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IP Intelligence Report

Federal Circuit Holds That DTSA Statute of Limitations Starts Running When Plaintiff Has Enough Facts to Plead—Not Necessarily to ‘Prove’—a DTSA Claim

Blockchain Monitor

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Weekly Blockchain Blog – June 15, 2026

BakerHostetler adds seasoned international tax attorneys Richard Slowinski and Stefanie Kavanagh

Nicholas Mowbray Provides Insights on Energy Credits’ Foreign Debt Limits to Law360

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<a href="#tokenized">Major Global Banks Launch Tokenized Deposit Network, Stablecoin Initiatives</a>

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<a href="#crypto">Crypto Products Launched by Derivative Markets, Fintechs, Wallet Providers</a>

<a href="#occ">OCC Interpretive Letter Clarifies National Trust Banks Don’t Need State MTLs</a>

<a href="#genius">State Bank Org and NY DFS Publish GENIUS Comments and Proposed Rules</a>

<a href="#newyork">New York DFS and European Banking Authority Sign Stablecoin MOU</a>

<a href="#doj">DOJ Enforcement Action Targets Crypto Money Laundering Scheme</a>

<a href="#humanity">Humanity Protocol Loses $32 Million; Investigator Alleges Staged Incident</a>

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Major Global Banks Launch Tokenized Deposit Network, Stablecoin Initiatives

By <a href="https://www.bakerlaw.com/professionals/ariana-dindiyal/">Ariana Dindiyal</a>

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In a recent press release, a group of more than a dozen major global banks, including the largest banks in the U.S., announced “a landmark digital payments initiative that will connect on-chain activity with traditional payment rails and enable clearing and settlement of tokenized commercial bank money at scale.” According to the press release, the initiative “will combine the existing regulatory, operational, and settlement frameworks of established payment market infrastructure with the programmability and interoperability of blockchain-enabled financial activity” and “modernize money movement across emerging chain networks” through a trusted and interoperable payment infrastructure.

The press release notes that the new initiative will be operated by The Clearing House, “a U.S.-based payments company that provides critical payment networks and is owned by 25 of the nation’s largest financial institutions.” The release further notes that the initiative will deliver on-chain clearing and the settlement of tokenized deposits between banks within the established banking framework, supporting automated workflows, richer transaction data and around-the-clock settlement, as well as a connectivity layer that links blockchain-based activity with established fiat rails to facilitate movement between digital and traditional commercial bank money.

Separately, a global payments technology company announced its collaboration with a stablecoin infrastructure platform to evaluate support for a stablecoin payment option on the Canton Network. Unlike many public blockchain networks, Canton is designed to allow participants to transact on shared infrastructure while limiting the visibility of sensitive transaction information. The payments technology company enabled stablecoin settlement options years ago and continues to expand capabilities. According to a press release, through this collaboration, the companies will test how privacy-preserving infrastructure can be applied to real-world institutional payment flows.

For more information, please refer to the following links:

<a href="https://www.prnewswire.com/news-releases/major-financial-institutions-unveil-bank-led-on-chain-money-initiative-302792661.html?utm_source=substack&amp;utm_medium=email">Major Financial Institutions Unveil Bank-Led On-Chain Money Initiative</a>

<a href="https://www.businesswire.com/news/home/20260604753418/en/Visa-and-Brale-Explore-Private-Stablecoin-Settlement-for-Institutional-Payments">[] and [] Explore Private Stablecoin Settlement for Institutional Payments</a>

Crypto Products Launched by Derivative Markets, Fintechs, Wallet Providers

By <a href="https://www.bakerlaw.com/professionals/jackson-polish/">Jackson Polish</a>

A major global derivatives marketplace recently announced that it “launched 24/7 trading for Cryptocurrency futures and options.” According to the press release, the expanded trading hours “mark a significant milestone in providing global market participants with always-on access to regulated digital asset risk management tools.” In its inaugural weekend, “more than 7,200 Cryptocurrency futures and options contracts were traded” for an estimated $50 million in notional value, which the derivatives marketplace views as “demonstrating immediate liquidity and clear demand for transparent, trusted markets.”

In other news, Circle, the issuer of the USDC stablecoin, announced that “cirBTC is now live on Ethereum, bringing wrapped bitcoin (BTC) collateral into one of the deepest onchain financial markets.” According to the press release, cirBTC provides a “practical expansion of bitcoin utility” whereby “[n]ative BTC can remain safeguarded while cirBTC moves through smart contract markets.” Circle explains that “cirBTC is designed to provide ongoing visibility of BTC reserves through Chainlink Proof of Reserve,” which “allows counterparties to independently review holdings directly on the Bitcoin blockchain.”

