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| MARKETS — as of Oct 28, 6:24 AM ET |
Equity futures S&P7,765+0.08% Nasdaq29,920+0.36% Dow52,434-0.28% Rates 2-Year4.75%+1 bps 10-Year5.01%+2 bps SOFR3.93%+1 bps Credit & risk High Yield3.30%-8 bps Crude101.65+1.75% Bitcoin$81,431+0.78%
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Wednesday, October 28 · Lead Ripple National Trust Bank gains final OCC approval amid partner expansion Ripple National Trust Bank now holds final approval from the Office of the Comptroller of the Currency (OCC). On October 27, Ripple began lining up the institutions that will use it. BNY expanded its custody work for Ripple, and Robinhood agreed to use RLUSD, Ripple's dollar stablecoin, to settle institutional transactions. The approval completes the conditional approval Ripple received in December 2025. Once operating, the bank will manage the reserves backing RLUSD and provide fiduciary custody of digital assets. The Independent Community Bankers of America (ICBA) said it opposes the approval. RLUSD's market value tops $2.5 billion. | ▸ | Robinhood and BNY commitments: Robinhood will use RLUSD for institutional settlement, Ripple Treasury for cash management and Ripple Prime for financing, said Johann Kerbrat, general manager of Robinhood Crypto. BNY's expanded agreement adds custody support for XRP and RLUSD, and the two firms described plans for tokenized trade finance. Ripple President Monica Long said stablecoins are increasingly used for corporate payments and capital markets, not only trading. A national trust bank is uninsured; it takes no deposits and makes no loans. The bank has not yet opened. |
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+5
Mildly Favorable
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30-day trend
Oct 28, 6:00 AM ET
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REGULATORY DEVELOPMENTS The Comptroller used an October 27 speech to make the stablecoin rule's case to community banks. Other actions this week reached closer to the teller line. Twenty-one states asked a court to restore beneficial ownership reporting. The Commodity Futures Trading Commission (CFTC) took its prediction-market fight to federal court; Utah is now a defendant. | ▸ | Gould's pitch to community banks: Comptroller Jonathan Gould told the Ohio Bankers League on October 27 that community banks can issue payment stablecoins through a subsidiary. He also said the OCC will soon begin accepting applications from prospective permitted payment stablecoin issuers (PPSIs). An OCC fact sheet on community-bank concerns says large issuers face a full-scope exam every 12 months, while certain small issuers qualify for an 18- to 24-month cycle. On deposit flight, the agency says the effect remains uncertain and that it is monitoring outflows. Bank deposits may serve as reserve assets. |
| ▸ | States' ownership-reporting suit: Twenty-one attorneys general, led by Oregon, sued Treasury on October 27. They allege that its rule exempting all domestic companies, more than 99.9 percent of the entities originally required to report, effectively repeals the Corporate Transparency Act. The complaint asks the court to vacate the exemptions rule, an interim final rule and Treasury's written concurrences. It also seeks a stay of what it calls the "Data Purge." |
| ▸ | CFTC suit against Utah: The CFTC sued Utah to block state enforcement against CFTC-registered contract markets. The agency argues that Utah's civil actions in state court obstruct Congress's decision to preempt state law. Utah's own action had branded Kalshi's sports contracts as bets. The suit, filed October 27, seeks declaratory and injunctive relief. |
| ▸ | App-scam ruling on Reg E: A federal judge in San Francisco ruled October 22 that the Electronic Fund Transfer Act (EFTA) can cover a scam loss even when the money left by wire. In Chen v. Bank of America, a caller posing as the bank took remote control of Ricky Chen's iPhone over FaceTime and used the bank's app to move $106,000 to a Chase account. Bank of America denied the claim, treating the transfers as wires outside the act. Judge Edward M. Chen held that the debit from the customer's account is a separate intrabank transfer the EFTA covers, and that phone access granted without knowing it gave the fraudster no "actual authority." The order denies the bank's motion to dismiss a putative class action; it is not a final judgment. |
INDUSTRY AND AI SIGNALS | ▸ | Fed decision day: Federal Reserve policymakers announce their rate decision today, and Chairman Kevin Warsh holds a press conference at 2:30 p.m. ET. ABC News said CME FedWatch put the chance of a hold near 90 percent and the odds of a December quarter-point increase at 75 percent. Bank of America's Bhave told CNBC that the Fed should raise rates today. The 10-year Treasury yield stood at 5.01 percent this morning, up 2 basis points. Crude futures rose more than 1 percent to near $101 a barrel; Reuters' Morning Bid tied the climb to reports that the US could resume strikes on Iran after next week's midterms. The 2-year was at 4.75 percent. |
