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U.S. SEC Issues a No Action Letter to Depository Trust Company

By
Paul Ugbede Godwin
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0

The U.S. Securities and Exchange Commission (SEC) issued a no-action letter to the Depository Trust Company (DTC), a subsidiary of the Depository Trust & Clearing Corporation (DTCC).

This letter provides regulatory relief, allowing DTCC to proceed with a three-year pilot program for tokenizing certain real-world securities on approved blockchain networks. The pilot focuses on highly liquid securities, including: Stocks from the Russell 1000 index.

DTCC will create tokenized representations (1:1 mirrors) of securities already held in its custody. These tokens will maintain the same ownership rights, investor protections, and entitlements as traditional book-entry securities.

Transfers occur on pre-approved permissioned blockchains, but DTCC retains control over the underlying assets and can fallback to its legacy systems.  The service is expected to launch in the second half of 2026.

This is a controlled pilot, limited to DTC participants like broker-dealers, custodians with registered wallets. It’s designed to test benefits like faster settlement, improved collateral mobility, and potential 24/7 access while preserving regulatory safeguards.

This marks a significant step toward integrating blockchain into mainstream U.S. financial infrastructure, as DTCC handles custody for over $100 trillion in securities and settles quadrillions in transactions annually.

Tokenized securities are digital representations of traditional financial assets like stocks, bonds, treasuries, or ETFs issued and recorded on a blockchain. They represent 1:1 ownership rights to the underlying asset while leveraging blockchain’s distributed ledger technology.

This is distinct from cryptocurrencies, as tokenized securities remain regulated like traditional ones. Traditional securities often settle in T+1 or T+2 days, involving multiple intermediaries and risking delays or failures. Tokenization enables near-instantaneous settlement via smart contracts, reducing counterparty risk, administrative overhead, and costs.

High-value assets can be divided into smaller tokens, allowing investors to buy fractions like a tiny share of expensive real estate or blue-chip stocks. This democratizes access, lowers entry barriers for retail investors, and opens markets to global participants without geographic restrictions.

Illiquid assets such as private equity or real estate become easier to trade on blockchain platforms. Combined with potential 24/7 markets, this enhances liquidity, especially for traditionally hard-to-sell securities.

Blockchain’s immutable ledger provides a tamper-proof record of ownership and transactions, reducing fraud, errors, and disputes. All parties can verify history in real-time.

Assets tokenized on the blockchain shows diverse asset classes and enhanced transparency. By automating processes with smart contracts and removing iintermediaries like brokers, custodians in some cases, tokenization lowers transaction fees, compliance costs, and operational expenses.

Tokens can be used more flexibly as collateral across platforms or in DeFi. Smart contracts enable programmable features, like automated dividends or conditional transfers. In the DTCC pilot context, this includes better collateral use, new trading models, and potential 24/7 access.

These benefits are driving institutional adoption, as seen in the recent DTCC pilot for tokenizing U.S. stocks, ETFs, and treasuries. While challenges like regulatory hurdles and technical risks remain, tokenization is poised to modernize capital markets by blending blockchain efficiency with traditional investor protections.

Coverage from Bloomberg, CoinDesk affiliates, and others confirms the news without contradictions. This is not a full overhaul of the system but a regulated experiment to explore tokenization’s efficiencies.

U.S. OCC Conditionally Approves Ripple’s National Trust Bank Charter, amid U.S. Home Prices Turning Negative YoY

By
Paul Ugbede Godwin
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0

The U.S. Office of the Comptroller of the Currency (OCC) announced conditional approval for Ripple’s application to charter Ripple National Trust Bank, a federally supervised national trust bank focused on digital asset custody and related fiduciary services.

This is not a full commercial banking license, it does not allow taking deposits or making loans like traditional banks, but a national trust bank charter, which enables nationwide operations under federal oversight for trust and custody activities.

The OCC conditionally approved five applications in total, including de novo charters for Ripple National Trust Bank and Circle’s First National Digital Currency Bank. Conversions from state to national trust charters were approved for BitGo, Fidelity Digital Assets, and Paxos.

Comptroller Jonathan V. Gould stated: “New entrants into the federal banking sector are good for consumers, the banking industry and the economy.” Final approval depends on meeting specific pre-opening conditions.

