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demand",[542],{"__typename":382,"image":543,"mobileImage":549},[544],{"title":545,"url":546,"alt":547,"width":388,"height":548},"Sj objio Ecxd9 F Eo2 Kk unsplash 1","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fsj-objio-Ecxd9FEo2Kk-unsplash-1.jpg","A close-up of a laptop screen displaying a video call interface with various participant windows and controls in a dark theme.",600,[],{"buttonLink":551,"headerDropdownVariant":394,"title":553,"primaryLinksSubDropdown":554,"primaryLinks":573,"minorLinks":596,"plainText":609,"buttonLink2":610,"plainText2":614,"asset":615},[552],{"title":123,"ariaLabel":11,"target":11,"linkUrl":124,"text":11,"__typename":125},"Resources",[555,561,567],{"image":556,"buttonLink":557,"plainText":559,"title":11,"buttonLinks":560},[],[558],{"title":11,"ariaLabel":11,"target":11,"linkUrl":130,"text":131,"__typename":14},"From quick guides to trend forecasting and deep analysis",[],{"image":562,"buttonLink":563,"plainText":565,"title":11,"buttonLinks":566},[],[564],{"title":11,"ariaLabel":11,"target":11,"linkUrl":135,"text":136,"__typename":14},"See how Elliptic has helped global leaders",[],{"image":568,"buttonLink":569,"plainText":571,"title":11,"buttonLinks":572},[],[570],{"title":11,"ariaLabel":11,"target":11,"linkUrl":140,"text":141,"__typename":14},"All your questions, answered",[],[574,581,589],{"image":575,"buttonLink":579,"plainText":559},[576],{"title":577,"url":578,"alt":11},"Icon Bulb","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Ficons\u002FIconBulb.svg",[580],{"title":11,"ariaLabel":11,"target":11,"linkUrl":130,"text":131,"__typename":14},{"image":582,"buttonLink":586,"plainText":588},[583],{"title":584,"url":585,"alt":11},"Icon 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story",[611],{"title":11,"ariaLabel":11,"target":11,"linkUrl":612,"text":613,"__typename":378},"https:\u002F\u002Fwww.elliptic.co\u002Fcustomer-stories\u002Fglobal-crypto-exchange-realizes-31m-efficiency-gain-through-compliance-transformation-with-elliptic\u002F","Global crypto exchange realizes $3.1M efficiency gain with Elliptic","Uncover the story",[616],{"__typename":382,"image":617,"mobileImage":622},[618],{"title":619,"url":620,"alt":621,"width":388,"height":548},"Sj objio Ecxd9 F Eo2 Kk unsplash 1 2","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fsj-objio-Ecxd9FEo2Kk-unsplash-1-2.jpg","Rows of dark green stadium seats arranged in a pattern, set against a dim background, creating a sense of depth and emptiness.",[],[624],{"title":11,"ariaLabel":11,"target":11,"linkUrl":625,"text":626,"__typename":14},"https:\u002F\u002Fwww.elliptic.co\u002Fget-started\u002F","Get a demo",[628],{"title":629,"ariaLabel":11,"target":11,"linkUrl":124,"text":11,"__typename":630},"Company & Careers","buttonLink2_Custom_LinkType",[632,635,638,641],{"buttonLink":633},[634],{"title":11,"ariaLabel":11,"target":11,"linkUrl":160,"text":161,"__typename":14},{"buttonLink":636},[637],{"title":11,"ariaLabel":11,"target":11,"linkUrl":165,"text":166,"__typename":14},{"buttonLink":639},[640],{"title":11,"ariaLabel":11,"target":11,"linkUrl":175,"text":176,"__typename":14},{"buttonLink":642},[643],{"title":11,"ariaLabel":11,"target":11,"linkUrl":180,"text":181,"__typename":14},{"url":645},"https:\u002F\u002Fapp.elliptic.co\u002F?_gl=1*7ha9nv*_gcl_aw*R0NMLjE3ODE2OTM0OTcuQ2owS0NRandpOG5SQmhEaEFSSXNBSFpmX3BiZDZ3X1N5dlRaWEw0Y0x4Njd2YXBDelZrYzZwYjRqYnZFWGFvYVlGSExKdUNUMlVad01qWWFBZ3VSRUFMd193Y0I.*_gcl_au*MTMzNjMwMTA3MC4xNzgxNjkzNDk3","We’re hiring! Join us and make a move that matters",{"url":175,"target":11},true,{"__typename":650,"siteName":651,"uri":652,"id":653,"title":654,"url":655,"postDate":656,"dateUpdated":657,"slug":658,"sectionHandle":659,"ancestors":660,"authorSelect":661,"asset":678,"categoryTopics":687,"categoryNewsTypes":694,"categoryIndustries":695,"categoryRegions":711,"seo":715,"articleContentArea":724,"faqs":733,"articleSelect":734,"plainText":11,"plainText2":11,"buttonLink":920},"article_Entry","Elliptic","insights\u002Fcrypto-regulatory-affairs-us-operation-economic-outcast-looks-to-squeeze-irans-crypto-activity","151025","Crypto regulatory affairs: US Operation Economic Outcast looks to squeeze Iran’s crypto activity","https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fcrypto-regulatory-affairs-us-operation-economic-outcast-looks-to-squeeze-irans-crypto-activity\u002F","2026-09-01T15:32:00+01:00","2026-09-01T15:36:35+01:00","crypto-regulatory-affairs-us-operation-economic-outcast-looks-to-squeeze-irans-crypto-activity","insightsResearch",[],[662],{"title":663,"uri":664,"plainText":665,"textBlock":666,"image":668,"externalLink":11,"plainText2":675,"entry":676},"David Carlisle","authors\u002Fdavid-carlisle","Vice President of Policy and Regulatory Affairs",{"rawHtml":667},"\u003Cp>David is the Vice President of Policy and Regulatory Affairs at Elliptic. He brings a wealth of experience to the role, having previously worked for the US Department of the Treasury. David's expertise extends to the Asia-Pacific region, where he acted as a liaison for the Treasury when engaging with governments on financial crime issues.\u003C\u002Fp>",[669],{"title":670,"url":671,"alt":672,"width":673,"height":674},"David C","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fauthors\u002FDavid-C.webp","Image features a professional headshot with a neutral background, emphasizing the subject's face and upper body.",130,128,"Stay ahead with exclusive insight from our experts.",[677],{"uri":192},[679],{"__typename":382,"image":680,"mobileImage":686},[681],{"title":682,"url":683,"alt":11,"width":684,"height":685},"Crypto regulatory affairs Sept 26","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002FCrypto-regulatory-affairs-Sept-26.png",720,380,[],[688,691],{"title":689,"slug":690},"Regulation","regulation",{"title":692,"slug":693},"Regulation & policy","regulation-policy",[],[696,699,702,705,708],{"title":697,"slug":698},"Financial Institutions","financial-services",{"title":700,"slug":701},"Governments & Regulators","regulators-government",{"title":703,"slug":704},"Crypto Companies","crypto-businesses",{"title":706,"slug":707},"Law