Today's Highlights
🌐IMF plans to appoint Vice Minister of Finance Liao Min as Deputy Managing Director, succeeding Li Bo
📋Hong Kong formally introduces secondary-market trading of tokenized funds, regulated under an ETF-like regulatory framework
📌USAT to be issued independently by Anchorage; GENIUS Act approval process not yet initiated
📋Analysis: If Democrats retake Congress, crypto legislation may shift toward regulatory scrutiny
🚨US Treasury sanctions North Korean IT worker revenue network, involving crypto transactions and money laundering
🏦Moody's assigns A2 rating to Ripple's USD 2.6 billion RLUSD stablecoin, one day after the OCC approves its bank charter
IMF plans to appoint Vice Minister of Finance Liao Min as Deputy Managing Director, succeeding Li Bo
IMF Managing Director Georgieva announced that Deputy Managing Director Li Bo will leave upon the end of his term on November 30, 2026, and proposed that Liao Min, Vice Minister of Finance of China, succeed him, with the term effective from December 1. Liao Min was born in 1968 and has served as Vice Minister of Finance since May 2018; since 2023 he has concurrently served as a member of the Monetary Policy Committee of the People's Bank of China. He has worked at the People's Bank of China, China Everbright Group and Bank of China, and also served as Director-General of the General Office of the former China Banking Regulatory Commission and Director of the Shanghai Office of the China Banking Regulatory Commission. Li Bo became IMF Deputy Managing Director in August 2021, was responsible for work related to approximately 90 member countries during his tenure, and led work on digital currency, cross-border payments, stablecoin regulation and artificial intelligence. The above appointment is a proposal by the Managing Director; the available materials do not indicate whether the Executive Board has completed the approval process.
Business impact
The change in the IMF Deputy Managing Director candidate does not itself alter any member country's stablecoin or cross-border payment rules, but the work on digital currency, stablecoin regulation and cross-border payments led by Li Bo during his tenure will be taken over by his successor, and the pace of progress on the relevant issues at the multilateral level may accordingly be adjusted. For issuance, payment or cross-border settlement institutions, no new market-access or reserve obligations arise at this stage; what actually constrains business remains the local legislation and licensing requirements of each jurisdiction.
Source: ME News · 2026/10/28 23:26
Hong Kong has formally introduced secondary-market trading of tokenized funds, regulated under a framework similar to that for ETFs.
Hong Kong has recently formally introduced secondary market trading of SFC-authorised tokenised funds. According to investor education guidance published by the Hong Kong Investor and Financial Education Council (IFEC), investors may now buy and sell tokenised fund units on Hong Kong-licensed virtual asset trading platforms (VATPs) through a matching mechanism, either directly or through connecting brokers, with shorter settlement times and better price discovery. The guidance makes clear that secondary market trading of tokenised funds is regulated under a regulatory framework similar to that for ETFs, and that a two-way interoperability mechanism exists between the primary and secondary markets. The guidance also alerts investors to risks such as premiums and discounts arising from an imbalance of supply and demand, insufficient liquidity during non-traditional trading hours, cross-platform price fragmentation, and heavy reliance on a single market maker. The available materials are excerpts; the specific provisions of the guidance, its effective arrangements and the scope of products covered remain to be supplemented.
Business Impact
The guidance brings secondary market trading of tokenised fund units within a regulatory framework similar to that for ETFs, directly binding platforms that provide matching services on Hong Kong-licensed virtual asset trading platforms, as well as institutions participating in trading through connecting brokers; two-way interoperability between the primary and secondary markets means that the flow of units between subscriptions and redemptions and platform matching must remain traceable. For institutions intending to issue or list tokenised funds, whether a product can enter the secondary market depends on its SFC authorisation status and platform admission conditions, rather than on tokenisation technology arrangements alone. The premiums and discounts, liquidity during non-traditional hours, cross-platform price fragmentation and single market maker reliance listed in the guidance are risk warnings at the investor education level and do not yet constitute new mandatory obligations.
Source: Wu Blockchain · 2026/10/28 09:44
USAT Independently Issued by Anchorage; GENIUS Act Approval Process Not Yet Commenced
Anchorage Digital Bank, N.A. independently issues USAT, with Tether providing technical support and participating in branding, strategy and distribution. Anchorage discloses that Tether is not the issuer of USAT and has no obligation to redeem or guarantee the token; USAT and USDT are different products with different issuers and legal arrangements. Anchorage's terms permit only approved customers to mint or redeem USAT directly, while other holders generally need to trade through exchanges or the secondary market. Its reserve report dated 31 August 2026 shows approximately 175.7 million redeemable USAT in circulation, corresponding to approximately USD 176.4 million in reserve assets. The GENIUS Act took effect on 18 July 2025, and its principal issuance framework will be implemented on 18 January 2027; the Office of the Comptroller of the Currency (OCC) published the principal implementing rules on 21 October 2026, and as of 27 October the application process had not yet commenced, nor do the public materials show that USAT has obtained an issuance licence under that Act.
