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● The week in review

Weekly Recap — 20 Oct–26 Oct 2026

This was a week defined by institutional architecture being stress-tested from multiple directions at once. The GENIUS Act moved from aspiration to formal rule while a Tether conflict-of-interest inquiry landed inside the same legislative moment; corporate America began pushing back en masse on tokenised equity; and major banks quietly shipped live stablecoin products to retail customers. Underneath all of it, bitcoin held a narrow range while structural questions about what comes next — regulation, jurisdiction, consent — did more to set the tone than price action.

  1. OCC finalises GENIUS Act stablecoin rules; banks immediately push back.The first binding GENIUS Act rule sets reserve, redemption, and custody standards for all US stablecoin issuers.22 Oct
  2. Twenty-two companies now formally object to the OKX-ICE tokenised stock venue.Twenty-two listed companies formally objecting to tokenised equity trading forces a structural consent question into the open.26 Oct
  3. Solana's Alpenglow upgrade goes live, the network's most significant change in six years.Solana's Alpenglow consensus overhaul is its biggest protocol change in six years, tightening finality for real use cases.23 Oct
  4. HSBC launches RedCoin, its first HKD stablecoin, to PayMe retail users.HSBC putting a live HKD stablecoin in front of three million retail users is the largest bank-issued stablecoin deployment by reach to date.23 Oct
  5. Senate Democrats open an inquiry into Tether payments made to Bo Hines' consulting firm.A Senate inquiry into Tether payments to a key White House crypto adviser lands mid-negotiation on stablecoin law.23 Oct
  6. CFTC rejects CME's legal position in a fight over jurisdiction on perpetual futures.The CFTC's rejection of CME's jurisdiction argument will determine whether perpetual futures can exist on US regulated venues.20 Oct
  7. SoFi launches SOFIE, a tokenised deposit earning 4.4% APY with FDIC coverage.SoFi's FDIC-insured tokenised deposit raises the compliance bar for uninsured stablecoin competitors targeting institutions.23 Oct
  8. JPMorgan publishes its first-ever long-term bitcoin return forecast.JPMorgan's first long-term bitcoin return forecast, above equities and gold, marks a durable shift in how TradFi models the asset.21 Oct