Enforcement","law-enforcement",{"title":709,"slug":710},"Payment Service Providers","payment-service-providers",[712],{"title":713,"slug":714},"Global","global",{"title":716,"description":717,"advanced":718,"keywords":720,"social":721},"Crypto regulatory affairs: US Operation Economic Outcast looks to squeeze Iran’s crypto activity | Elliptic","Treasury expands sanctions over Iran's crypto sector under EO 13902. What it means for compliance teams, plus UK, US and Pakistan crypto regulation updates.",{"canonical":124,"robots":719},[],[],{"facebook":722,"twitter":723},{"description":717,"title":716},{"description":717,"title":716},[725],{"articleContentAreaBlocks":726},[727],{"__typename":728,"textBlock":729},"textBlock_Entry",{"html":730,"rawHtml":730,"markdown":731,"plainText":732},"\u003Cp>In this first September edition of crypto regulatory affairs, we will cover:\u003C\u002Fp>\u003Cul>\u003Cli>US expands sanctions on Iran's crypto sector\u003C\u002Fli>\u003Cli>Bank of England gets new stablecoin mandate\u003C\u002Fli>\u003Cli>SEC set to revive crypto custody rule\u003C\u002Fli>\u003Cli>Pakistan opens crypto licensing portal\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>\u003Cstrong>US Operation Economic Outcast looks to squeeze Iran’s crypto activity\u003C\u002Fstrong>\u003C\u002Fh2>\u003Cp>On August 24, the US Department of the Treasury announced expanded secondary sanctions authorities related to digital assets. The move is part of \u003Ca href=\"https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fsb0613\">Operation Economic Outcast\u003C\u002Fa>, Treasury’s new campaign aimed at exerting unprecedented financial and economic pressure on Iran amid the ongoing military conflict there.\u003C\u002Fp>\u003Cp>Specifically, the Treasury Department \u003Ca href=\"https:\u002F\u002Fofac.treasury.gov\u002Fmedia\u002F936781\u002Fdownload?inline\">determined\u003C\u002Fa> that the entire Iranian digital asset sector will now be covered by \u003Ca href=\"https:\u002F\u002Fwww.justice.gov\u002Feoir\u002Fpage\u002Ffile\u002F1234236\u002Fdl\">Executive Order 13902\u003C\u002Fa>, which allows for sanctions targeting various sectors of Iran’s economy. The determination allows the Secretary of the Treasury to impose targeted sanctions on any entity - including crypto exchanges or stablecoin issuers - determined to be operating in the Iranian digital asset sector, irrespective of whether they are involved in facilitating activity such as terrorist or proliferation financing. \u003C\u002Fp>\u003Cp>The action signals an effort by the US government to expand its crackdown on Iran’s \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Firan-has-acquired-us-dollar-stablecoins-worth-at-least-half-a-billion-dollars\u002F\">crypto-enabled sanctions evasion activity\u003C\u002Fa>. Over the course of this year, the Treasury’s Office of Foreign Assets Control (OFAC) has relied on long-standing terrorism-related authorities to sanction the Iran-based cryptoasset exchange service \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges\u002F\">Nobitex\u003C\u002Fa>, the Dubai-based service \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-shelbit-and-other-entities-associated-with-iranian-regime\u002F\">Shelbit\u003C\u002Fa>, \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations\u002F\">as well as two UK-based exchanges\u003C\u002Fa>, for facilitating activity on behalf of the Islamic Revolution Guard Corps (IRGC). By including Iran’s digital asset sector within the scope of Executive Order 13902, OFAC can now target any entity engaging in cryptoasset activity in Iran, offering the ability to sanction an even broader range of targets in an attempt to prevent Iran from exploiting the technology \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Finside-nobitex-how-irans-largest-crypto-exchange-fuels-sanctions-evasion-and-illicit-finance\u002F\">as a financial lifeline\u003C\u002Fa>. \u003C\u002Fp>\u003Cp>Even more significantly, the new determination also enables the Secretary of the Treasury to prohibit the provision of US correspondent account services to any non-US financial institution - including cryptoasset exchanges and stablecoin issuers - that the Treasury determines “knowingly conducted or facilitated any significant financial transaction” involving the Iranian digital asset sector, or with any entity designated under EO 13902. \u003C\u002Fp>\u003Cp>These secondary sanctions form a critical part of Treasury’s broader efforts under Operation Economic Outcast to \u003Ca href=\"https:\u002F\u002Fwww.reuters.com\u002Fworld\u002Fmiddle-east\u002Fus-treasury-broaden-scope-secondary-sanctions-iran-source-says-2026-08-24\u002F\">pressure third countries\u003C\u002Fa> into severing economic ties with Iran. Historically, the US has used these authorities to threaten banks in third countries with the prospect of losing access to US dollar clearing facilities if they fail to align with US sanctions policies. In the current context, that has led observers to ask whether the US would be willing to sanction any major systemic \u003Ca href=\"https:\u002F\u002Fwww.politico.com\u002Fnews\u002F2026\u002F08\u002F26\u002Flawmakers-treasury-target-china-banks-iran-01051851\">Chinese banks\u003C\u002Fa> involved in facilitating China’s purchases of oil from Iran, even at risk of \u003Ca href=\"https:\u002F\u002Fwww.ft.com\u002Fcontent\u002Faa7ba671-8175-4b53-b6a5-28803a851493?syn-25a6b1a6=1\">economic or financial retaliation from China\u003C\u002Fa>. \u003C\u002Fp>\u003Cp>The new move, however, also raises the prospect that the Treasury could impose secondary sanctions on crypto firms located in third countries that provide services or liquidity to the Iranian cryptoasset sector. The consequences for any third country crypto firm subject to those secondary sanctions could be devastating, as US financial institutions would be prohibited from extending services to them. \u003C\u002Fp>\u003Cp>Crypto exchanges, stablecoin issuers, payments firms, and banks must now exercise even greater vigilance to ensure that they do not facilitate on-chain activity involving Iran. Firms with continued on-chain exposure to Iran’s digital asset sector risk having their access to the US financial system terminated.