Business Impact
The redemption obligation for USAT rests with Anchorage Digital Bank, N.A., a regulated banking entity, while Tether assumes only a technical and brand distribution role; holders therefore lack a contractual basis for asserting redemption claims against Tether, and redemption requests can only be handled under Anchorage's approved-customer terms. For trading platforms and distributors intending to integrate USAT, it is necessary to distinguish whether they are dealing with the issuer or the technical partner, and to specify the redemption path and reserve disclosure responsibilities in their agreements. The principal issuance framework of the GENIUS Act will not be implemented until 18 January 2027, and the OCC application process had not yet opened as of 27 October; at this stage it is not supported to conclude that USAT has obtained an issuance licence under that Act, and related promotional statements should not be made to that effect.
Source: ME News · 2026/10/28 13:50
Analysis: If Democrats Retake Congress, Crypto Legislation May Shift Toward Regulatory Scrutiny
As the US midterm elections approach, the digital asset industry may face changes in the political composition of Congress. Over the past two years, the Republican-led Congress passed the stablecoin bill GENIUS Act and advanced the broader Clarity Act; the latter passed the House of Representatives in 2025 but stalled in the Senate over disputes concerning stablecoin rewards and ethical issues arising from Trump's crypto wealth. Prediction market Kalshi shows probabilities of 64% and 90% for the Democrats winning the Senate and the House of Representatives respectively. Congressional committee chairs control agenda-setting power. If the Democrats retake the Senate, Elizabeth Warren will become Chair of the Senate Banking Committee. Ron Hammond, Head of Policy and Advocacy at Wintermute, expects that she will actively use subpoena power and may focus scrutiny on the OCC's approvals of new bank charters for Ripple, Coinbase and World Liberty Financial, which is backed by the Trump family. The Ohio race is also drawing attention, with former Senate Banking Committee Chair Sherrod Brown facing pro-crypto Republican Jon Husted, and Fairshake PAC having pledged USD 30 million to support Husted. Hammond stated that if Brown wins, he may become Chair of the Senate Agriculture Committee, which could shelve related crypto legislation. On the House Financial Services Committee, regardless of whether Maxine Waters, Sean Casten or Bill Foster leads it, the Clarity Act will be difficult to advance. Lindsay Fraser, Chief Policy Officer of the Blockchain Association, stated that control of Congress may change, but the need for clear crypto rules will not.
Business impact
The chairs of U.S. congressional committees control agenda-setting power, which determines whether market-structure legislation such as the Clarity Act can enter deliberation, and also determines whether approvals by the Office of the Comptroller of the Currency of new bank charters for Ripple, Coinbase, World Liberty Financial and others will be subject to subpoena-based investigation. For crypto companies operating in the United States or applying for licenses, the current situation remains a pre-election assessment of possibilities rather than a rule change already in effect, and it is not advisable to adjust license applications or compliance structures on that basis in the short term. What truly requires anticipation is the coexistence of legislative stagnation and oversight review: if market-structure rules continue to be shelved, companies must still determine business boundaries case by case under the existing securities and banking regulatory frameworks.
Source: ChainCatcher · 2026/10/28 23:18
U.S. Treasury sanctions North Korean IT worker revenue network involving cryptocurrency transactions and money laundering
On October 28, the U.S. Department of the Treasury announced sanctions against 10 individuals and 1 entity, alleging that they constitute a North Korean information technology worker revenue network that raises funds for North Korea's weapons of mass destruction and ballistic missile programs through identity fraud, cryptocurrency transactions and money laundering. The sanctions freeze the property and interests in property of the designated persons held in the United States or by U.S. persons or within their control, and transactions involving them are prohibited in principle. The available materials do not specify the names of the sanctioned individuals and entity, the statutory provisions on which the sanctions are based, or whether a transition period applies.
Business impact
Sanctions take freezing effect upon announcement: all relevant property and interests in property held in the United States or by U.S. persons or within their control are blocked, and transactions with the designated persons are prohibited in principle. For service providers that collect payments, settle funds or package identities for North Korean IT workers, the fund-flow links in their business chains may fall directly within the scope of prohibited transactions, rather than merely giving rise to reputational risk. Crypto platforms with U.S. operations or that use U.S. dollar clearing need to determine whether they constitute "U.S. persons" and whether they hold or control property or interests in property of designated persons.
Source: Wu Blockchain · 2026/10/28 23:16
Moody's assigns A2 rating to Ripple's US$2.6 billion RLUSD stablecoin, one day after OCC approves its bank charter
Moody's assigned an A2 rating to RLUSD, the US$2.6 billion stablecoin issued by Ripple, citing reserves composed primarily of U.S. Treasury securities, while noting that holders currently have no direct ownership interest in the reserve assets. The rating was issued the day after the OCC approved Ripple's bank charter. The available materials are excerpts, and details such as the specific rating methodology, the proportions of the reserve composition and the specific conditions of the OCC approval remain incomplete.
Business impact
The rating directly addresses RLUSD's reserve structure and holder rights, rather than admission in the issuance or distribution process. Issuers and reserve custody arrangements need to explain the consequences of the legal relationship under which holders have only an indirect claim against the Treasury reserves, particularly upon redemption or when the issuer comes under pressure. The OCC bank charter approval and the Moody's rating are two independent matters: the former changes the status of the regulated entity, while the latter reflects only a credit judgment, and it cannot be concluded on that basis that the conditions for RLUSD issuance, custody or cross-border use have been relaxed.
Source: Decrypt · 2026/10/28 20:16
This daily report was compiled with AI assistance based on publicly available information and is provided for reference only. It does not constitute legal advice or recommendations.
