The SEC proposed a framework, dubbed Regulation Crypto Assets, for certain investment contracts involving crypto assets. The proposal will enter a 60-day public comment period after publication in the Federal Register.
8:47 PMPYMNTS54 stories from 5 sources
Crypto pushes deeper into mainstream financial infrastructure
Day’s Recap
The day's major developments therefore combined regulatory experimentation with an effort to embed digital assets in everyday payments, trading, and banking infrastructure.
Supporting Articles
The SEC proposed exempting certain digital asset offerings from securities registration statements as it advances its crypto agenda after broader legislation stalled in Congress.
2:55 PMBloomberg MarketsKlarna shares fell after its revenue and gross merchandise volume outlook missed expectations, with foreign exchange and weaker German volumes offsetting a second consecutive profit beat. Amylyx Pharmaceuticals rallied on positive late-stage trial results, while Bath & Body Works gained after Citi upgraded the stock to buy.
11:11 AMBloomberg Markets
Klarna lowered its full-year revenue and transaction-volume forecasts after weaker retail conditions in Germany. Stronger U.S. growth and an unexpected second-quarter profit softened the impact, but the revised outlook pushed its shares lower before trading.
8:50 AMEconomic Times
Stablecoin payments company Rain has formed the Agentic Payments Alliance with Visa, Mastercard, Fiserv, Circle, Solana and Remitly among its founding members. The coalition aims to develop common approaches for payments made by AI agents on behalf of consumers.
1:25 PMPYMNTS
The Blockchain Association is asking the Supreme Court to review Custodia Bank's challenge to the Federal Reserve's denial of access to a master account. It argues that the lower-court ruling could give regulators broad discretion to exclude lawful digital-asset banks from the federal payment system.
1:12 PMPYMNTS
Kraken has launched the Krak Card in the United States, roughly eight months after introducing it in the United Kingdom and European Economic Area. Customers can use funds held across more than 600 currencies and assets, including cryptocurrencies.
4:51 PMPYMNTS
Kraken’s payments app has launched a cash-back debit card as the crypto exchange seeks a larger role in everyday consumer spending. The move positions digital assets as part of a broader payments product rather than solely as an investment.
12:27 PMCNBC
Kalshi is seeking regulatory approval to launch a perpetual contract tied to the MerQube U.S. Large Cap Index, under the proposed ticker US500. The product would give users leveraged, continuous exposure to a broad equity benchmark.
12:49 PMCNBCMoonPay now lets eligible US customers use Cash App Pay and their Cash App balances to purchase digital assets, including through selected partners.
4:02 PMFinextraPersonetics partnered with Plaid to combine Personetics’ AI banking platform with Plaid’s financial data network for financial institutions.
3:55 PMFinextra8:47 PMPYMNTS
SEC Proposes Rules to Streamline Capital Formation for Digital Asset Entrepreneurs
Summary
The SEC proposed a framework, dubbed Regulation Crypto Assets, for certain investment contracts involving crypto assets. The proposal will enter a 60-day public comment period after publication in the Federal Register.
The proposal could give digital asset entrepreneurs a clearer route to raise capital while reducing
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A clearer securities framework could make compliant crypto fundraising easier, but regulatory uncertainty remains until the SEC finalizes the rules.
2:55 PMBloomberg Markets
SEC Unveils Crypto Plan as Agency Moves Ahead on Digital Assets
Summary
The SEC proposed exempting certain digital asset offerings from securities registration statements as it advances its crypto agenda after broader legislation stalled in Congress.
The SEC is moving to shape crypto-market rules through exemptions rather than waiting for Congress
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Regulatory relief could accelerate digital-asset issuance, but its scope will depend on the final eligibility rules and enforcement posture.
11:11 AMBloomberg Markets
Bath & Body Works Surges on Stock Recommendation; Klarna Drops on Guidance | Stock Movers
Summary
Klarna shares fell after its revenue and gross merchandise volume outlook missed expectations, with foreign exchange and weaker German volumes offsetting a second consecutive profit beat. Amylyx Pharmaceuticals rallied on positive late-stage trial results, while Bath & Body Works gained after Citi upgraded the stock to buy.
Klarna's weaker outlook matters more than its earnings beat because investors are pricing the durability
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Klarna's result tests whether fintech growth can hold up as consumer spending and currency conditions deteriorate.
8:50 AMEconomic Times
Klarna trims full-year revenue, volume outlook as German retail weakens
Summary
Klarna lowered its full-year revenue and transaction-volume forecasts after weaker retail conditions in Germany. Stronger U.S. growth and an unexpected second-quarter profit softened the impact, but the revised outlook pushed its shares lower before trading.
