🚨JUST IN: HSBC AND STANDARD CHARTERED SET FOR HONG KONG STABLECOIN LICENSESBanking giants HSBC and Standard Chartered are expected to receive the first stablecoin licenses in Hong Kong, according to South China Morning Post.Reports say both banks could be in the initial approval batch.The licenses fall under a new regulatory framework. Firms must obtain approval before issuing stablecoins.Authorities plan to prioritize note-issuing banks. Approvals could arrive as early as late March. ...

The Hyperliquid Policy Center has launched in Washington, D.C., with Jake Chervinsky as its first CEO, aiming to advance DeFi adoption in the U.S. and shape related legislation. The center will focus on promoting a regulatory framework for perpetuals (perps), which it argues are simpler than options and futures and offer direct asset exposure, though they are currently traded mainly on offshore exchanges. An affiliated Hyperliquid foundation donated 1 million HYPE tokens (worth about $28 million) to fund it ...

LATEST: 🏦 The CFTC has expanded eligible stablecoin issuers to include national trust banks, correcting an unintended omission from its December guidance and aligning with the GENIUS Act regulatory framework. https://t.co/kMzRr7lQYa ...

So yesterday was a very big day for crypto. We had a ton of new updates from the SEC CFTC harmonization event which was US financial leadership in the crypto era. And then we also got a ton of big updates regarding the Clarity Act.In this video I want to go over a lot of things because again we have so many big updates. Uh but let's first start off with of course the SEC and the CFTC harmonization event. So we have here that the SEC chairman Paul Atkins and CFTC chairman Michael Sleg will hold a joint event ...

Group 1 - The cryptocurrency market has transitioned from a niche, loosely regulated space to a mainstream market with tighter regulations, leading to the rise of blue chip tokens like Bitcoin and Ether while many smaller meme coins have declined [1] - A new regulatory framework for the cryptocurrency market has been drafted by U.S. senators, which, if enacted, would clarify the classification of crypto tokens and shift regulatory authority to the Commodity Futures Trading Commission (CFTC) from the Securities and Exchange Commission (SEC), potentially attracting more retail and institutional investors [2] - There is an anticipated shift in investor interest from traditional cryptocurrencies to stablecoins and tokenized real-world assets, which could enhance market participation but may also divert attention from more speculative tokens [3]

Core Thesis - Edison International (EIX) presents a bullish investment opportunity following a significant share price decline due to concerns over potential liabilities from the Eaton Fire, despite a 37% sell-off being viewed as excessive given the company's strong regulated-utility model and financial protections in California [2][6]. Company Overview - Edison International operates primarily through Southern California Edison (SCE), one of the largest regulated electric utilities in the U.S., earning returns through CPUC-approved rate base investments rather than electricity sales [3]. - SCE has a 10.33% authorized return on equity (ROE), one of the highest in the industry, supported by multi-year rate case decisions focused on grid modernization, wildfire mitigation, and clean energy infrastructure [3]. Financial Performance and Outlook - Despite limited customer growth, California's strong commercial economy and increasing power demand support sustained capital deployment, leading to a management outlook of 5-7% EPS growth and long-term dividend expansion [4]. - The company benefits from California's Wildfire Fund, which caps SCE's exposure to wildfire liabilities at $3.9 billion, fully recoverable through the fund, thus mitigating concerns over wildfire liabilities [5]. Investment Opportunity - The stock is considered undervalued with an implied value of $79.11, representing a 43.1% upside from current levels, making it a compelling risk-adjusted investment opportunity as liabilities become clearer and investor confidence returns [6].