Ripple issued a statement highlighting the milestone for its RLUSD stablecoin, noting it will now have dual federal (OCC) and state (NYDFS) oversight—described as setting “the highest standard for stablecoin compliance.”

CEO Brad Garlinghouse called it “huge news” and pushed back against banking lobby critics. This development follows Ripple’s application in mid-2025 and represents a significant step toward greater regulatory integration for crypto firms in the U.S. banking system.

RLUSD (Ripple’s USD stablecoin, already over $1B market cap) will now fall under both federal (OCC) and state (NYDFS) supervision. Ripple calls this the “gold standard” for stablecoin transparency, reserve management, and holder protections.

Institutions wary of regulatory risks may now more readily adopt RLUSD for payments, collateral, or cross-border settlements. It reduces counterparty risks and aligns with the GENIUS Act signed in July 2025 for clear stablecoin rules.

Operational Advantages — Nationwide operations without state-by-state licensing; potential pathway to Federal Reserve master account for direct USD settlements though not yet granted.

While the charter focuses on custody and RLUSD, it integrates Ripple deeper into the U.S. banking system. This could increase institutional confidence in Ripple’s payment solutions, where XRP serves as a bridge asset for liquidity.

Community sentiment views this as a catalyst for greater XRP adoption in institutional flows. Analysts note it reinforces Ripple’s post-SEC settlement momentum, potentially driving long-term demand.

Simultaneous approvals for Ripple, Circle (USDC issuer), BitGo, Fidelity Digital Assets, and Paxos signal a shift toward integrating crypto firms into federal banking. It brings stablecoin issuers and custodians under direct OCC oversight, promoting innovation within regulated frameworks.

This will encourages more crypto-native firms to pursue charters; aligns with pro-crypto policy trends like Trump’s administration appointee leading OCC. Broader Integration — Facilitates tokenized assets, on-chain payments, and custody for ETFs/treasuries, bridging traditional finance and blockchain.

Groups like the Bank Policy Institute criticize it as a “backdoor” into banking with lighter rules no FDIC insurance. They argue it could fragment oversight or unfairly compete. Final operations depend on meeting OCC requirements like capital, governance, risk management. Delays or denials remain possible.

This approval marks a pivotal step toward mainstream crypto legitimacy in the U.S., prioritizing compliance over isolation. It positions regulated stablecoins like RLUSD and competitors like USDC as trusted alternatives in institutional finance, while setting a template for the industry’s evolution.

Short-term market reactions have been positive, with community excitement around long-term absorption into traditional systems.

U.S. Home Prices Turns Negative on a YoY Basis

Recent data indicates that U.S. home prices have turned negative on a year-over-year basis nationally for the first time since mid-2023.

This shift was reported in mid-December 2025, based on daily tracking from Parcl Labs, a real estate data firm that monitors both new and existing home prices in real time. According to their index: National home prices are now slightly below levels from a year ago a decline of less than 1%.

Prices have fallen about 1.4% over the past three months. This marks the end of positive year-over-year growth that persisted through the post-COVID surge and into 2024–early 2025. The decline follows years of rapid appreciation during 2020–2022, driven by low mortgage rates and high demand.

Sharp rate hikes in 2022–2023 pushing 30-year mortgages above 7% created an affordability crisis, reducing buyer activity and forcing some sellers to lower expectations.

Inventory has risen modestly active listings up ~13% year-over-year in November 2025, but new listings remain low, and many sellers are delisting homes rather than accepting lower offers.

Logic Case-Shiller, FHFA, NAR median prices, and Redfin/Zillow still show slight positive year-over-year growth around 1–3% as of late 2025, but with slowing momentum and some monthly declines. Parcl Labs’ daily data captures this turning point earlier than lagged monthly/quarterly reports.

Experts note this softness could persist if mortgage rates remain elevated and inventory continues to build gradually, though a full crash is unlikely due to still-low overall supply and strong homeowner equity. This development signals a cooling market after years of gains, potentially improving affordability for buyers in 2026 if trends continue.

Trends vary significantly by region: Strongest growth in the Northeast and Midwest often called Rust Belt areas, driven by tight inventory, lower pandemic-era overheating, and resilient demand. Cooling or outright declines in the Sun Belt, particularly Florida, Texas, and parts of the Mountain West/Pacific, due to post-COVID supply increases, higher insurance costs, and reduced migration inflows.