The guidance cut shows that Klarna's growth remains exposed to regional consumer weakness despite momentum
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Klarna's outlook tests whether U.S. expansion can compensate for softer European consumption without sacrificing profitability.
2 stories · 2 sources
1:25 PMPYMNTS
Visa and Mastercard Join Rain’s Agentic Commerce Coalition
Summary
Stablecoin payments company Rain has formed the Agentic Payments Alliance with Visa, Mastercard, Fiserv, Circle, Solana and Remitly among its founding members. The coalition aims to develop common approaches for payments made by AI agents on behalf of consumers.
The participation of the major card networks signals that agentic payments are moving from experimentation
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The payment industry is trying to set the rules for AI agents before autonomous commerce scales.
1:12 PMPYMNTS
Blockchain Group Asks SCOTUS to Review Fed’s Denial of Crypto Bank’s Bid for Master Account
Summary
The Blockchain Association is asking the Supreme Court to review Custodia Bank's challenge to the Federal Reserve's denial of access to a master account. It argues that the lower-court ruling could give regulators broad discretion to exclude lawful digital-asset banks from the federal payment system.
The case could determine whether the Fed can deny payment-system access without clearer statutory limits,
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The dispute could define whether crypto banks can access the payment system through legal status or remain dependent on intermediaries.
4:51 PMPYMNTS
Kraken Brings Multi-Asset Debit Card to US Market
Summary
Kraken has launched the Krak Card in the United States, roughly eight months after introducing it in the United Kingdom and European Economic Area. Customers can use funds held across more than 600 currencies and assets, including cryptocurrencies.
Kraken is extending its role from exchange to everyday payments provider in the US. The
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The launch brings multi-asset spending closer to mainstream US payments and intensifies competition between crypto platforms and traditional card issuers.
12:27 PMCNBC
A fintech app built by crypto exchange Kraken just launched a cash back debit card in bid for consumer wallets
Summary
Kraken’s payments app has launched a cash-back debit card as the crypto exchange seeks a larger role in everyday consumer spending. The move positions digital assets as part of a broader payments product rather than solely as an investment.
The card gives Kraken a direct route into customers’ daily transactions and creates more opportunities
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Crypto firms are competing for primary financial relationships by embedding digital assets in familiar payment products.
12:49 PMCNBC
Kalshi seeks to launch ‘perps’ on equity indexes as it moves in on traditional exchanges' turf
Summary
Kalshi is seeking regulatory approval to launch a perpetual contract tied to the MerQube U.S. Large Cap Index, under the proposed ticker US500. The product would give users leveraged, continuous exposure to a broad equity benchmark.
Kalshi is moving beyond event contracts and toward products that compete directly with futures and
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Kalshi’s push could accelerate the convergence of prediction markets and conventional derivatives trading.
4:02 PMFinextra
Crypto firm MoonPay adds CashApp Pay as payment method
Summary
MoonPay now lets eligible US customers use Cash App Pay and their Cash App balances to purchase digital assets, including through selected partners.
Adding Cash App Pay connects crypto purchases to an established consumer payment balance and reduces
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Payment integration is becoming a key distribution advantage for crypto platforms competing for mainstream users.
2 stories · 2 sources
3:55 PMFinextra
Personetics partners Plaid to bring open finance intel to FIs
Summary
Personetics partnered with Plaid to combine Personetics’ AI banking platform with Plaid’s financial data network for financial institutions.
The partnership gives financial institutions a path to apply AI to broader, permissioned customer data
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Open finance becomes more valuable when institutions can turn connected account data into timely customer actions.
2 stories · 2 sources
Other Developments
A curated list of other prominent stories from this day.
The average credit card delinquency rate at seven major banks rose slightly to 2.50% in July from 2.48% in June. It remains below the pre-pandemic average of 2.68%, while the banks' average net charge-off rate declined to 3.42% from 3.42% in the prior period.
9:41 PMPYMNTSCards remain the dominant payment method in the UK, but mobile wallets are gaining ground, with nearly two thirds of the population registered with at least one wallet provider.
8:01 PMFinextraResearch from Banca d'Italia finds that stablecoins do not systematically reduce the cost or speed of cross-border remittances compared with traditional channels.
8:01 PMFinextra
PointsKash has secured a strategic capital commitment of up to $100 million from Hawk Capital Advisors as it rolls out crypto ATMs and expands its payments, loyalty rewards and digital commerce products.
7:33 PMPYMNTS
Code in TikTok's current US app suggests the company is testing a peer-to-peer payment feature inside direct messages. The apparent design would let users send money with a message and require recipients to tap to accept it, though no launch has been announced.