\u003C\u002Fp>\u003Cp>The US’s moves to expand its authorities so it can target Iran-related cryptoasset activity that occurs via third countries bears some similarity to recent efforts by the \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Feu-21st-sanctions-package-creates-a-third-country-ban-for-cryptoassets\u002F?utm_content=384205856&utm_medium=social&utm_source=twitter&hss_channel=tw-1344645140\">European Union\u003C\u002Fa> and the \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fuk-designates-cryptoasset-exchanges-in-sweeping-new-sanctions-package\u002F\">United Kingdom\u003C\u002Fa> to counter Russian sanctions evasion.  Most recently, the EU has created \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Fwebinars\u002Felliptic-briefing-the-eus-21st-russia-sanctions-package\u002F?utm_campaign=50481848-The+EUs+21st+Russia+Sanctions+Package+%7C+Webinar+%7C+August+2026&utm_content=383898415&utm_medium=social&utm_source=linkedin&hss_channel=lcp-5027267\">a new authority\u003C\u002Fa> that would allow it to prohibit any dealings with cryptoasset platforms located in third countries it determines are undermining efforts to enforce sanctions against Russia. Collectively, these actions indicate that the US, EU, and UK are increasingly willing to take very broad aim at cryptoasset activity that facilitates sanctions evasion. \u003C\u002Fp>\u003Cp>In addition to the determination it made regarding Executive Order 13902, the Treasury took other actions on August 24 involving Iran’s cryptoasset-related activity, including: \u003C\u002Fp>\u003Cul>\u003Cli>Imposing sanctions on cybercriminal actors linked to Iran’s Ministry of Intelligence and Security (MOIS), including individuals involved in the theft of cryptoassets. OFAC listed more than two dozen cryptoasset wallets controlled by these individuals on its Specially Designated Nationals and Blocked Persons (SDN) List.\u003C\u002Fli>\u003Cli>Designated members of a United Arab Emirates-based brokers who facilitated activity on behalf of Iran’s \u003Ca href=\"https:\u002F\u002Fwww.middleeasteye.net\u002Fexplainers\u002Fwar-iran-china-oil-sanctions-shadow-fleet\">“shadow fleet”\u003C\u002Fa> of vessels used to transport oil shipments. OFAC included cryptoassets addresses on the SDN List belonging to individuals in the network, including Ivan Obukhov, who Treasury alleges facilitated more than $100 million in cryptoasset transactions on behalf of the IRGC.\u003C\u002Fli>\u003Cli>Issuing an \u003Ca href=\"https:\u002F\u002Fofac.treasury.gov\u002Fmedia\u002F936751\u002Fdownload?inline\">updated alert\u003C\u002Fa> on the sanctions risks of making payments to Iran for passage through the Strait of Hormuz, including via digital assets. \u003C\u002Fli>\u003C\u002Ful>\u003Cp>For tips on ensuring robust sanctions compliance in digital assets involving Iran and other sanctioned jurisdictions, download our comprehensive report on the topic \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fsanctions-compliance-in-cryptocurrencies-using-blockchain-analysis-to-mitigate-risk\u002F\">here\u003C\u002Fa>.  \u003C\u002Fp>\u003Ch2>\u003Cstrong>Other recent regulatory and policy news\u003C\u002Fstrong>\u003C\u002Fh2>\u003Ch4>Bank of England to be given new innovation objective\u003C\u002Fh4>\u003Cp>The government of the UK intends to give the Bank of England, the country’s central bank, \u003Ca href=\"https:\u002F\u002Fwww.gov.uk\u002Fgovernment\u002Fnews\u002Fministers-to-boost-innovation-in-payments-with-new-objective-for-bank-of-england\">a new formal mandate\u003C\u002Fa> to boost innovation in payments systems, including through stablecoins. According to the UK government’s August 27 release, forthcoming legislative amendments will give the Bank a new secondary objective - alongside its primary objective of protecting the UK’s financial stability - “to support innovation in payment systems and emerging forms of digital money.” The Bank will be required to report annually to Parliament on its innovation activities, including efforts to modernize the UK financial sector, and its work to design supervisory regimes that facilitate innovation. The Bank of England faced significant \u003Ca href=\"https:\u002F\u002Fwww.tradingview.com\u002Fnews\u002Fcoinpedia:d7a5fb082094b:0-exclusive-inside-the-industry-pushback-that-forced-bank-of-england-to-rewrite-stablecoin-playbook\u002F\">pushback\u003C\u002Fa> from private industry in response to its initial proposals for the \u003Ca href=\"https:\u002F\u002Fwww.bankofengland.co.uk\u002Fpaper\u002F2026\u002Fboe-and-fcas-approach-to-joint-regulation-of-systemic-stablecoin-issuers\">supervision of systemic stablecoin issuers\u003C\u002Fa>, which led it to make \u003Ca href=\"https:\u002F\u002Fwww.fstech.co.uk\u002Ffst\u002FBank_Of_England_Softens_Stablecoin_Rules_After_Industry_Pressure.php\">important revisions\u003C\u002Fa>. To learn more about the Bank of England’s recent work on stablecoins and tokenization, see our previous analysis\u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fcrypto-regulatory-affairs-uk-vision-on-tokenization-and-stablecoins\u002F\"> here\u003C\u002Fa>.\u003C\u002Fp>\u003Ch4>US SEC to revive crypto custody rule\u003C\u002Fh4>\u003Cp>The US Securities and Exchange Commission (SEC) appears set to revive a previous effort to create formal rules around cryptoasset custody - a measure that could help create greater confidence for market participants in the US seeking to launch regulatory compliant custody services. According to \u003Ca href=\"https:\u002F\u002Fwww.coindesk.com\u002Fnews-analysis\u002F2026\u002F08\u002F26\u002Fsec-resurrecting-u-s-crypto-custody-rule-the-previous-administration-failed-to-land\">reports\u003C\u002Fa>, on August 25 the SEC \u003Ca href=\"https:\u002F\u002Fwww.reginfo.gov\u002Fpublic\u002Fdo\u002FeoDetails?rrid=1449665\">sent\u003C\u002Fa> a proposed rule to the White House that would include amendments on custody rules related to cryptoassets. The SEC under its previous Chairman Gary Gensler had taken steps towards making a rule on cryptoasset custody that would have been highly restrictive, limiting the ability of investment