And in a final notable item, a major self-custodial wallet provider, MetaMask, announced that it “launched MetaMask Agent Wallet, a fully self-custodial agent wallet that lets AI agents trade autonomously without forcing users to give up control.” According to a press release, the MetaMask Agent Wallet ensures that “[e]very transaction is automatically analyzed, and security-checked before it lands, protected by MetaMask’s Transaction Protection, and the agent operates inside user-defined limits.” The press release highlights that “MetaMask Agent Wallet raises the security standard for agent wallets,” considering, “[a]s part of its security stack, transactions … deemed safe are guaranteed against loss up to $10,000” while “any transaction flagged as malicious or that falls outside the user’s policy … requires human approval.”

<a href="https://www.cmegroup.com/media-room/press-releases/2026/6/01/cme_group_announceslaunchof247cryptocurrencyfuturesandoptionstra.html?utm_source=substack&amp;utm_medium=email">[] Group Announces Launch of 24/7 Cryptocurrency Futures and Options Trading</a>

<a href="https://www.circle.com/blog/cirbtc-is-now-live-on-ethereum">cirBTC Is Now Live on Ethereum</a>

<a href="https://metamask.io/news/metamask-launches-agent-wallet-giving-ai-agents-full-defi-access-with-default-security-on-every-transaction">MetaMask launches Agent Wallet, giving AI agents full DeFi access with default security on every transaction</a>

OCC Interpretive Letter Clarifies National Trust Banks Don’t Need State MTLs

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a><a href="https://www.bakerlaw.com/VeronicaReynolds"></a>

The U.S. Office of the Comptroller of the Currency (OCC) recently published OCC Interpretive Letter #1192 (the Letter), which clarifies that a national trust bank “may conduct federally authorized activities in any state without having a state money transmitter license, regardless of whether the Bank satisfies a state law exemption from the licensing requirement.”

The Letter was issued in the context of a digital assets company that initially operated as a New York-chartered limited liability trust company and that also held money transmitter licenses (MTLs) in many states, including Iowa. On Dec. 12, 2025, the OCC approved the company’s application to convert to an uninsured national trust bank. Under the OCC national trust bank charter, the company provides cryptocurrency custody, trade execution services and related services, including (a) digital asset custodial accounts; (b) transfer of asset services; (c) custodial cash accounts; (d) digital asset trade execution services; (e) digital asset services for individual retirement accounts; (f) settlement as a service; (g) collateral agency services; and (h) digital asset reporting. Pursuant to its OCC national trust bank charter, the company also intends to issue its own stablecoin, provide staking services and provide asset management services to affiliates.

Concurrent with its conversion to a national trust bank, the company informed the Iowa Division of Banking that it was surrendering its Iowa MTL. The Iowa Division of Banking noted that Iowa state law exempts banks and trust companies from MTL requirements only if the bank or trust company has federally insured deposits, which national trust banks do not.

In the Letter, the OCC confirmed that its approval of the company’s application to convert to a national trust bank vested the company with federal authority to engage in fiduciary and non-fiduciary activities on a national basis. According to the Letter, therefore, the company’s exercise of this authority is not contingent on receiving additional permission from Iowa, via a license or otherwise, even if these activities constitute money transmission under state law. The Letter further noted that the application of Iowa’s MTL requirements to the national trust bank clearly prevents or significantly interferes with the national trust bank’s exercise of its federally authorized powers and, as such, is preempted by the National Bank Act.

For more information, please refer to the following link:

<a href="https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/int1192.pdf">OCC Interpretive Letter #1192: Applicability of State Money Transmitter Licensing Requirements</a>

State Bank Org and NY DFS Publish GENIUS Comments and Proposed Rules

By <a href="https://www.bakerlaw.com/RobertAMusiala">Robert A. Musiala Jr.</a>

The Conference of State Bank Supervisors (CSBS) recently published its comments on the U.S. Department of the Treasury’s proposed principles for determining whether a state-level regulatory regime is substantially similar to the federal regulatory framework under the GENIUS Act. According to a press release, among other topics, the CSBS comment letter highlights that while Congress directed Treasury to establish principles for determining substantial similarity of a state regime with the federal framework, the GENIUS Act’s use of the term “similarity” – not uniformity, consistency or another term implying closer alignment – reflects the congressional expectation that states may and will make choices that vary from the way that federal regulators implement the GENIUS Act. 

In related news, the New York State Department of Financial Services (DFS) recently announced “a proposed regulation to build on New York’s first-in-the-nation stablecoin framework in accordance with federal regulations under the GENIUS Act.” According to a DFS press release, the proposed rule “includes the Department’s prior requirements for stablecoins backed by the U.S. dollar that are issued under DFS oversight, including for backing and redeemability, permissible reserves, and independent audits.” Additionally, according to the press release, “[t]he regulation … also addresses new federal provisions, including setting maximum amounts of reserves that can be held at any one custodian and requiring entities to adopt risk management programs addressing internal controls, information security, an internal audit system, asset growth, earnings, insider and affiliate transactions, and service provider arrangements.”