6:29 PMPYMNTS
The article argues that improvements in cross-border payments can let global businesses offer customers local checkout while managing funds through a more centralized treasury operation. It presents currency infrastructure as a tool for reducing the tradeoff between localized payments and financial control.
5:06 PMPYMNTSRipple’s prime-brokerage arm raised $275 million through a private placement of bonds.
4:28 PMBloomberg MarketsBrazilian digital bank PicPay has introduced a ChatGPT integration that lets customers access financial information through generative AI. The feature brings conversational assistance into a consumer banking platform.
3:58 PMFinextraRazorpay is working with AWS on an AI foundation model for payments. The effort targets operational problems including failed transactions, delayed one-time passwords, subscription lapses, and payment fraud.
3:53 PMFinextraThe article argues that substantial Canada-Mexico trade receives less attention than US-centered North American commerce and needs more modern cross-border payment infrastructure.
3:41 PMFinextra
Citi has introduced Custody+, a suite of near-real-time and real-time custody solutions for institutional investors. The offering targets markets shaped by shorter settlement cycles, continuous trading, and AI-driven investment decisions.
2:42 PMPYMNTSBritish alternative credit scoring startup Noggin HQ has raised £2.3 million in an oversubscribed seed round and secured authorisation to provide credit referencing services.
2:00 PMFinextraThe article argues that payments firms can no longer treat trust as something secured only during customer onboarding, because customer risk and behavior change over time.
12:51 PMFinextraTokenized money challenges bank control systems built around fixed operating intervals and delayed settlement. Its continuous availability requires banks to reconsider how they manage liquidity, payments, reconciliation and risk.
11:50 AMFinextra
New prediction markets platform Novig reported more than $125 million in notional trading volume during its first week. The figure signals rapid early activity as competition grows in the market.
8:00 AMCNBC
World Liberty Financial is partnering with Hong Kong-based WorldClaw, a platform offering access to Chinese and U.S. AI models. The arrangement has drawn scrutiny because some Chinese developers face U.S. security restrictions and the Trump family holds a significant stake in World Liberty’s cryptocurrency business.
3:15 AMEconomic Times9:41 PMPYMNTS
Credit Card Delinquencies Edge Up to 2.5% Across Top Banks
Summary
The average credit card delinquency rate at seven major banks rose slightly to 2.50% in July from 2.48% in June. It remains below the pre-pandemic average of 2.68%, while the banks' average net charge-off rate declined to 3.42% from 3.42% in the prior period.
The increase signals modestly weaker card repayment performance, but it does not yet indicate a
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Consumer credit is softening at the margin, but current losses remain manageable for major banks.
8:01 PMFinextra
Mobile wallets gain traction in the UK
Summary
Cards remain the dominant payment method in the UK, but mobile wallets are gaining ground, with nearly two thirds of the population registered with at least one wallet provider.
Registration is moving mobile wallets from a niche feature toward mainstream payment infrastructure, even though
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Wallet adoption is expanding the competitive layer around cards without yet displacing them.
8:01 PMFinextra
Stablecoins offer little cost or speed advantage for remittances - Banca d'Italia
Summary
Research from Banca d'Italia finds that stablecoins do not systematically reduce the cost or speed of cross-border remittances compared with traditional channels.
The result challenges the case for stablecoins as an immediate remittance upgrade. Providers still need
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Stablecoins may improve settlement infrastructure without making remittances cheaper or faster for consumers.
7:33 PMPYMNTS
PointsKash Secures Capital Commitment After Beginning Rollout of Crypto ATMs
Summary
PointsKash has secured a strategic capital commitment of up to $100 million from Hawk Capital Advisors as it rolls out crypto ATMs and expands its payments, loyalty rewards and digital commerce products.
The financing gives PointsKash room to build physical distribution while linking conventional financial services with
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The commitment could accelerate crypto access at the point of sale, but the rollout will test whether physical infrastructure can make digital assets commercially useful.
6:29 PMPYMNTS
TikTok App Code Suggests Exploration of Peer-to-Peer Payment Feature
Summary
Code in TikTok's current US app suggests the company is testing a peer-to-peer payment feature inside direct messages. The apparent design would let users send money with a message and require recipients to tap to accept it, though no launch has been announced.
TikTok is evaluating whether payments can extend its social graph beyond content and commerce into
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The feature would turn TikTok's messaging layer into a potential financial channel, even if the code does not guarantee release.
5:06 PMPYMNTS
Currency Just Became Treasury’s Newest Superpower
Summary
The article argues that improvements in cross-border payments can let global businesses offer customers local checkout while managing funds through a more centralized treasury operation. It presents currency infrastructure as a tool for reducing the tradeoff between localized payments and financial control.