advisors to custody assets at crypto firms - an approach that was reflective of the crypto-skeptical stance of President Joe Biden’s administration. While the exact scope of the new proposed rulemaking will remain unclear until it is published, observers anticipate that it will reflect that more innovation and industry-friendly approach of the current SEC Chair Paul Atkins. The move comes as the SEC and the Commodity Futures Trading Commission (CFTC) are working to \u003Ca href=\"https:\u002F\u002Fwww.sec.gov\u002Fnewsroom\u002Fpress-releases\u002F2026-76-sec-proposes-new-regulation-crypto-assets\">issue a range of new guidelines\u003C\u002Fa> aimed at \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fhow-us-crypto-regulation-is-being-rewritten-in-2026\u002F\">spurring cryptoasset market innovation\u003C\u002Fa> - an effort that is demanding new urgency as cryptoasset market structure legislation (known as the CLARITY Act) continues to face \u003Ca href=\"https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fcrypto-regulatory-affairs-clarity-act-senate-delay-creates-uncertainty\u002F\">significant challenges to passage in the US Senate\u003C\u002Fa>.  \u003C\u002Fp>\u003Ch4>Pakistan’s crypto licensing regime goes live \u003C\u002Fh4>\u003Cp>On August 21, Pakistan’s Virtual Asset Regulatory Authority (PVARA) \u003Ca href=\"https:\u002F\u002Fthepaypers.com\u002Fcrypto-web3-and-cbdc\u002Fnews\u002Fpakistan-sets-september-5-deadline-for-crypto-licensing-regime\">opened up its licensing portal\u003C\u002Fa> for cryptoasset firms seeking licenses under the country’s regulatory framework for the sector. Under the new licensing regime, domestic virtual asset service providers (VASPs) must submit an application request by September 5 to receive a no-objection certificate, which allows them to continue operating while their full application is reviewed. VASPs that fail to submit an application ahead of September 5 must cease operating in Pakistan and must undergo the full license application process before restarting operations. From 2018 until April of this year, Pakistan maintained a ban on cryptoasset trading activity, reflecting a long-time hostile stance to the technology like its neighbor, \u003Ca href=\"http:\u002F\u002Fgoogle.com\u002Fsearch?q=india+crypto+ban&rlz=1C5GCCM_en___GB1223&oq=india+crypto+ban&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQABiABDIHCAIQABiABDIICAMQABgWGB4yCAgEEAAYFhgeMggIBRAAGBYYHjIICAYQABgWGB4yCAgHEAAYFhgeMggICBAAGBYYHjIICAkQABgWGB7SAQgxODk2ajBqNKgCALACAQ&sourceid=chrome&source=chrome.ob&ie=UTF-8\">India\u003C\u002Fa>. However, Pakistan’s government has significantly pivoted and positioned itself as an \u003Ca href=\"https:\u002F\u002Fcryptoforinnovation.org\u002Fpakistan-gets-serious-on-crypto-aiming-to-vye-with-dubai-and-singapore\u002F\">aspiring regional hub for cryptoasset and blockchain innovation\u003C\u002Fa>, having enacted a law earlier this year providing for the new PVARA licensing framework. \u003C\u002Fp>","In this first September edition of crypto regulatory affairs, we will cover:\n\n- US expands sanctions on Iran's crypto sector\n- Bank of England gets new stablecoin mandate\n- SEC set to revive crypto custody rule\n- Pakistan opens crypto licensing portal\n\n## **US Operation Economic Outcast looks to squeeze Iran’s crypto activity**\n\nOn August 24, the US Department of the Treasury announced expanded secondary sanctions authorities related to digital assets. The move is part of [Operation Economic Outcast](https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fsb0613), Treasury’s new campaign aimed at exerting unprecedented financial and economic pressure on Iran amid the ongoing military conflict there.\n\nSpecifically, the Treasury Department [determined](https:\u002F\u002Fofac.treasury.gov\u002Fmedia\u002F936781\u002Fdownload?inline) that the entire Iranian digital asset sector will now be covered by [Executive Order 13902](https:\u002F\u002Fwww.justice.gov\u002Feoir\u002Fpage\u002Ffile\u002F1234236\u002Fdl), which allows for sanctions targeting various sectors of Iran’s economy. The determination allows the Secretary of the Treasury to impose targeted sanctions on any entity - including crypto exchanges or stablecoin issuers - determined to be operating in the Iranian digital asset sector, irrespective of whether they are involved in facilitating activity such as terrorist or proliferation financing.\n\nThe action signals an effort by the US government to expand its crackdown on Iran’s [crypto-enabled sanctions evasion activity](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Firan-has-acquired-us-dollar-stablecoins-worth-at-least-half-a-billion-dollars\u002F). Over the course of this year, the Treasury’s Office of Foreign Assets Control (OFAC) has relied on long-standing terrorism-related authorities to sanction the Iran-based cryptoasset exchange service [Nobitex](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges\u002F), the Dubai-based service [Shelbit](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-shelbit-and-other-entities-associated-with-iranian-regime\u002F), [as well as two UK-based exchanges](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations\u002F), for facilitating activity on behalf of the Islamic Revolution Guard Corps (IRGC). By including Iran’s digital asset sector within the scope of Executive Order 13902, OFAC can now target any entity engaging in cryptoasset activity in Iran, offering the ability to sanction an even broader range of targets in an attempt to prevent Iran from exploiting the technology [as a financial lifeline](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Finside-nobitex-how-irans-largest-crypto-exchange-fuels-sanctions-evasion-and-illicit-finance\u002F).\n\nEven more significantly, the new determination also enables the Secretary of the Treasury to prohibit the provision of US correspondent account services to any non-US financial institution - including cryptoasset exchanges and stablecoin issuers - that the Treasury determines “knowingly conducted or facilitated any significant financial transaction” involving the Iranian digital asset sector, or with any entity designated under EO 13902.