Research
Latest: October 2026
Latest Edition
October 2026The Senate rejected cloture on CLARITY by 49-50 on September 15, and two days later the SEC issued a five-year exemption for on-chain trading of tokenized stocks; the Federal Reserve then proposed two GENIUS Act rules, DTCC connected tokenized funds to Fund/SERV, and an independent audit traced 83% of the agent payments it found to two loops.
Read the full reportSeptember 2026
August answered July's missed deadlines with a burst of agency rulemaking: the SEC proposed Regulation Crypto Assets, its first bespoke offering regime for crypto investment contracts, Treasury filed the GENIUS Act's core issuance rule, the OCC put final stablecoin rules on a November clock, and the Senate scheduled CLARITY's cloture vote for September 15 while DTCC held its October tokenization launch and agent payments split across two chains.
Open reportAugust 2026
The August 2026 Quicksilver Report tracks the CLARITY Act's pre-recess miss, the GENIUS Act's July 18 rulemaking deadline gap, DTCC's first production trades in tokenized stocks, ETFs, and Treasuries, and agent payments on Base nearing 169 million cumulative transactions.
Open reportJuly 2026
Four threads reach a turning point in July 2026: the GENIUS Act's July 18 deadline lands with the Federal Reserve still without a proposed rule, the CLARITY Act stalls on the Senate floor over an ethics dispute rather than its taxonomy, DTCC's tokenization pilot opens alongside Securitize's NYSE listing, and x402 agent payments cross 100 million cumulative transactions.
Open reportJune 2026
Four regulatory and market-structure developments are converging in June 2026: GENIUS Act rulemaking at its statutory deadline, the CLARITY Act advancing out of Senate Banking, DTCC's tokenization service entering limited production, and autonomous agents settling stablecoins at scale. The unfinished edges of each are where institutional risk now concentrates.
Open reportMay 2026
Three developments worth planning around in May 2026: federal stablecoin implementation under the GENIUS Act, continued OTC liquidity provider consolidation, and a NYSE/Securitize agreement opening a formal path for tokenized securities on exchange infrastructure.
Open reportApril 2026
April 2026 represents a turning point for institutional digital asset infrastructure as OTC consolidation, atomic settlement, RWA growth, and stablecoin settlement reshape how professional markets operate.
Open report