The most recent comprehensive regional breakdown covering conventional conforming mortgages. All divisions except Pacific showed positive YoY changes; prices rose in 44 states + DC.

Real-time data from sources like Parcl Labs, Realtor.com, and analyst reports highlight faster cooling in overbuilt or high-cost areas: Many Florida metros like Tampa, North Port, Cape Coral, Miami: Down 3-10% YoY or from peaks; statewide listing prices down ~6% in parts of 2025

Las Vegas, NV; Phoenix, AZ; Seattle, WA; Dallas, TX: Significant slowdowns 6+ percentage points drop in growth rate. New York, Chicago, Cleveland, Boston, Minneapolis: Modest to strong gains, NY up ~7% in some measures.

Rust Belt areas like Milwaukee, Cincinnati, Detroit, Philadelphia, holding up best with rising sales and prices amid low inventory. This split reflects a “two-speed market”: Overheated pandemic boomtowns are adjusting with more inventory and price concessions, while undersupplied northern/urban areas continue appreciating slowly.

In 2026, Analysts from Zillow, Redfin, etc. forecast continued divergence: Sun Belt cooling may persist or deepen slightly, offering more buyer leverage. Northeast/Midwest likely to see steadier if modest gains.

National YoY growth expected ~1-2%, with affordability improving gradually as rates stabilize and inventory builds unevenly.

Overall, the market is rebalancing after years of rapid gains, but no widespread crash is anticipated due to low supply and high equity levels. Buyers in cooling regions may find better opportunities soon.

U.S. Treasury Proposes Draft Designs, Featuring Trump on the $1 Coin

By
Paul Ugbede Godwin
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0

The U.S. Treasury has proposed draft designs for a commemorative $1 coin featuring President Donald Trump’s likeness, planned for issuance in 2026 to mark the nation’s 250th anniversary— semiquincentennial of independence.

Reports from across outlets like CNN, CNBC, NBC News, Fox Business, USA Today, Politico, and Reuters indicate the Treasury released initial drafts showing Trump’s profile on the obverse side, with inscriptions like “Liberty,” “In God We Trust,” and “1776-2026.”

The reverse side depicts Trump raising his fist referencing the July 2024 assassination attempt photo, with “Fight, Fight, Fight” inscribed.U.S. Treasurer Brandon Beach confirmed the drafts as real on X, and Treasury spokespeople described them as reflecting “the enduring spirit of our country and democracy.”

The authority stems from the Circulating Collectible Coin Redesign Act of 2020 signed by Trump in his first term, allowing special $1 coin designs in 2026 emblematic of the anniversary. The proposal is controversial, as U.S. tradition and laws like restrictions on portraying living persons on currency to avoid monarchical appearances typically prohibit living presidents on coins.

Some reports note potential legal hurdles, and Democrats such as Sens. Jeff Merkley and Catherine Cortez Masto introduced bills to block it. As of late 2025, later U.S. Mint updates show candidate designs with Trump’s face on the obverse but an eagle on the reverse—no final design has been approved or minted yet.

This is a real proposal under consideration, not a hoax, though earlier private “Trump coins” or novelty items have been scams unrelated to official currency. The Circulating Collectible Coin Redesign Act of 2020 (Public Law 116-330, H.R. 1923) is a bipartisan U.S. law signed by President Donald Trump on January 13, 2021.

It amends Title 31 of the United States Code to authorize the U.S. Department of the Treasury via the U.S. Mint to redesign and issue new circulating collectible coins from 2022 through 2030. The primary goals are to honor prominent American women, youth sports, and the nation’s semiquincentennial.

The Act establishes several coin redesign programs: American Women Quarters Program. Up to five quarter-dollar coins issued each year, with reverse designs honoring prominent American women from diverse backgrounds. The obverse retains George Washington’s likeness modified for distinction.

Youth Sports Program: Reverse designs emblematic of sports played by American youth up to five per year.

Half-dollar coins: Reverse designs emblematic of Paralympic or adaptive sports for athletes with disabilities one new design per year.

Semiquincentennial: One-year redesign of multiple circulating denominations emblematic of the U.S. semiquincentennial: Up to five different designs one must highlight women’s contributions to the nation’s founding or history. Other denominations like cent, nickel, dime, half-dollar: Redesigned obverse and/or reverse.