| ▸ | Anthropic's listing and its lenders: Anthropic is targeting the week of November 16 for its Nasdaq listing, The New York Times' DealBook reported. DealBook said Goldman Sachs (lead left) and Morgan Stanley (stabilization agent) stand to earn large underwriting fees. It also described a $63 billion Broadcom chip financing for Anthropic with Bank of America, Blackstone, Citi and Morgan Stanley. That puts lenders' credit, not only fee income, on the AI build-out. Senator Elizabeth Warren is demanding answers from the company on what she called existential risks, the Wall Street Journal reported. |
| ▸ | Large banks' block on outside agents: JPMorganChase, Citi, Bank of America, Wells Fargo and Morgan Stanley are among at least five large banks blocking external AI agents from customer accounts, according to American Banker. A Morning Consult survey for the American Bankers Association found Americans wary of letting agents manage their money and account information. On October 27, Visa said it expects its nearly 50 AI partners in production to double in the coming months. |
POLITICAL & LEGISLATIVE | ▸ | Bessent's fallback on crypto rules: Treasury Secretary Scott Bessent said on October 27, at Ripple's conference, that closer coordination between the Securities and Exchange Commission (SEC) and the CFTC can fill the gap left by the stalled CLARITY Act. He also said dollar-pegged stablecoins could expand demand for US government debt and ease pressure on long-dated yields. Agency rules, unlike a statute, carry an expiry risk, investingLive noted. The bill failed cloture on the motion to proceed, 49–50–1, on September 15. |
WHAT'S COMING | ▸ | A7 Network special measure: Comments on Financial Crimes Enforcement Network's (FinCEN) proposal to prohibit transmittals of funds in transactions involving the A7 Network's sub-agents close November 4, seven days out. Institutions that process those transmittals have until then to raise operational objections. |
ALSO NOTED | ▸ | Lawmakers urged six major US banks not to finance Russian diesel purchases, citing a potential violation of federal law, American Banker said. | | ▸ | The Bank of England has ordered a review of Revolut's product approval process, the Financial Times said. | | ▸ | Fannie Mae added a 36-hour cybersecurity incident reporting window to its requirements, ABA Banking Journal said. | | ▸ | A proposed merger of two Black banks in the Carolinas has drawn a rival purchase offer, American Banker said. | | ▸ | PayPal's third-quarter adjusted earnings per share beat estimates by 8.5 percent, with buy now, pay later volume up 25 percent; Robinhood beat by 5.6 percent, but its crypto revenue fell 55 percent and its shares slipped 4 percent. |
WHAT IT MEANS | ▸ | Ripple's trust bank already has partners in place, and the OCC has not yet opened the issuer queue Gould offered community banks. Gould pointed community banks to a subsidiary route and to deposit reserves as their answer to deposit flight. The OCC has not yet begun taking those applications. Meanwhile Ripple's coin already circulates, and on October 27 it signed a global custodian and a large brokerage. A community bank weighing an application would be entering against an issuer whose distribution is already in place. |
Dates That Matter Deadlines NOV 2
5d | Comments close: Exemption of Debt Obligations Issued by the European Union [SEC] | NOV 2
5d | Effective: Unsafe or Unsound Practices, Matters Requiring Attention [OCC] · Enhanced Transparency and Public Accountability of the Supervisory Stress Test Models [FRB] | NOV 3
6d | Comments close: Transfer Agent Rules [SEC] | NOV 4
7d | Comments close: Proposal of Special Measure Prohibiting the Transmittal of Funds Regarding Transactions [FinCEN] · Extensions of Credit to Insiders [FDIC] · Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks [FRB] | NOV 9
12d | Comments close: Political Contributions by Certain Investment Advisers [SEC] |
Hearings & Events OCT 28
today | FOMC: Federal Reserve interest-rate decision [FED] |
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EARNINGS WATCH
| EPS | $1.45 adj. (GAAP $1.25) vs $1.34 est | | Revenue | $8.6B vs $8.9B est |
Rev growth +2.0% YoY | Op. margin 16.3% | TPV $487.1B | Users 440.0M |
Raised full-year non-GAAP EPS guidance to ~$5.60 from ~$5.38 and reaffirmed GAAP EPS at ~$5.07; third-quarter restructuring charges totaled $178 million. | EPS | $0.60 adj. (GAAP $0.51) vs $0.57 est | | Revenue | $1.4B vs $1.5B est |
Rev growth +12.0% YoY | Margin n/r | TPV n/r | Users 28.7M |
Narrowed 2026 Adjusted Operating Expenses and SBC outlook to $2.675 to $2.75 billion; net income included $67 million unrealized losses, primarily RVI mark-to-market. n/r = not reported in the release: HOOD Margin, TPV. adj. = adjusted (non-GAAP), the basis of the consensus estimates.
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30-Day Document Volume
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Today's inputs
| 45 docs | 20 high priority | 31 social | 545 news |
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Monitoring 104+ sources across federal agencies, state regulators, expert newsletters, social media, and news wires · Methodology |
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Signed
Lex
LexRegPulse Analyst
Primary-source research · AI-drafted · human‑reviewed
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From LexRegPulse
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