Every month our financial marketing agency, rounds up the top regulatory announcements and compliance changes to ensure our clients stay informed. Here’s our financial regulations roundup for July 2025.
SEC Delays Crypto ETF Approvals
The Securities and Exchange Commission (SEC), under Paul Atkins, once again delayed several crypto exchange-traded funds (ETFs) as it continues to review their details. It delayed the approval of Franklin Templeton’s XRP ETF on June 17 and withdrew fund applications by Rex Osprey.
The SEC is reviewing over 70 crypto-related ETFs, with most analysts expecting an eventual application of most of them later this year. Some of the companies that have pending ETF applications are Invesco, Canary Capital, Franklin Templeton, and 21Shares.
Crypto-related ETFs have become highly popular in the past few months, with those linked to Bitcoin nearing the $50 billion net inflow metric. Those linked to Ethereum are nearing the $4 billion, and the trend is gaining steam.
Ripple To Drop Cross-Appeal Against The SEC
Ripple Labs, the creator of XRP, said that it would drop its cross-appeal against the SEC in a prolonged legal battle tied to the sale of XRP tokens. Ending this cross-appeal will bring the chapter to a close.
The SEC sued Ripple in 2020, accusing the company of raising funds illegally. They both claimed victory along the way. The court found that Ripple did not commit a crime when it raised funds by selling XRP tokens to individuals. The court also found that Ripple’s crime was selling the tokens to institutional investors and ordered it to pay $125 million. This was significantly lower than the $2 billion the agency had requested.
The two sides appealed the verdict, but later agreed to settle if the judge set aside her injunction and approved lowering the $125 million fine she had imposed. She rejected their request, leading to Ripple’s decision to end the cross-appeal.
GENIUS Act Passes Congress
One of the biggest financial regulations stories in the United States came from Washington. Here, politicians in Senate voted to approve the GENIUS Act that will regulate stablecoins. The bill, which has yet to pass in the House of Representatives, simplifies the guidelines that all stablecoins in the US must adhere to. For example, all stablecoins should be backed by the US dollar or short-term Treasuries.
A third party must audit stablecoin issuers and publish regular reports on their holdings. Also, some large companies will be prohibited from issuing their stablecoins.
The GENIUS Act was passed at a time when the stablecoin industry has grown rapidly, with total assets surging to over $250 billion. Circle, the creator of USDC, went public in the most successful IPOs this year. This pushed its market capitalisation to over $60 billion.
UK FCA Gives Green Light To Pisces Share Trading Scheme
The FCA announced that it would launch its rules for its Private Intermittent Securities and Capital Exchange System (PISCES) later this year. PISCES is a new type of platform where shares of private companies will be traded. It will open the door to many investors and companies seeking to raise capital.
Private companies will tap into the platform and raise capital. Asset managers will have the opportunity to exit their investments.
The announcement came as companies are opting to stay private for longer than in the past. As such, there is need for a secondary market where their shares can be traded. In a statement, Simon Walls, the executive director of markets at the FCA said:
This bold design rebalances risk, but it is bold risk-taking that made the UK the leading financial centre it is today. The new platforms will give investors greater access and confidence to invest in exciting new companies, while early backers and employees can sell up and invest again.
FCA To Lift Ban On Crypto ETNs
Meanwhile, the SEC announced that it would lift the ban on offering crypto exchange traded notes (cETNs) to retail investors. Lifting this ban means these products will be available to retail investors, as they are already available in other countries. David Geale, an FCA official said:
This consultation demonstrates our commitment to supporting the growth and competitiveness of the UK’s crypto industry. We want to rebalance our approach to risk, and lifting the ban would allow people to make the choice.
ASIC Investigates ASX Stock Exchange
The Australian Securities and Investments Commission (ASIC) announced that it would investigate the Australian Stock Exchange (ASX). This is where all publicly traded companies in the country are listed. The investigation stems from a botched software upgrade that led to many trade processing glitches.
In another statement, ASIC announced that it would simplify the listing process of shares in ASX. The regulator will now informally review eligible offer documents two weeks prior to public lodgement. This will reduce the IPO timetable by up to a week. ASIC said:
Greater deal certainty for companies should help deliver more IPOs, which means more investment opportunities so companies can expand, increase jobs and ultimately economic growth.
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