On May 20, 2026, US President Donald Trump signed an executive order directing the Federal Reserve to review whether crypto and fintech firms should be allowed direct access to US payment rails via Reserve Bank "master accounts." The order also calls for agencies to roll back rules deemed overly restrictive to fintech and blockchain payments, and requests a report within 120 days on expanding access under the Fed's payment and settlement services.

The U.S. Office of the Comptroller of the Currency’s clearance of national trust charters tied to Coinbase, Ripple, Bitgo and other digital-asset firms has widened a regulatory dispute involving Sen. Elizabeth Warren. On May 19, Bitgo CEO Mike Belshe published an open letter arguing that fiduciary custody keeps client assets segregated in bankruptcy-remote accounts and does not involve deposits or lending. He also said stablecoin reserves are held in full and supported by twice-monthly attestations plus quarterly and annual audits.

Securitize said it delivered record quarterly revenue of $19.48 million for the three months ended March 31, 2026, up 39% year over year, as asset servicing fees rose sharply. The firm also highlighted NYSE Digital roles and continued growth linked to tokenized funds such as Blackrock's BUIDL, alongside $3.4 billion in tokenized AUM at quarter-end and a net loss of $7.93 million.

Ethena's latest reserve dashboard update dated 20 May shows USDe's backing tilting toward DeFi lending and liquid stablecoin reserves, indicating a more conservative posture than earlier derivatives-heavy yield tactics. DeFi lending represents about 47.7% (around $2bn) of backing, while liquid stablecoins make up about 52.7%, alongside a reported 101.55% backing ratio versus roughly $4.45bn USDe supply.

Wintermute has unveiled Armitage, a DeFi vault-curation platform built to apply institutional-style trading, liquidity, and risk controls to onchain lending. Two USDC-denominated vaults are already live on Morpho, with plans to expand to more chains and lending venues. Wintermute says it processes over $10 billion in average daily trading volume across 70+ venues and 10 blockchain networks.

Tokenized exchange-traded funds (ETFs) reached a new high in participation on May 20, with unique holders rising 11,803% year over year. Holder count stood near 44,400 at press time versus 373 a year earlier, while the sector's market cap was about $437.6 million and activity centered mainly on Solana, BNB Chain, and Ethereum.

On May 19, 2026, the U.S. Securities and Exchange Commission proposed wide-ranging rule changes affecting registered securities offerings and public-company reporting. The agency said the package aims to modernize U.S. public capital markets, lower compliance friction for issuers, and preserve investor protections. Key elements include broader shelf-offering eligibility, expanded communication and research flexibility, and reporting relief that the SEC said could apply to about 81% of current public companies.

On May 19, 2026, the U.S. Commodity Futures Trading Commission sued Minnesota to stop a newly enacted law that would make operating or helping run a prediction market a state felony. The agency said it is seeking a preliminary injunction to prevent the statute from taking effect on Aug. 1 and argues the measure conflicts with the federal derivatives framework under the Commodity Exchange Act.