<a href="https://www.csbs.org/node/577381">GENIUS Act Implementation: Treasury Proposed Principles for State Regime Substantial Similarity</a>

<a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260609">New York State Department of Financial Services Builds on Nation-Leading Stablecoin Framework in New Proposed Regulation</a>

New York DFS and European Banking Authority Sign Stablecoin MOU

The European Banking Authority (EBA) and the New York State Department of Financial Services (DFS) each issued separate announcements related to a recently signed memorandum of understanding (MOU) between the agencies that “aims to strengthen cooperation in the supervision of entities engaged in cross-border stablecoin activities.” According to the EBA press release, “[t]he MoU establishes principles and procedures to facilitate information exchange and the coordination of supervisory activities related to stablecoins issued in both [] New York State and the European Union, including by entities directly supervised by the EBA under MiCA. It also provides a framework for mutual assistance in ongoing supervision, as well as timely coordination in crisis or emergency situations.”

The DFS press release noted, “The MOU is intended to enhance the supervision of entities engaged in stablecoin activities, identify market trends and risks, and promote the integrity of the stablecoin market.” The DFS press release also noted that the “MOU relates only to the stablecoin-related activities of supervised entities, and not to other activities that supervised entities may undertake.”

<a href="https://www.eba.europa.eu/publications-and-media/press-releases/eba-and-new-york-state-department-financial-services-sign-memorandum-understanding-foster">The EBA and the New York State Department of Financial Services sign a Memorandum of Understanding to foster cooperation in the supervision of international stablecoin activities</a>

<a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260601">New York State Department of Financial Services and European Banking Authority Sign MOU to Enable Cross-Border Collaboration on Stablecoin Activity</a>

DOJ Enforcement Action Targets Crypto Money Laundering Scheme

By <a href="https://www.bakerlaw.com/professionals/om-m-kakani/">Om M. Kakani</a>

According to a U.S. Department of Justice (DOJ) press release, a Newcastle, Washington man was sentenced June 9 to five years in federal prison after pleading guilty to conspiracy to commit money laundering. The DOJ stated that the defendant facilitated an overseas investment fraud scheme by receiving funds from victims through accounts he controlled and forwarding those proceeds to co-conspirators using both traditional bank transfers and cryptocurrency. According to the DOJ, the scheme involved representations that victims were investing in oil and gas projects, including oil tank storage in Rotterdam, Netherlands, and Houston, Texas, with promised returns tied to leasing those assets.

The press release stated that, between approximately August 2022 and August 2024, the defendant established multiple business entities and opened numerous bank and cryptocurrency exchange accounts to process victim funds, which authorities identified as fraud proceeds. Once deposited, the funds were moved through a series of accounts, transferred offshore or converted into cryptocurrency – including bitcoin, ethereum, tether and USD coin – before being routed to accounts controlled by individuals abroad. Authorities reported that nearly $100 million passed through these accounts as part of the scheme and the defendant received commissions for his role in facilitating the transfers.

<a href="https://www.justice.gov/usao-wdwa/pr/newcastle-washington-man-sentenced-5-years-prison-helping-overseas-fraudsters-smuggle">Newcastle, Washington man sentenced to 5 years in prison for helping overseas fraudsters smuggle their proceeds via money transfers and bitcoin</a>

Humanity Protocol Loses $32 Million; Investigator Alleges Staged Incident

By <a href="https://www.bakerlaw.com/professionals/amos-kim/">Amos Kim</a>

According to a recent report, Humanity Protocol, an identity verification network, suffered a breach resulting in the loss of more than $32 million after 17 addresses holding its native H token were emptied. Consequently, the token’s value plunged by nearly 90 percent. The protocol’s founder attributed the incident to a compromised private key belonging to a Humanity Foundation member. However, according to the report, the attacker quickly swapped approximately $23.7 million of the stolen value into ether and subsequently minted an additional 100 million H tokens on the BNB Chain, converting those holdings into 18,510 ether and 1,548 BNB. The report notes that critics questioned how an attacker with a single compromised key could issue new token supply, a power that typically rests with project administrators.

Following the breach, pseudonymous on-chain investigator ZachXBT doubted the official narrative. According to the report, ZachXBT characterized the incident as “possibly staged” and stated he was “not buying the team’s story,” calling it “a convenient way for the active market maker to have exited.” The investigator further accused the project team of choosing to “crime pump” the token for weeks with zero fundamentals. As the report explains, this allegation shifts the focus of the episode from a security failure to a potential insider exit, though no independent confirmation of staging has been found.

<a href="https://news.bitcoin.com/humanity-protocol-exploit-zachxbt-staged/">Humanity Protocol Loses $32M in Private Key Hack as ZachXBT Calls Incident ‘Possibly Staged’</a>

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