Converge Newsletter

Debanking, Never Again
Fed, OCC and FDIC strip 'reputation risk' from 15 supervisory documents.

The CFTC Opens the Perp Lane
Kalshi's BTCPERP wins the first formal CFTC perpetual approval.

The SEC Delays and Narrows Tokenized Stock Innovation Exception
Peirce narrows the contemplated relief: digital twins in, synthetic wrappers out

CLARITY Act Survives Markup. The Real News Isn't Yield.
Plus: BlackRock files two tokenized funds (not one), Coinbase takes Hyperliquid's stablecoin rail, and Grove launches a $1B/day RWA liquidity layer.

DTCC Sets July for Live Tokenized Trades
Plus: Treasuries go 24/7 and global, Western Union's stablecoin, and Amazon's AI agent payments

Tokenized Equities Shed Second-Class Status
Voting rights and transfer agents arrive — plus Meta and PayPal lean into stablecoins

Kelp Hack Exposed the DeFi Scaffolding
And it showed it's still lacking guardrails.

Circle's Impossible 230M USDC Choice
And how the controversy is handing Tether a PR win.