Financial Data and Key Metrics Changes - The company reported third-quarter adjusted earnings of $2.03 per share, a slight increase from $2.02 per share a year ago, driven by a recovery of regulated investments and growth in weather-normalized demand [5][26] - Year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago, leading to a narrowed 2025 adjusted EPS guidance range of $3.92-$4.02 per share from the original range of $3.92-$4.12 per share [5][28] - The lower midpoint of guidance is primarily due to weather headwinds impacting results by $0.13 per share [5] Business Line Data and Key Metrics Changes - Weather-normalized demand increased by 2% in the third quarter compared to the previous year, supported by increases in both residential and commercial usage [27] - The recovery of regulated investments contributed an additional $0.11 to EPS, while higher depreciation and interest expenses led to a $0.07 decrease in EPS [26] Market Data and Key Metrics Changes - The unemployment rates in Missouri, Kansas, and the Kansas City metro area remain below the national average of 4.3%, supporting robust customer demand in service areas [27] - The company has a strong economic development pipeline with opportunities exceeding 15 GW, indicating a robust backlog relative to its size [9][10] Company Strategy and Development Direction - The company is focused on a five-year capital investment plan that includes expected generation investments to meet growing demand and regulatory requirements [9][32] - The strategy emphasizes affordability and competitiveness, with a commitment to maintaining a lower rate trajectory compared to regional peers [21][23] - The company aims to attract large new customers through a proposed large load power service tariff that ensures they pay a fair share of system costs [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, bolstered by economic development opportunities and necessary investments [6][30] - The company anticipates significant load growth driven by large data center projects, with expectations of 4-5% annual load growth through 2029 [31][34] - Management highlighted the importance of collaboration with stakeholders to advance regulatory frameworks that support growth [20][19] Other Important Information - A 4% increase in the quarterly dividend to $2.78 per share was announced, aligning with the updated growth outlook [8] - The company is nearing completion of its 27th refueling outage at Wolf Creek, which generates around 1,200 MW of non-carbon emitting energy [8] Q&A Session Summary Question: What are the priorities for the 2026 Missouri legislative session? - Management indicated that the focus will be on implementing elements of SB4-related rulemakings, with expectations for a lighter legislative calendar in 2026 [40][41] Question: How will the growth rate profile look in the upcoming capital plan? - Management refrained from providing specifics but indicated that the updated financial plan will outline the relationship between load growth and capital investments [42][43] Question: How much competition exists in attracting large loads within the service territory? - Management noted strong collaboration between Kansas and Missouri, with legislative truces in place to mitigate competition for economic development [50][51] Question: How much of the $17.5 billion capital expenditure is subject to typical rate case filings? - Management explained that all investments are subject to reviews, with mechanisms in place to mitigate regulatory lag [52][53] Question: What is the impact of the Lambda data center on sales growth? - Management clarified that the Lambda project is expected to contribute to load growth, with further quantification to be provided in future updates [62][64] Question: What is the status of the LLPS tariff discussions? - Management confirmed a unanimous settlement agreement in Kansas and a partial settlement in Missouri, with decisions expected soon [70][71] Question: How will the financing plan be impacted by new agreements? - Management indicated that cash flows from new customers could significantly improve operations, potentially reducing equity funding needs [84][85]

Financial Data and Key Metrics Changes - The company reported an underlying operating profit of GBP 2.3 billion, a 13% increase year-on-year, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [12][25] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operating performance despite higher finance costs [12][25] - Cash generated from continuing operations increased by 35% to GBP 3.6 billion, attributed to improved profitability and favorable working capital movements [32] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects [26][28] - U.K. electricity transmission saw an underlying operating profit increase of GBP 122 million to GBP 846 million, supported by higher allowed revenues [28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue from network upgrades [29] Market Data and Key Metrics Changes - Capital investment in the first half reached GBP 5.1 billion, a record level and up 12% year-on-year [12][26] - U.K. electricity transmission capital investment increased by 31% to GBP 1.7 billion, reflecting ongoing investments in substations and ASTI projects [28][17] - In New England, capital investment rose by 23% to GBP 1 billion, driven by asset condition improvements and smart meter installations [22] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [3][6] - There is a commitment to operational excellence and capital discipline, with a target of 10% annual investment growth and 6%-8% underlying earnings per share growth [6][12] - The company is actively engaging with regulators and policymakers to support infrastructure development and accelerate economic growth [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver a compelling investment proposition, supported by strong regulatory backing and policy developments [6][9] - The company is well-prepared for winter, with electricity margins forecasted at around 10%, the highest since 2019 [14] - Management highlighted the importance of maintaining momentum and focusing on performance amidst challenges and opportunities in the energy sector [4][5] Other Important Information - The interim dividend declared is GBP 16.35 per share, representing 35% of the previous year's full-year dividend [12][26] - The company has achieved over GBP 100 million in synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][28] - The transition to a more balanced geographical footprint, with over three-quarters of operations now in electricity, reflects a successful portfolio repositioning [38] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated ongoing discussions with Ofgem regarding the investment framework and the need for a higher base return, supported by recent regulatory developments [41][43][44] Question: Net debt guidance and working capital effects - The company provided clarity on net debt guidance, indicating a modest increase due to transaction proceeds and working capital improvements [41][46][47] Question: U.K. electricity distribution operational performance - Management confirmed that operational performance is on track for the year, with expectations to reach closer to 100 basis points by the end of the ED2 period [49][50][51] Question: Sufficiency of allowances for maintenance - Management affirmed that past allowances have been sufficient to maintain network reliability, with a focus on ensuring future regulatory frameworks support necessary capital expenditures [54][55][56] Question: Infrastructure investment and planning regime - Management emphasized the need for stable fiscal and regulatory frameworks to facilitate efficient infrastructure investment across the U.K. [56][57] Question: Update on network windfalls and TOTEX uncertainty - Management clarified that there have been no windfall profits and discussed the expected clarity on TOTEX numbers as new connection offers are issued [59][63][64]

