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LATEST: @BlackRock’s head of digital assets, Robbie Mitchnick, said institutional investors are increasingly concentrating on bitcoin and ether, viewing most other tokens as short-lived and largely “nonsense.”

The Bank of England Just Admitted There is a Liquidity Crisis - The Bank of England is now requiring banks to simulate rapid outflows over the course of a single week. That is not a normal recession scenario. That is a bank run. zurl.co/x8PoY

TODAY 🚨: The Commission issued an interpretation that clarifies the application of federal securities laws to crypto assets. This is a major step to provide greater clarity regarding the Commission’s treatment of crypto assets. Read the release here: ow.ly/XhhV50YvxvO

🚨JUST IN: The @SECGov and @CFTC have issued joint, Commission-level interpretive guidance outlining how federal securities laws apply to certain crypto assets and transactions. This follows a submission to OIRA earlier this month signaling the agencies’ intent, and was approved by all three SEC commissioners (Atkins, Peirce, Uyeda) as well as @ChairmanSelig. The guidance establishes a token taxonomy and addresses how activities like staking, mining, airdrops, and wrapping are treated under existing law. Notably, SEC Chair @SECPaulSAtkins says it reflects that most crypto assets are not themselves securities and that investment contracts can come to an end. While interpretive guidance doesn’t change the law, it reflects how regulators intend to apply it, giving the market a clearer directional signal. Separately, this is distinct from the SEC’s still-pending rulemaking on crypto asset offerings.