President Donald Trump has met with cryptocurrency leaders at the White House to express support for the industry and to urge Congress to pass the Clarity Act, which would create business-friendly regulations for the sector. Trump's involvement in cryptocurrency has generated significant wealth for his family, raising concerns about conflicts of interest.

JPMorgan Chase strategists have expressed concerns about the US Treasury's decision to double bond buybacks to curb long-term borrowing costs, warning it might be seen as lacking credibility. JPMorgan says the move addresses symptoms, not the root cause, of the US running a 6% deficit amid full employment. The national debt has surpassed $40 trillion, raising concerns about long-term fiscal stability.

Fidelity Investments and Charles Schwab have limited access to tax-aware long-short accounts, a popular tax strategy among wealthy investors. Schwab has imposed stricter requirements for opening tax-aware long-short accounts, while Fidelity has halted the creation of new ones. The shift has led other firms, such as Goldman Sachs and Apex Fintech Solutions, to offer custody services for such accounts. "These sophisticated strategies can involve thousands of positions and significant client reporting intricacies," said Jalina Kerr of Schwab's Advisor Services unit.

Singapore authorities have begun looking into iron ore trader Radiant World after receiving reports. Major counterparties such as Vitol Group and Cargill have ceased trading with Radiant World, and creditors are reviewing their exposure. The US Justice Department and the Commodity Futures Trading Commission are also examining the company's transactions.

Perpetual futures are expanding from bitcoin into gold, equities and FX after US regulators approved expiry-less contracts this summer. Banks and institutions are analyzing costs and basis-trade economics, but remain cautious about adopting products long associated with offshore crypto venues.

The supplementary leverage ratio of US global systemically important banks reached record lows in the second quarter as the revised enhanced SLR framework took effect, with Goldman Sachs and Morgan Stanley falling below the previous 5% requirement. The median SLR dropped for a third consecutive quarter, indicating banks are increasing leverage exposure without a corresponding rise in Tier 1 capital.

A major focus of the workshop was the ongoing transition toward central clearing of eligible U.S. Treasury repo trades, which speakers described as a significant transformation for market structure since the financial crisis. Panelists discussed the benefits of central clearing, including multilateral netting, reduced settlement risk and improved risk management. Progress toward the SEC's 2027 implementation deadline was noted, with ongoing industry migration and continued evaluation of centrally clearing the Fed's Standing Repo Operations.

The Securities and Exchange Commission proposed Regulation Crypto Assets, a framework that would create two registration exemptions for certain cryptocurrency offerings and establish a conditional safe harbor from the definition of an investment contract. The proposal would allow qualifying offerings of up to $5 million over four years or $75 million annually. Comments are due 60 days after the proposal's publication in the Federal Register.

President Donald Trump said the Commodity Futures Trading Commission is pursuing a legal path to bring Hyperliquid into the US, signaling a potential route for on-chain perpetual futures to operate under federal oversight. A regulated structure could expand Hyperliquid's access to US derivatives liquidity, although registration, surveillance and compliance requirements may challenge its offshore trading model.

The Commodity Futures Trading Commission is seeking public input on the potential for futures contracts based on computing power, which is essential for artificial intelligence. The CFTC's initiative comes as exchanges such as CME Group and Intercontinental Exchange show interest in trading these contracts to help mitigate risks related to energy shortages. "America cannot win the AI race without a robust derivatives market for compute," CFTC Chairman Michael Selig says.