\n\nThese secondary sanctions form a critical part of Treasury’s broader efforts under Operation Economic Outcast to [pressure third countries](https:\u002F\u002Fwww.reuters.com\u002Fworld\u002Fmiddle-east\u002Fus-treasury-broaden-scope-secondary-sanctions-iran-source-says-2026-08-24\u002F) into severing economic ties with Iran. Historically, the US has used these authorities to threaten banks in third countries with the prospect of losing access to US dollar clearing facilities if they fail to align with US sanctions policies. In the current context, that has led observers to ask whether the US would be willing to sanction any major systemic [Chinese banks](https:\u002F\u002Fwww.politico.com\u002Fnews\u002F2026\u002F08\u002F26\u002Flawmakers-treasury-target-china-banks-iran-01051851) involved in facilitating China’s purchases of oil from Iran, even at risk of [economic or financial retaliation from China](https:\u002F\u002Fwww.ft.com\u002Fcontent\u002Faa7ba671-8175-4b53-b6a5-28803a851493?syn-25a6b1a6=1).\n\nThe new move, however, also raises the prospect that the Treasury could impose secondary sanctions on crypto firms located in third countries that provide services or liquidity to the Iranian cryptoasset sector. The consequences for any third country crypto firm subject to those secondary sanctions could be devastating, as US financial institutions would be prohibited from extending services to them.\n\nCrypto exchanges, stablecoin issuers, payments firms, and banks must now exercise even greater vigilance to ensure that they do not facilitate on-chain activity involving Iran. Firms with continued on-chain exposure to Iran’s digital asset sector risk having their access to the US financial system terminated.\n\nThe US’s moves to expand its authorities so it can target Iran-related cryptoasset activity that occurs via third countries bears some similarity to recent efforts by the [European Union](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Feu-21st-sanctions-package-creates-a-third-country-ban-for-cryptoassets\u002F?utm_content=384205856&utm_medium=social&utm_source=twitter&hss_channel=tw-1344645140) and the [United Kingdom](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fuk-designates-cryptoasset-exchanges-in-sweeping-new-sanctions-package\u002F) to counter Russian sanctions evasion. Most recently, the EU has created [a new authority](https:\u002F\u002Fwww.elliptic.co\u002Fwebinars\u002Felliptic-briefing-the-eus-21st-russia-sanctions-package\u002F?utm_campaign=50481848-The+EUs+21st+Russia+Sanctions+Package+%7C+Webinar+%7C+August+2026&utm_content=383898415&utm_medium=social&utm_source=linkedin&hss_channel=lcp-5027267) that would allow it to prohibit any dealings with cryptoasset platforms located in third countries it determines are undermining efforts to enforce sanctions against Russia. Collectively, these actions indicate that the US, EU, and UK are increasingly willing to take very broad aim at cryptoasset activity that facilitates sanctions evasion.\n\nIn addition to the determination it made regarding Executive Order 13902, the Treasury took other actions on August 24 involving Iran’s cryptoasset-related activity, including:\n\n- Imposing sanctions on cybercriminal actors linked to Iran’s Ministry of Intelligence and Security (MOIS), including individuals involved in the theft of cryptoassets. OFAC listed more than two dozen cryptoasset wallets controlled by these individuals on its Specially Designated Nationals and Blocked Persons (SDN) List.\n- Designated members of a United Arab Emirates-based brokers who facilitated activity on behalf of Iran’s [“shadow fleet”](https:\u002F\u002Fwww.middleeasteye.net\u002Fexplainers\u002Fwar-iran-china-oil-sanctions-shadow-fleet) of vessels used to transport oil shipments. OFAC included cryptoassets addresses on the SDN List belonging to individuals in the network, including Ivan Obukhov, who Treasury alleges facilitated more than $100 million in cryptoasset transactions on behalf of the IRGC.\n- Issuing an [updated alert](https:\u002F\u002Fofac.treasury.gov\u002Fmedia\u002F936751\u002Fdownload?inline) on the sanctions risks of making payments to Iran for passage through the Strait of Hormuz, including via digital assets.\n\nFor tips on ensuring robust sanctions compliance in digital assets involving Iran and other sanctioned jurisdictions, download our comprehensive report on the topic [here](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fsanctions-compliance-in-cryptocurrencies-using-blockchain-analysis-to-mitigate-risk\u002F).\n\n## **Other recent regulatory and policy news**\n\n#### Bank of England to be given new innovation objective\n\nThe government of the UK intends to give the Bank of England, the country’s central bank, [a new formal mandate](https:\u002F\u002Fwww.gov.uk\u002Fgovernment\u002Fnews\u002Fministers-to-boost-innovation-in-payments-with-new-objective-for-bank-of-england) to boost innovation in payments systems, including through stablecoins. According to the UK government’s August 27 release, forthcoming legislative amendments will give the Bank a new secondary objective - alongside its primary objective of protecting the UK’s financial stability - “to support innovation in payment systems and emerging forms of digital money.” The Bank will be required to report annually to Parliament on its innovation activities, including efforts to modernize the UK financial sector, and its work to design supervisory regimes that facilitate innovation. The Bank of England faced significant [pushback](https:\u002F\u002Fwww.tradingview.com\u002Fnews\u002Fcoinpedia:d7a5fb082094b:0-exclusive-inside-the-industry-pushback-that-forced-bank-of-england-to-rewrite-stablecoin-playbook\u002F) from private industry in response to its initial proposals for the [supervision of systemic stablecoin issuers](https:\u002F\u002Fwww.bankofengland.co.uk\u002Fpaper\u002F2026\u002Fboe-and-fcas-approach-to-joint-regulation-of-systemic-stablecoin-issuers), which led it to make [important revisions](https:\u002F\u002Fwww.fstech.co.uk\u002Ffst\u002FBank_Of_England_Softens_Stablecoin_Rules_After_Industry_Pressure.php). To learn more about the Bank of England’s recent work on stablecoins and tokenization, see our previous analysis[ here](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fcrypto-regulatory-affairs-uk-vision-on-tokenization-and-stablecoins\u002F).