Shyft Network

Powering trust on the blockchain and economies of trust 🤝 $SHFT
🔎 Shyft Veriscope - the only frictionless crypto Travel Rule solution

[Shyft Network @shyftnetwork]

6/6 The MoU is not legally binding and creates no rights for the individuals whose data it moves. For firms issuing in both markets, supervisory and personal information now moves between regulators on a continuing basis, and potentially beyond them.

[Shyft Network @shyftnetwork]

The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have signed a memorandum of understanding on stablecoin supervision.
It sets up a formal channel for the two regulators to exchange information on issuers operating in both New York and the EU.

[Shyft Network @shyftnetwork]

5/ Much of it is personal data, with handling left to each authority's own law. It can also travel further: NYDFS to US banking regulators, the EBA to the European Central Bank and other EU bodies.

[Shyft Network @shyftnetwork]

5/5 What's emerging isn't a crypto-specific regulatory framework — it's existing banking, foreign exchange, and criminal law being extended to cover crypto as a matter of course.
For virtual asset service providers, client industry verification is now as material as client identity.

[Shyft Network @shyftnetwork]

Argentina's new gambling bill does something regulators elsewhere haven't done yet.

It makes crypto service providers legally liable for who they serve. 👁️🧵

[Shyft Network @shyftnetwork]

4/ Argentina is the third jurisdiction to move in this direction in May alone, alongside the US GENIUS Act's transaction-freezing mandate for stablecoins and South Korea's decision to treat cross-border crypto flows as foreign exchange reported to the central bank.

[Shyft Network @shyftnetwork]

5/5 The architecture of a regulated digital financial system is taking shape.

By now it is clear that stablecoins issued through bank subsidiaries will carry the full compliance burden of the banking system.

[Shyft Network @shyftnetwork]

The Federal Deposit Insurance Corporation (FDIC) published its Bank Secrecy Act (BSA) focusing on sanctions compliance rules for stablecoin issuers.

This is the piece of the GENIUS Act that determines whether banks can actually be in the stablecoin business. 👁️🧵

[Shyft Network @shyftnetwork]

4/ The GENIUS Act's July 18 rulemaking deadline is 52 days away.

The FDIC, Office of the Comptroller of the Currency, National Credit Union Administration, FinCEN, and Treasury have all now issued proposed rules. The Federal Reserve remains the only major agency yet to move on prudential standards.

Comment window on this rule: 60 days after Federal Register publication.

[Shyft Network @shyftnetwork]

6/6 Atkins is betting enforcement-first is over.

Whether the infrastructure holds — and whether DeFi can absorb the investor protection requirements — is the actual test.

[Shyft Network @shyftnetwork]

The SEC is about to release an "innovation exemption" for tokenized stock trading.

Crypto-native platforms. US equities. No full broker-dealer registration required.

This is the biggest regulatory move under Atkins. 👁️🧵

[Shyft Network @shyftnetwork]

5/ One thing is fixed: tokenizing a security doesn't change its legal status.

Federal securities law applies on economic substance. The exemption changes the trading wrapper. Not the underlying rules.