The strategic shift is from moving money across borders to actively managing currency exposure, liquidity
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Better currency management could make international expansion less operationally expensive without forcing companies to sacrifice local payment experiences.
4:28 PMBloomberg Markets
Ripple’s Brokerage Arm Taps Private Placement Bond Market
Summary
Ripple’s prime-brokerage arm raised $275 million through a private placement of bonds.
The financing gives Ripple’s brokerage business fresh capital without relying on a public debt offering.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Private debt access could help crypto firms expand while conventional capital markets remain selective.
3:58 PMFinextra
PicPay rolls out ChatGPT integration
Summary
Brazilian digital bank PicPay has introduced a ChatGPT integration that lets customers access financial information through generative AI. The feature brings conversational assistance into a consumer banking platform.
Embedding ChatGPT in banking shifts generative AI from experimentation toward customer-facing financial services. PicPay must
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Financial institutions are beginning to treat conversational AI as a distribution channel for core services.
3:53 PMFinextra
India's Razorpay launches AI payments foundation model with AWS
Summary
Razorpay is working with AWS on an AI foundation model for payments. The effort targets operational problems including failed transactions, delayed one-time passwords, subscription lapses, and payment fraud.
The project applies AI to payment reliability rather than only to customer-facing features. Better prediction
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Payment infrastructure is becoming a major proving ground for specialized AI models.
3:41 PMFinextra
North America’s Forgotten Corridor: Why Canada-Mexico Trade Needs Modern Payment Rails
Summary
The article argues that substantial Canada-Mexico trade receives less attention than US-centered North American commerce and needs more modern cross-border payment infrastructure.
The Canada-Mexico corridor remains underserved by payment systems designed around the United States, creating friction
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Cross-border payment gaps can constrain trade even when commercial demand already exists.
2:42 PMPYMNTS
Citi Debuts New Custody Tools to Meet Demand for Faster Payments
Summary
Citi has introduced Custody+, a suite of near-real-time and real-time custody solutions for institutional investors. The offering targets markets shaped by shorter settlement cycles, continuous trading, and AI-driven investment decisions.
Institutional custody is shifting from end-of-day processing toward continuous settlement and liquidity management. Citi is
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Faster custody services could reduce settlement friction while raising the technology and operating standard for institutional finance.
2:00 PMFinextra
Noggin HQ raises £2.3m and secures credit referencing authorisation
Summary
British alternative credit scoring startup Noggin HQ has raised £2.3 million in an oversubscribed seed round and secured authorisation to provide credit referencing services.
The funding gives Noggin HQ capital to expand an alternative underwriting model while the authorisation
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Noggin HQ is moving from building credit technology to operating within the regulated credit infrastructure.
12:51 PMFinextra
Point-in-Time Trust Has an Expiration Date
Summary
The article argues that payments firms can no longer treat trust as something secured only during customer onboarding, because customer risk and behavior change over time.
Trust must become a continuous process that reflects changing identity, transaction patterns, and fraud exposure.
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Continuous verification is becoming central to protecting payment relationships after onboarding.
11:50 AMFinextra
Tokenized Money Changes the Bank's Operating Clock
Summary
Tokenized money challenges bank control systems built around fixed operating intervals and delayed settlement. Its continuous availability requires banks to reconsider how they manage liquidity, payments, reconciliation and risk.
The decisive shift is from batch-based banking to potentially continuous settlement, which compresses the time
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Tokenized money could force banks to redesign core controls around a 24-hour operating model.
8:00 AMCNBC
Prediction markets entrant Novig posts more than $125 million in trading volume during its first week
Summary
New prediction markets platform Novig reported more than $125 million in notional trading volume during its first week. The figure signals rapid early activity as competition grows in the market.
The launch volume shows that prediction markets can attract substantial attention quickly, but it does
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
Early volume is raising the stakes in a fast-growing market where distribution and regulatory positioning may determine the winners.
3:15 AMEconomic Times
Global Market: Trump-backed World Liberty partners with platform offering Chinese AI models
Summary
World Liberty Financial is partnering with Hong Kong-based WorldClaw, a platform offering access to Chinese and U.S. AI models. The arrangement has drawn scrutiny because some Chinese developers face U.S. security restrictions and the Trump family holds a significant stake in World Liberty’s cryptocurrency business.
The partnership creates a direct conflict between crypto commercialization and U.S. technology-security concerns. It could
Unlock the full First Pass Analysis to get a better understanding of why this story mattersWhy it matters
The partnership tests whether political ties and crypto incentives can coexist with U.S. restrictions on Chinese AI technology.
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