\n\n#### US SEC to revive crypto custody rule\n\nThe US Securities and Exchange Commission (SEC) appears set to revive a previous effort to create formal rules around cryptoasset custody - a measure that could help create greater confidence for market participants in the US seeking to launch regulatory compliant custody services. According to [reports](https:\u002F\u002Fwww.coindesk.com\u002Fnews-analysis\u002F2026\u002F08\u002F26\u002Fsec-resurrecting-u-s-crypto-custody-rule-the-previous-administration-failed-to-land), on August 25 the SEC [sent](https:\u002F\u002Fwww.reginfo.gov\u002Fpublic\u002Fdo\u002FeoDetails?rrid=1449665) a proposed rule to the White House that would include amendments on custody rules related to cryptoassets. The SEC under its previous Chairman Gary Gensler had taken steps towards making a rule on cryptoasset custody that would have been highly restrictive, limiting the ability of investment advisors to custody assets at crypto firms - an approach that was reflective of the crypto-skeptical stance of President Joe Biden’s administration. While the exact scope of the new proposed rulemaking will remain unclear until it is published, observers anticipate that it will reflect that more innovation and industry-friendly approach of the current SEC Chair Paul Atkins. The move comes as the SEC and the Commodity Futures Trading Commission (CFTC) are working to [issue a range of new guidelines](https:\u002F\u002Fwww.sec.gov\u002Fnewsroom\u002Fpress-releases\u002F2026-76-sec-proposes-new-regulation-crypto-assets) aimed at [spurring cryptoasset market innovation](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fhow-us-crypto-regulation-is-being-rewritten-in-2026\u002F) - an effort that is demanding new urgency as cryptoasset market structure legislation (known as the CLARITY Act) continues to face [significant challenges to passage in the US Senate](https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fcrypto-regulatory-affairs-clarity-act-senate-delay-creates-uncertainty\u002F).\n\n#### Pakistan’s crypto licensing regime goes live \n\nOn August 21, Pakistan’s Virtual Asset Regulatory Authority (PVARA) [opened up its licensing portal](https:\u002F\u002Fthepaypers.com\u002Fcrypto-web3-and-cbdc\u002Fnews\u002Fpakistan-sets-september-5-deadline-for-crypto-licensing-regime) for cryptoasset firms seeking licenses under the country’s regulatory framework for the sector. Under the new licensing regime, domestic virtual asset service providers (VASPs) must submit an application request by September 5 to receive a no-objection certificate, which allows them to continue operating while their full application is reviewed. VASPs that fail to submit an application ahead of September 5 must cease operating in Pakistan and must undergo the full license application process before restarting operations. From 2018 until April of this year, Pakistan maintained a ban on cryptoasset trading activity, reflecting a long-time hostile stance to the technology like its neighbor, [India](http:\u002F\u002Fgoogle.com\u002Fsearch?q=india+crypto+ban&rlz=1C5GCCM_en___GB1223&oq=india+crypto+ban&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQABiABDIHCAIQABiABDIICAMQABgWGB4yCAgEEAAYFhgeMggIBRAAGBYYHjIICAYQABgWGB4yCAgHEAAYFhgeMggICBAAGBYYHjIICAkQABgWGB7SAQgxODk2ajBqNKgCALACAQ&sourceid=chrome&source=chrome.ob&ie=UTF-8). However, Pakistan’s government has significantly pivoted and positioned itself as an [aspiring regional hub for cryptoasset and blockchain innovation](https:\u002F\u002Fcryptoforinnovation.org\u002Fpakistan-gets-serious-on-crypto-aiming-to-vye-with-dubai-and-singapore\u002F), having enacted a law earlier this year providing for the new PVARA licensing framework.","In this first September edition of crypto regulatory affairs, we will cover:\n\n- US expands sanctions on Iran's crypto sector\n- Bank of England gets new stablecoin mandate\n- SEC set to revive crypto custody rule\n- Pakistan opens crypto licensing portal\n\nUS Operation Economic Outcast looks to squeeze Iran’s crypto activity\n\nOn August 24, the US Department of the Treasury announced expanded secondary sanctions authorities related to digital assets. The move is part of Operation Economic Outcast, Treasury’s new campaign aimed at exerting unprecedented financial and economic pressure on Iran amid the ongoing military conflict there.\n\nSpecifically, the Treasury Department determined that the entire Iranian digital asset sector will now be covered by Executive Order 13902, which allows for sanctions targeting various sectors of Iran’s economy. The determination allows the Secretary of the Treasury to impose targeted sanctions on any entity - including crypto exchanges or stablecoin issuers - determined to be operating in the Iranian digital asset sector, irrespective of whether they are involved in facilitating activity such as terrorist or proliferation financing.\n\nThe action signals an effort by the US government to expand its crackdown on Iran’s crypto-enabled sanctions evasion activity. Over the course of this year, the Treasury’s Office of Foreign Assets Control (OFAC) has relied on long-standing terrorism-related authorities to sanction the Iran-based cryptoasset exchange service Nobitex, the Dubai-based service Shelbit, as well as two UK-based exchanges, for facilitating activity on behalf of the Islamic Revolution Guard Corps (IRGC). By including Iran’s digital asset sector within the scope of Executive Order 13902, OFAC can now target any entity engaging in cryptoasset activity in Iran, offering the ability to sanction an even broader range of targets in an attempt to prevent Iran from exploiting the technology as a financial lifeline.\n\nEven more significantly, the new determination also enables the Secretary of the Treasury to prohibit the provision of US correspondent account services to any non-US financial institution - including cryptoasset exchanges and stablecoin issuers - that the Treasury determines “knowingly conducted or facilitated any significant financial transaction” involving the Iranian digital asset sector, or with any entity designated under EO 13902.