Financial Data and Key Metrics Changes - The underlying operating profit increased by 13% to GBP 2.3 billion, driven by higher regulatory revenues in both the U.K. and U.S. electricity transmission businesses [13][25][26] - Underlying earnings per share rose by 6% to GBP 29.8, reflecting strong operational performance despite higher finance costs [26][32] - The company achieved a record capital investment of GBP 5.1 billion, up 12% year-on-year at constant currency [13][26] Business Line Data and Key Metrics Changes - In U.K. electricity distribution, underlying operating profit decreased by GBP 22 million to GBP 551 million due to lower revenues from Ofgem's real price effects mechanism [26][27] - U.K. electricity transmission saw an increase in underlying operating profit by GBP 122 million to GBP 846 million, supported by higher allowed revenues [26][28] - In the U.S., New York's underlying operating profit increased by GBP 167 million to GBP 443 million, driven by higher net revenue and recovery of previously unremunerated costs [28][29] Market Data and Key Metrics Changes - Capital investment in the U.S. reached GBP 1.6 billion, up 5%, reflecting increased maintenance replacement expenditure [21][29] - In New England, capital investment increased by 23% to GBP 1 billion, driven by asset condition and system capacity investments [23] Company Strategy and Development Direction - The company is focused on a GBP 60 billion capital investment plan aimed at future-proofing networks and meeting growing energy demand [4][6] - There is a commitment to operational excellence and capital discipline while delivering for customers and creating shareholder value [5][6] - The company is actively engaging with government and industry to support the development of AI infrastructure and data centers in the U.K. [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver a compelling investment proposition with expected investment growth around 10% per annum and underlying earnings per share growth of 6%-8% [6][13] - The company is well-prepared for winter with plans in place to ensure reliability and safety across networks [14] - Management highlighted the importance of regulatory support and policy developments in facilitating future investments [10][11] Other Important Information - The board declared an interim dividend of GBP 16.35 per share, representing 35% of last year's full-year dividend [26] - The company achieved over GBP 100 million of synergy savings six months ahead of target following the U.K. electricity distribution acquisition in 2021 [15][27] Q&A Session Summary Question: T3 expectations and dialogue with Ofgem - Management indicated that they are focused on the overall investable framework and the workability of the regulatory framework, advocating for a higher base return [40][41][42] Question: Net debt guidance - The net debt guidance improved, with a projected increase of around GBP 1 billion for the full year, accounting for disposals and working capital effects [43][44] Question: U.K. electricity distribution operational performance - Management confirmed that performance is on track for the year, guiding towards 50 basis points and aiming for closer to 100 basis points by the end of ED2 [45][46][47] Question: Ofgem price controls and maintenance allowances - Management expressed satisfaction with past allowances, noting continued delivery of world-class reliability and a resilient network [49][50] Question: Infrastructure investment in the U.K. - Management emphasized the need for stable fiscal and regulatory frameworks and improvements in the planning regime to facilitate efficient infrastructure development [51][52] Question: Select committee focus on network windfalls - Management clarified that they have not received windfall profits and that Ofgem has already addressed this issue [53][54] Question: RIIO-T3 TOTEX expectations - Management indicated that the GBP 35 billion TOTEX is contingent on the speed of connections and that clarity will improve as new connection offers are made [56][57]

Core Perspective - Coinbase aims to evolve into a financial "super app" that integrates crypto with a wide range of financial services beyond traditional banking [1][4]. Group 1: Strategic Vision - The long-term goal of Coinbase is to replace traditional banking services, providing a comprehensive application for spending, savings, payments, and investing [3][4]. - Coinbase has already launched a credit card that offers 4% back in bitcoin, showcasing its commitment to integrating crypto into everyday financial transactions [3]. Group 2: Regulatory Environment - There is a growing momentum in Congress for establishing regulatory frameworks for the crypto industry, which is seen as beneficial for Coinbase's ambitions [2][5]. - The recent passage of the "Genius Act" and ongoing discussions about a market-structure bill are pivotal for defining regulations around tokens like bitcoin and ether [5][6]. Group 3: Industry Challenges - Armstrong highlighted the need to overcome lobbying efforts from big banks that seek to restrict crypto rewards programs, arguing that such rewards are akin to traditional loyalty programs [6][7]. - The clarity in regulations could help resolve past conflicts with regulators, who previously treated crypto tokens as unregistered securities [6].