$1 Dollar Coin: Specifically authorizes the Treasury to mint and issue $1 coins in addition to ongoing Native American and American Innovation $1 series with designs emblematic of the semiquincentennial during the one-year period starting January 1, 2026. All 2026 coins bear a dual date (1776–2026).

Silver Bullion Coins: Authorizes duplicate silver bullion versions including 5-ounce and fractional sizes of the redesigned quarters and half-dollars. Medals and marketing allows accompanying medals for sports-themed coins with surcharges and promotional programs to encourage collecting.

Designs must consult the Citizens Coinage Advisory Committee and Commission of Fine Arts. For certain coins including those under the youth sports and semiquincentennial programs, the reverse cannot include a head-and-shoulders portrait or bust of any person— living or dead or a portrait of a living person.

After 2026, most coins revert to prior designs except quarters and half-dollars continuing youth sports themes. This Act provides the legal basis for special 2026 $1 coins celebrating the 250th anniversary, which has led to proposals including controversial drafts featuring living figures.

However, traditional U.S. policy and separate laws generally prohibit portraying living persons on currency, and the Act’s reverse portrait restrictions apply to specified designs. The U.S. Mint has begun implementing programs like the American Women Quarters and recently unveiled 2026 semiquincentennial designs focused on themes of liberty without individual portraits in contested ways.

OpenAI Introduces GPT-5.2, Strengthening ChatGPT Amid Intensifying Rivalry

By
Ojukwu Emmanuel
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0

OpenAI has unveiled GPT-5.2, its most advanced model series to date, positioning it as a major leap forward for professional knowledge work amid intensifying competition in the AI chatbot market.

According to the company, GPT-5.2 is designed to unlock greater economic value for users, with marked improvements in spreadsheet creation, presentation building, coding, image perception, long-context understanding, tool usage, and the execution of complex, multi-step projects.

OpenAI noted that “GPT-5.2 sets a new state of the art across many benchmarks, including GDPval,” where it outperformed industry professionals on well-specified knowledge work tasks spanning 44 occupations.

Within ChatGPT, GPT-5.2 Instant, Thinking, and Pro are rolling out beginning with paid plans, while developers can already access the models through the API. Overall, GPT-5.2 delivers significant gains in general intelligence, long-context reasoning, agentic tool-calling, and vision, making it more capable of handling real-world tasks end-to-end than previous generations.

GPT-5.2 Thinking is positioned as the strongest model yet for professional use. On OpenAI’s internal benchmark covering junior investment banking analyst tasks—such as building three-statement financial models and leveraged buyout models—GPT-5.2 Thinking achieved an average score 9.3 percentage points higher than GPT-5.1 Thinking, improving from 59.1% to 68.4%.

Side-by-side evaluations showed notable advances in both the sophistication and formatting of generated spreadsheets and presentations.

Access to these enhanced spreadsheet and presentation features in ChatGPT requires a Plus, Pro, Business, or Enterprise subscription, with users selecting GPT-5.2 Thinking or Pro. OpenAI cautioned that complex generations may take several minutes to complete.

In software development, early testers reported that GPT-5.2 Thinking significantly outperforms its predecessor in front-end engineering, particularly for complex or unconventional user interfaces, including 3D elements. This has positioned the model as a powerful daily tool for engineers across the stack.

Jeff Wang, CEO of Windsurf, described the release as a major milestone, stating that GPT-5.2 represents the biggest leap in agentic coding since GPT-5 and delivers state-of-the-art performance within its price range.

In his words,

“GPT-5.2 represents the biggest leap for GPT models in agentic coding since GPT-5 and is a SOTA coding model in its price range. The version bump undersells the jump in intelligence. We’re excited to make it the default across Windsurf and several core Devin workloads.”

The model also sets a new benchmark in long-context reasoning, achieving leading results on OpenAI’s MRCRv2 evaluation, which measures a system’s ability to integrate information across lengthy documents.

The launch follows Google’s recent introduction of Gemini 3, its most advanced AI model to date, which expanded reasoning and multimodal capabilities. The renewed competition marks a sharp contrast to three years ago, when Google declared a “Code Red” in response to ChatGPT’s rapid rise and its perceived threat to search.

In a recent twist, OpenAI CEO Sam Altman has reportedly issued his own “Code Red” internally, citing Google’s Gemini 3 and the broader escalation of the frontier AI race. In an internal memo to staff, Altman said OpenAI would reallocate resources to further strengthen ChatGPT, delaying other initiatives, including advertising plans.