\n\nThese secondary sanctions form a critical part of Treasury’s broader efforts under Operation Economic Outcast to pressure third countries into severing economic ties with Iran. Historically, the US has used these authorities to threaten banks in third countries with the prospect of losing access to US dollar clearing facilities if they fail to align with US sanctions policies. In the current context, that has led observers to ask whether the US would be willing to sanction any major systemic Chinese banks involved in facilitating China’s purchases of oil from Iran, even at risk of economic or financial retaliation from China.\n\nThe new move, however, also raises the prospect that the Treasury could impose secondary sanctions on crypto firms located in third countries that provide services or liquidity to the Iranian cryptoasset sector. The consequences for any third country crypto firm subject to those secondary sanctions could be devastating, as US financial institutions would be prohibited from extending services to them.\n\nCrypto exchanges, stablecoin issuers, payments firms, and banks must now exercise even greater vigilance to ensure that they do not facilitate on-chain activity involving Iran. Firms with continued on-chain exposure to Iran’s digital asset sector risk having their access to the US financial system terminated.\n\nThe US’s moves to expand its authorities so it can target Iran-related cryptoasset activity that occurs via third countries bears some similarity to recent efforts by the European Union and the United Kingdom to counter Russian sanctions evasion. Most recently, the EU has created a new authority that would allow it to prohibit any dealings with cryptoasset platforms located in third countries it determines are undermining efforts to enforce sanctions against Russia. Collectively, these actions indicate that the US, EU, and UK are increasingly willing to take very broad aim at cryptoasset activity that facilitates sanctions evasion.\n\nIn addition to the determination it made regarding Executive Order 13902, the Treasury took other actions on August 24 involving Iran’s cryptoasset-related activity, including:\n\n- Imposing sanctions on cybercriminal actors linked to Iran’s Ministry of Intelligence and Security (MOIS), including individuals involved in the theft of cryptoassets. OFAC listed more than two dozen cryptoasset wallets controlled by these individuals on its Specially Designated Nationals and Blocked Persons (SDN) List.\n- Designated members of a United Arab Emirates-based brokers who facilitated activity on behalf of Iran’s “shadow fleet” of vessels used to transport oil shipments. OFAC included cryptoassets addresses on the SDN List belonging to individuals in the network, including Ivan Obukhov, who Treasury alleges facilitated more than $100 million in cryptoasset transactions on behalf of the IRGC.\n- Issuing an updated alert on the sanctions risks of making payments to Iran for passage through the Strait of Hormuz, including via digital assets.\n\nFor tips on ensuring robust sanctions compliance in digital assets involving Iran and other sanctioned jurisdictions, download our comprehensive report on the topic here.\n\nOther recent regulatory and policy news\n\nBank of England to be given new innovation objective\n\nThe government of the UK intends to give the Bank of England, the country’s central bank, a new formal mandate to boost innovation in payments systems, including through stablecoins. According to the UK government’s August 27 release, forthcoming legislative amendments will give the Bank a new secondary objective - alongside its primary objective of protecting the UK’s financial stability - “to support innovation in payment systems and emerging forms of digital money.” The Bank will be required to report annually to Parliament on its innovation activities, including efforts to modernize the UK financial sector, and its work to design supervisory regimes that facilitate innovation. The Bank of England faced significant pushback from private industry in response to its initial proposals for the supervision of systemic stablecoin issuers, which led it to make important revisions. To learn more about the Bank of England’s recent work on stablecoins and tokenization, see our previous analysis here.\n\nUS SEC to revive crypto custody rule\n\nThe US Securities and Exchange Commission (SEC) appears set to revive a previous effort to create formal rules around cryptoasset custody - a measure that could help create greater confidence for market participants in the US seeking to launch regulatory compliant custody services. According to reports, on August 25 the SEC sent a proposed rule to the White House that would include amendments on custody rules related to cryptoassets. The SEC under its previous Chairman Gary Gensler had taken steps towards making a rule on cryptoasset custody that would have been highly restrictive, limiting the ability of investment advisors to custody assets at crypto firms - an approach that was reflective of the crypto-skeptical stance of President Joe Biden’s administration. While the exact scope of the new proposed rulemaking will remain unclear until it is published, observers anticipate that it will reflect that more innovation and industry-friendly approach of the current SEC Chair Paul Atkins. The move comes as the SEC and the Commodity Futures Trading Commission (CFTC) are working to issue a range of new guidelines aimed at spurring cryptoasset market innovation - an effort that is demanding new urgency as cryptoasset market structure legislation (known as the CLARITY Act) continues to face significant challenges to passage in the US Senate.