services like payments, trading and payroll.

Clients include financial heavyweights like Morgan Stanley, Interactive Brokers, Stripe and Franklin Templeton.

In practical terms, a federal trust charter would let ZeroHash offer services that align with recent legislative developments, including provisions in the Genius Act, which clarifies the legal treatment of stablecoins in the U.S.

The OCC is now reviewing the application. No timeline for approval has been given.

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CleanSpark Sells Most February BTC Output, Generating $36.6M in Proceeds

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Bitcoin Price, United States, AI

US Bitcoin miner CleanSpark last month sold 553 Bitcoin from its February production for about $36.6 million, while producing 568 BTC during the month, according to the company’s latest operational update.

The company ended February with 13,363 BTC (BTC) in its treasury and continued expanding its infrastructure by completing the closing on a second Texas campus that adds 300 megawatts of ERCOT-approved power capacity.

The Electric Reliability Council of Texas, or ERCOT, operates the state’s electrical grid.

CleanSpark said its deployed fleet totaled 235,588 mining machines at the end of February, operating with 50 EH/s peak hashrate, a measure of mining computing power, and 43.2 EH/s average hashrate.

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Across its power portfolio, the company has 1.8 gigawatts of capacity under contract, with 808 megawatts currently in use.