The White House will hold a meeting with cryptocurrency companies and banks at 1:00 p.m. U.S. Eastern Time on Feb. 2 (2:00 a.m. Beijing Time on Feb. 3) to discuss disagreements over stablecoin yields within the CLARITY Act framework, BlockBeats reports.

Hong Kong's Monetary Authority has received 36 applications to operate as fiat stablecoin issuers and aims to grant the first batch of licences in March, chief executive Eddie Yue said on Feb. 2. The HKMA is reviewing submissions and has asked some applicants for more details on use cases, risk management and reserve asset composition. Yue said the initial batch will "definitely not be large" as the authority prioritises prudence and stability while refining its virtual asset regulatory framework.

Coinbase CEO Brian Armstrong has become a leading adversary of Wall Street's traditional financial giants amid sharp tensions over crypto regulation, The Wall Street Journal reported on Feb. 2. Armstrong and bank executives including JPMorgan Chase's CEO diverge on the Cryptocurrency Market Structure Bill (CLARITY Act), as banks fear higher stablecoin yields could divert $6.6 trillion in deposits and hurt lending. Armstrong argues for free-market competition and accuses banks of blocking rivals, while Stripe CEO Patrick Collison commented that Armstrong's stance appears misaligned with Coinbase's narrow interests in a world that bans yield-sharing on USDC. Collison said he believes Armstrong's position is driven by a belief in dynamic, competitive markets that safeguard consumer freedom, and Armstrong reposted the remarks, stating he seeks the best social outcome and views the issue as a positive-sum game where crypto firms and traditional finance can both win.

Hang Seng Gold ETF began trading on the Hong Kong Stock Exchange on Jan. 31 as the first physical gold ETF in Hong Kong allowing retail investors to redeem directly through banks, Caixin reports. Financial Services and the Treasury Bureau Secretary Christopher Hui said at the 19th Asian Financial Forum the ETF is also planning distribution through licensed digital asset trading platforms. Hang Seng Investment Management Director and CEO Rosita Lee said the ETF's tokenized, non-listed class is in final testing and is expected to launch in the first quarter of 2026 with access open to retail investors at a lower minimum investment, offering only USD-denominated units without physical gold redemption.

The Securities and Exchange Commission said on Jan. 31 it is operating under its lapse-in-appropriations contingency plan after federal funding expired amid a partial U.S. government shutdown, BlockBeats reports. Only minimal staff will remain on duty from Jan. 31, 2026, until further notice.

The US Treasury's Office of Foreign Assets Control sanctioned digital asset platforms Zedcex Exchange and Zedxion Exchange on Jan. 31 for links to Iranian businessman Babak Morteza Zanjani, BlockBeats reports. Zedcex has processed over $94 billion in transactions since its August 2022 registration, with multiple addresses on both platforms previously handling funds for wallets tied to Iranian official entities. OFAC also sanctioned Iran's Interior Minister Eskandar Momeni Kalagari and several other Iranian officials.