The rollout of GPT-5.2 is expected to further intensify competition among leading AI developers as the battle for dominance in advanced generative models accelerates.

U.S. Banking Regulator Opens the Door Wider to Crypto as Ripple, Circle Win National Trust Bank Approval

By
Samuel Nwite
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0

Crypto heavyweights Ripple and Circle have moved a step closer to becoming fixtures inside the U.S. banking system after receiving conditional approval from the Office of the Comptroller of the Currency (OCC) to establish national trust banks, a decision that underscores Washington’s accelerating pivot toward formalizing digital assets rather than sidelining them.

The OCC on Friday said it had granted preliminary approval for new national trust bank charters to Circle and Ripple. At the same time, the regulator conditionally approved applications from BitGo, Paxos, and Fidelity Digital Assets to convert their existing state trust bank charters into national ones, a shift that would allow them to operate seamlessly across state lines under federal supervision.

Final approval is still required before any of the firms can begin operating as national trust banks. But the signal from the OCC is remarkable: crypto firms are no longer being treated as fringe financial actors but as institutions capable of fitting, albeit carefully, within the federal banking architecture.

If finalized, the charters would allow the companies to custody digital assets on behalf of clients, provide settlement services, and facilitate faster payments. The licenses stop short of granting full banking powers. The firms would not be permitted to take cash deposits or issue loans, a limitation that keeps them distinct from traditional commercial banks and narrows their systemic footprint.

At present, Anchorage Digital remains the only crypto-native company operating with a national trust bank charter. The OCC oversees about 60 national trust banks in total, many of which focus on fiduciary and custodial services rather than deposit-taking. Bringing multiple crypto firms into that cohort would mark the most significant expansion yet of digital assets into federally regulated banking.

Comptroller of the Currency Jonathan Gould framed the decision as pro-competition and pro-consumer. “New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” he said, signaling the regulator’s belief that innovation and oversight do not have to be mutually exclusive.

However, the move has not gone unchallenged. Traditional banking groups had lobbied the OCC to reject several of the applications, warning that national trust charters could allow crypto firms to benefit from a lighter regulatory regime while engaging in activities that still carry financial stability risks. The Bank Policy Institute, which represents large U.S. banks, said the conditional approvals “leave substantial unanswered questions,” particularly around whether regulatory requirements would be sufficiently tailored to the unique risks posed by digital asset businesses.

Those concerns reflect a long-running tension in U.S. financial policy: how to integrate crypto into the mainstream without repeating the mistakes of under-regulation that have historically amplified systemic shocks. The OCC appears to be drawing a bright line around acceptable risk, at least for now, by confining these firms to trust bank functions and excluding deposit-taking and lending.

The approvals also fit squarely within the broader political shift under President Donald Trump, who has moved aggressively to recast U.S. crypto policy after courting support from the industry during his campaign. Since returning to the office, Trump has pushed for looser regulatory constraints on digital assets, arguing that the United States must not cede technological and financial leadership to other jurisdictions.

Seen through that lens, the OCC’s decision is less a one-off regulatory call and more part of a coordinated effort to pull crypto activity onshore, into supervised channels, rather than allowing it to operate in regulatory grey zones or migrate abroad. National trust bank charters offer crypto firms credibility, uniformity, and access to clients nationwide, while giving regulators clearer visibility into their operations.

The charters could strengthen the claims to being infrastructure providers rather than speculative platforms for companies like Circle, which issues the USDC stablecoin, and Ripple, which has long positioned itself as a payments-focused blockchain firm. Faster settlement, regulated custody, and federal oversight are all attributes that institutional investors and large corporate clients have demanded before deepening their engagement with digital assets.

Still, the conditional nature of the approvals suggests the OCC is proceeding cautiously. Final authorization will likely hinge on governance standards, capital requirements, compliance systems, and how convincingly each firm can demonstrate controls around market, operational, and technology risks.

What is clear, however, is that the regulatory center of gravity is shifting. Rather than asking whether crypto belongs in the U.S. banking system, regulators are now grappling with how to let it in without destabilizing the system they are meant to protect. Friday’s decision does not resolve that debate, but it moves it decisively from the margins to the core of U.S. financial policy.

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