Circle's subsidiary, Circle Internet Trust Company LLC, has been granted a limited purpose trust charter by the New York Department of Financial Services (NYDFS), allowing it to offer fiduciary services in New York. This marks a significant regulatory clarity for the stablecoin issuer.
Minnesota banks and credit unions can offer crypto custody services starting August 1st, following Governor Tim Walz signing House File 3709 into law. The bill allows financial institutions to engage third-party providers for these services, ensuring assets are segregated.
Following the $290 million Kelp DAO hack, Digital Asset CEO Yuval Rooz says Wall Street firms are increasingly worried about their fiduciary duty to prevent state-sponsored hackers—particularly North Korean groups—from infiltrating their systems. Canton Network's 'guardrail' design allows participants to limit user control, a feature Rooz argues is necessary for security, though crypto purists criticize it as centralization. Arbitrum's decision to freeze $71 million in exposed funds shows the tension between DeFi's permissionless ideals and practical safety needs.
The UK government has retreated from plans to mandate pension funds to invest in UK assets after heavy opposition from providers. The Mansion House Accord, which saw 17 major providers voluntarily pledge 10% allocation to private markets, faced a proposed "backstop" power that would have made contributions enforceable. Following House of Lords resistance and provider warnings about fiduciary duty, the final legislation heavily dilutes these powers – they cannot be used before 2028 and will expire by 2032-2035, with a "saver's interest test" requiring regulator approval.
