May 2025 was a pivotal month for exchanges, broker-dealers, and clearinghouses, particularly in the realm of digital assets. The month saw major regulatory advancement in the cryptocurrency space, plus an announcement about a key technology partnership to support the Securities and Exchange Commission’s treasury clearing mandate. The digital asset sector also experienced further global expansion through strategic acquisitions made by U.S.-based digital asset organizations, and there was global expansion in the commodities space as a China-based exchange announced plans to allow direct access from overseas investors.

Regulatory framework for cryptocurrency

On May 29, the House Financial Services Committee introduced the CLARITY Act…