Launchy Regulatory Roundup #76 - Crypto Jumps as Supreme Court Strikes Down Trump Tariffs
SEC Eases Stablecoin Capital Rules for Brokers
Marco Manoppo & Muhammad Reynaldi Ariananda Arkiang
February 22, 2026
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Welcome to our 76th edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!
In Today's Edition:
Headline: Crypto Jumps as Supreme Court Strikes Down Trump Tariffs 👀
Global Legal Roundup
Case Study: SEC Eases Stablecoin Capital Rules for Brokers 🔎
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HEADLINE
Crypto Jumps as Supreme Court Strikes Down Trump Tariffs
State of play: Crypto markets rallied after the US Supreme Court ruled that President Trump lacked authority to impose sweeping global tariffs under the International Emergency Economic Powers Act.
Bitcoin rose 1.75% to around $67,769, while Ethereum gained over 2%, Solana climbed more than 4%, and XRP added 1.55%.
Crypto related stocks, including Coinbase and Fold, also moved higher.
Analysts suggest the ruling could weaken the dollar and Treasuries while benefiting risk assets like stocks and crypto.
Some market watchers argue reduced tariff revenues may accelerate monetary expansion, reinforcing Bitcoin’s narrative as an inflation hedge.
What’s Next: Watch if the White House responds with new trade tools. For markets, it is about levels now.
Why it Matters: Tariffs were a macro risk overhang. Removing them can weaken the dollar and support risk assets. Less tariff revenue could also mean bigger deficits, which feeds the liquidity narrative.
Our Take: If liquidity expectations build, crypto benefits. But without a clean push above $70K, this is just positioning, not a new cycle.
GLOBAL LEGAL ROUNDUP
America:
🇺🇲 Crypto lobby forms working group seeking prediction market clarity.
🇺🇲 Democrats question Bessent over OCC review of WLFI’s bank charter.
🇺🇲 Judge blocks state enforcement against Kalshi with preliminary injunction.
🇺🇲 CFTC claims exclusive federal authority over prediction markets in new brief.
🇺🇲 Peirce & Atkins outline 'incremental' path forward for tokenized securities.
Europe:
🇳🇱 Dutch authorities call on Polymarket arm to cease activities.
APAC:
CASE STUDY
SEC Eases Stablecoin Capital Rules for Brokers
State of play: SEC now allows broker dealers to apply a 2% haircut to certain proprietary stablecoin positions instead of treating them as fully risky assets. Previously, some firms applied a 100% haircut, making stablecoin holdings inefficient.
The move effectively puts qualifying stablecoins closer to money market fund treatment, lowering capital friction and improving their viability inside traditional broker dealer frameworks.
Commissioner Hester Peirce said stablecoins can expand broker activity in tokenized securities and crypto markets.
Industry participants view the guidance as a meaningful step toward integrating stablecoins into mainstream financial infrastructure, alongside broader efforts such as Project Crypto and the GENIUS stablecoin framework.
Our Take: A 2% haircut signals regulators are comfortable treating high quality stablecoins closer to cash equivalents. Lower capital charges make stablecoins more usable inside broker balance sheets and tokenized markets.
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