\n\nPakistan’s crypto licensing regime goes live\n\nOn August 21, Pakistan’s Virtual Asset Regulatory Authority (PVARA) opened up its licensing portal for cryptoasset firms seeking licenses under the country’s regulatory framework for the sector. Under the new licensing regime, domestic virtual asset service providers (VASPs) must submit an application request by September 5 to receive a no-objection certificate, which allows them to continue operating while their full application is reviewed. VASPs that fail to submit an application ahead of September 5 must cease operating in Pakistan and must undergo the full license application process before restarting operations. From 2018 until April of this year, Pakistan maintained a ban on cryptoasset trading activity, reflecting a long-time hostile stance to the technology like its neighbor, India. However, Pakistan’s government has significantly pivoted and positioned itself as an aspiring regional hub for cryptoasset and blockchain innovation, having enacted a law earlier this year providing for the new PVARA licensing framework.",[],[735,787,836,880],{"__typename":650,"siteName":651,"uri":736,"id":737,"title":738,"url":739,"postDate":740,"dateUpdated":741,"slug":742,"sectionHandle":659,"siteHandle":743,"ancestors":744,"authorSelect":745,"asset":757,"categoryTopics":767,"categoryNewsTypes":774,"categoryIndustries":775,"categoryRegions":776,"seo":778},"insights\u002Firanian-cryptoasset-outflows-surge-700-percent-following-attacks","15390","Iranian cryptoasset outflows surge 700% following airstrikes","https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Firanian-cryptoasset-outflows-surge-700-percent-following-attacks\u002F","2026-03-02T11:44:43+00:00","2026-07-14T17:26:24+01:00","iranian-cryptoasset-outflows-surge-700-percent-following-attacks","default",[],[746],{"title":747,"uri":748,"plainText":11,"textBlock":11,"image":749,"externalLink":11,"plainText2":675,"entry":755},"Dr. Tom Robinson","authors\u002Fdr-tom-robinson",[750],{"title":751,"url":752,"alt":753,"width":754,"height":684},"Tom robinson","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fteam\u002Ftom-robinson.jpg","Person with short, light brown hair wearing a dark suit jacket and white shirt, looking directly at the camera against a gray background.",642,[756],{"uri":192},[758],{"__typename":382,"image":759,"mobileImage":766},[760],{"title":761,"url":762,"alt":763,"width":764,"height":765},"EXT Tokenization The Hill 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FEXT_TokenizationThe-Hill_720x380.png","A digital illustration of a coin in motion, with arrows indicating upward trends and various symbols related to finance and technology.",3000,1584,[],[768,771],{"title":769,"slug":770},"Sanctions","sanctions",{"title":772,"slug":773},"Crypto Crime","crypto-crime",[],[],[777],{"title":713,"slug":714},{"title":779,"description":780,"advanced":781,"keywords":783,"social":784},"Iranian cryptoasset outflows surge 700% following airstrikes | Elliptic","Cryptoasset outflows from Iranian exchange Nobitex surged within minutes of the first US-Israeli attack on Iran, with outgoing volumes spiking by 700%.",{"canonical":11,"robots":782},[],[],{"facebook":785,"twitter":786},{"description":780,"title":779},{"description":780,"title":779},{"__typename":650,"siteName":651,"uri":788,"id":789,"title":790,"url":791,"postDate":792,"dateUpdated":793,"slug":794,"sectionHandle":659,"siteHandle":743,"ancestors":795,"authorSelect":796,"asset":809,"categoryTopics":817,"categoryNewsTypes":821,"categoryIndustries":822,"categoryRegions":823,"seo":827},"insights\u002Fofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges","10955","OFAC sanctions Nobitex and three other Iranian cryptoasset exchanges","https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges\u002F","2026-06-03T12:24:33+01:00","2026-07-28T12:12:51+01:00","ofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges",[],[797],{"title":651,"uri":798,"plainText":11,"textBlock":799,"image":801,"externalLink":11,"plainText2":675,"entry":807},"authors\u002Felliptic",{"rawHtml":800},"\u003Cp>Here we discuss cryptoasset compliance, blockchain analysis, financial crime, sanctions regulation, and how Elliptic supports our crypto business and financial services customers with solutions.\u003C\u002Fp>",[802],{"title":803,"url":804,"alt":805,"width":806,"height":806},"Apple touch icon","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fapple-touch-icon.png","Stylized letter \"E\" in a 3D effect, set against a gradient green background.",180,[808],{"uri":192},[810],{"__typename":382,"image":811,"mobileImage":816},[812],{"title":813,"url":814,"alt":815,"width":764,"height":765},"Iran compliance blog 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FIran-compliance-blog_720x380_2026-07-14-161706_vhln.png","Abstract digital illustration featuring circuit patterns with warning, clock, and heartbeat icons in a tech-themed design.",[],[818],{"title":819,"slug":820},"OFAC","ofac",[],[],[824],{"title":825,"slug":826},"Americas","americas",{"title":828,"description":829,"advanced":830,"keywords":832,"social":833},"OFAC sanctions Nobitex and three other Iranian cryptoasset exchanges | Elliptic","OFAC has designated Nobitex and three Iranian crypto exchanges on the SDN list. 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Elliptic's post covers its progress through the Senate Banking Committee.",[1038],{"title":1039,"slug":1040},"CLARITY Act","clarity-act",[1042],{"title":692,"slug":693},{"title":1044,"textBlock":1045,"categoryFaqs":1047,"categoryTopics":1049},"Why does its progress matter?",{"rawHtml":1046},"Movement through committee signals momentum toward a clearer US market structure framework, which affects how crypto firms are regulated and supervised.",[1048],{"title":1039,"slug":1040},[1050],{"title":692,"slug":693},{"title":1052,"textBlock":1053,"categoryFaqs":1055,"categoryTopics":1057},"What should firms take from this?",{"rawHtml":1054},"Track the bill's scope and likely obligations so compliance programmes can prepare, while noting that the detail can change as it moves through the legislative process.",[1056],{"title":1039,"slug":1040},[1058],{"title":692,"slug":693},{"title":1060,"textBlock":1061,"categoryFaqs":1063,"categoryTopics":1067},"What is the GENIUS Act?",{"rawHtml":1062},"The GENIUS Act is US legislation establishing a federal framework for payment stablecoins, including requirements for permitted stablecoin issuers. 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