Regulation is finding its form in summer 2026

HBAR · 2026-07-13

Halfway through 2026, the regulatory picture is coming into focus. Hedera Chief Policy Officer Nilmini Rubin and VP Global Policy Isadora Arredondo break down what moved in June across the US, EU, UK, and Asia-Pacific, and what the decisions being made right now mean for the future of tokenized finance. The pace of digital asset regulation accelerated significantly in June 2026. From Washington to Tokyo, policymakers are moving from consultation to action, and the decisions being made now will define how tokenization, stablecoins, and DLT-based finance scale over the next decade. Here is what happened across the four major regions, and why it matters. Following the successful markup of the CLARITY Act in mid-May, negotiators continued to work towards finding bipartisan agreement on outstanding policy issues in June. The prudential regulators testified earlier in June before the House Financial Services Committee, and Treasury Secretary Bessent testified before both the Senate Finance and House Ways and Means Committees. In particular, Bessent pushed congressional leaders to send CLARITY to the President’s desk by early July. Bessent’s comments were echoed by Hedera and a coalition of more than 200 organizations in a letter to Senate leadership urging floor consideration of the CLARITY Act without delay. Beyond market structure, the SEC approved the T. Rowe Price Active Crypto ETF , explicitly naming HBAR among its eligible assets, marking a meaningful step toward broader institutional access across a wider range of digital assets. Lawmakers also proposed a sweeping new federal AI governance bill, the Great American AI Act , proposing mandatory transparency requirements, independent auditing, and a three-year federal preemption of state-level AI laws. For enterprise builders operating across multiple states, a unified national standard delivers far more certainty than a fifty-state patchwork ever could. The CFTC also opened a formal request for information on how its existing rules may be hindering fintech innovation, specifically calling out DeFi protocols. That regulatory self-reflection is significant and worth watching closely. The SEC published its draft Strategic Plan , outlining Chairman Paul Atkins’ vision for the agency over the next 4 years. In an effort to accomplish the three goals listed in the report, the SEC intends to, among other priorities, clarify the boundaries of securities law as it applies to digital assets, enable compliant capital formation through tokenized offerings, and support the development of on-chain financial infrastructure. The EU’s recent policy agenda has been defined by two parallel tracks: the ECB pushing hard on tokenization infrastructure , and the consequential Market Integration and Supervision Package (MISP) negotiations. ECB President Lagarde used a major conference to frame the central bank as an infrastructure provider for tokenized finance, pointing to Pontes and Appia as a blueprint for a single European market in tokenized assets underpinned by central bank money. The consensus in Europe is clear: tokenization has reached an inflection point, and there is a strong desire to ensure the future payment and settlement rails are located and governed in Europe. Hedera submitted its interest to participate in Appia to help inform this pivotal work. The European Commission’s (EC) MiCA consultation goes well beyond covering how the current framework is working in practice and explore issues previously left intentionally outside its perimeter such as DeFi, crypto-lending, staking, NFTs, cross-border activity, and the future treatment of stablecoins and tokenized deposits. The EC has extended the response deadline by one month to September 30, 2026, giving industry participants additional time to contribute. For firms with a stake in how the EU regulates digital money, this is a window worth using. MISP negotiations on EU supervision continue alongside it, with a political compromise unlikely before year-end. The past few weeks marked a landmark moment for UK crypto regulation. On June 30, t he FCA published five policy statements setting out final rules for cryptoasset firms, alongside three pieces of finalized guidance and two further guidance consultations. Together, these establish a comprehensive regime covering the full range of regulated cryptoasset activities, from stablecoin issuance and custody through to trading platforms, lending, staking, and market abuse controls. Key changes from earlier proposals include a reduction in the stablecoin capital coefficient from 2% to 1%, simplified backing asset composition requirements, and a more proportionate prudential disclosure framework. The FCA also confirmed it will consult on further tailored DeFi guidance, including objective indicators of decentralization. The full regime comes into force on October 25, 2027, with the authorization gateway opening in September 2026. Alongside the FCA’s publications, the Bank of England finalized its stablecoin proposals , softening two of its most contested positions: the central bank deposit requirement dropped from 40% to 30%, and firm holding limits were replaced with a temporary £40 billion issuance cap. For firms operating in the UK, the runway to prepare is shorter than it looks. The Asia-Pacific picture has been one of robust, comprehensive regulatory activity across several major markets, each taking a distinct approach to bringing digital assets within formal regulatory frameworks. Japan passed legislation reclassifying crypto assets under its Financial Instruments and Exchange Act , bringing stronger investor protections, disclosure requirements, and insider trading controls. The country is also signaling a potential reduction in crypto tax rates from up to 55% to around 20%, in line with how securities are taxed. Japan’s ruling party separately pushed for yen-denominated stablecoins to become a regional settlement instrument across Asia, presenting the proposal directly to the Finance Minister. Singapore linked its tokenization push to tighter operational resilience rules for crypto-adjacent firms, while also unveiling a tokenized gold initiative anchored within regulated institutional infrastructure. South Korea added stablecoins to its national financial stability analysis for the first time, and proposed expanded Travel Rule obligations at the FATF plenary in Paris, targeting smaller-value transfers, foreign providers, and private wallets. In Australia, ASIC provided regulatory backing for the Project Acacia tokenized wholesale settlement pilot. In a separate action, it penalized ASX for making misleading statements about its blockchain infrastructure, a sign that regulators are holding the market to account. Regulators across every major jurisdiction are converging on digital assets, and the frameworks taking shape now will determine whether tokenization scales within trusted, interoperable infrastructure or fragments across competing platforms and standards. For enterprise builders and institutional participants, the window to engage with these processes and shape the frameworks still being written remains open. It will not stay open indefinitely. Digital asset regulation is moving fast. Learn more about how Hedera’s Public Policy team is helping shape what comes next.

AI 시장 분석

As of June 2026, regulatory frameworks for digital assets and tokenized finance are taking shape in the U.S. and Europe. The U.S. has accelerated the CLARITY Act and the SEC approved an ETF including HBAR, hastening institutional integration. Europe is also driving market consolidation through the ECB's tokenization infrastructure and MiCA expansion. This regulatory clarity will be the primary catalyst for the scalability of digital finance over the next decade.

상승 영향

Virtual Assets — The SEC's approval of an HBAR-inclusive ETF and the accelerated CLARITY Act signify institutional entry. This will drive institutional inflows and resolve legal uncertainty, serving as a long-term price catalyst.
AI — The Great American AI Act will establish federal standards, reducing compliance costs for corporations. This increases the predictability of AI infrastructure development, significantly enhancing the investment appeal of related tech firms.

하락 영향

Fintech — The expansion of MiCA and stricter DeFi regulations impose high compliance costs on existing business models. Small-scale fintech firms, in particular, are likely to face profitability pressure to meet enhanced audit and transparency requirements.

DYAX 전담 분석

The regulatory landscape is shifting from fragmented guidelines to standardized institutional frameworks. The SEC's pivot toward HBAR inclusion signals a significant shift in crypto asset recognition, while the CLARITY Act provides the necessary legal scaffolding for sustained growth. In Europe, the MiCA expansion ensures that digital asset providers operate under a unified, transparent architecture.

These developments signify that the industry is transitioning from a speculative phase to a foundational growth phase. Investors should anticipate reduced volatility and increased institutional capital flows as regulatory compliance becomes a benchmark for market participation.

AI가 생성한 분석으로 투자 자문이 아닙니다.

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