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Edition · 2026-07-11
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AscendEX announced its shutdown on July 1 and said it lacks authorization under the EU’s Markets in Crypto‑Assets framework, leaving customers uncertain about fund recovery. EU rules that took effect on July 1 require crypto service providers to obtain a MiCA licence; the deadline has prompted a wave of unlicensed exchanges to cease operations. AscendEX cited financial and operational pressures, including a failed strategic transaction intended to secure liquidity, as reasons for the closure. Automated withdrawal processing was paused on July 6, and all withdrawal requests now require manual review of identity, sanctions, fraud, balance reconciliation, network status and any legal or insolvency considerations. The exchange warned that some withdrawals may be delayed, face additional checks or be rejected, and that customers have no firm payment date or guarantee of full repayment. It also noted that a counterparty failed to complete a transaction that would have provided liquidity, and that it is assessing its financial position, with unresolved balances potentially subject to formal insolvency proceedings. Information about the legal entity that holds customer assets and the jurisdiction for any insolvency case has not been disclosed, and the company has not revealed the number of pending withdrawals, the amount of assets at stake, or a timeline for further communications. European Securities and Markets Authority (ESMA) instructed unauthorised providers to stop onboarding EU clients after the MiCA transition, allowing only services needed for an orderly exit. Withdrawal concerns had been noted earlier; on June 26, on‑chain analyst ZachXBT highlighted reports of delayed or incomplete withdrawals and advised users not to deposit, and on July 6 he said multiple users experienced suspended withdrawals, though his claims about specific balances and losses have not been independently verified. Customers are advised to stop sending new deposits, ensure their know‑your‑customer information is complete, export transaction histories and retain documentation of withdrawal submissions, though these steps do not ensure processing or payment. Uncertainty about when withdrawals will resume and whether the exchange can fully repay its users remains unresolved.
Regulators have until July 18, 2026 to issue implementing regulations for the GENIUS Act, which creates a framework for payment stablecoin issuers. The law, enacted July 18, 2025, requires the Treasury, primary federal payment stablecoin regulators and state regulators to propose rules through notice‑and‑comment within one year, with the effective date set for the earlier of 18 months after enactment or 120 days after the final rules. The OCC’s February proposal outlines a regime covering national bank subsidiaries, federal savings association subsidiaries, federal branches, foreign issuers and entities seeking federal qualified issuer status, as well as state‑qualified issuers. The framework includes application, registration, supervision, reserve, redemption, custody, revocation and capital requirements. Treasury’s FinCEN and OFAC proposals extend Bank Secrecy Act and sanctions compliance to permitted issuers, while the OCC’s June 22 proposal adds AML/CFT supervision and information‑sharing procedures. Foreign issuers must comply with lawful orders and establish reciprocal arrangements, and state‑qualified issuers must show equivalence to the federal framework, a determination that will depend on the final rules. If the July 18, 2026 deadline passes without final rules, new federal applicants, foreign issuers and state‑qualified issuers may be unable to operate in the U.S. market, potentially limiting competition and concentrating the industry.
The SEC is slated to publish three rule proposals in July that would set standards for crypto token offerings, broker‑dealer custody requirements and trading venue regulations, and could be released before the Senate acts on the CLARITY Act.
SEC Chair Paul Atkins said the agency’s 2026 regulatory agenda seeks to bring more crypto products onto U.S. markets, clarify capital‑raising rules for crypto assets, and define how tokenized securities can be custodied and traded.
The first proposal would create rules for how digital assets can be offered and sold, including potential exemptions and safe‑harbor provisions intended to provide market certainty and protect investors.
The second proposal would amend rules governing broker‑dealers, covering capital requirements, custody, customer protection and recordkeeping, which the SEC says are necessary for firms to handle tokenized securities at scale.
The third proposal would address market‑structure issues, proposing changes to the Exchange Act that would allow crypto trading on alternative trading systems and national securities exchanges.
The SEC has not yet identified the specific statutory provision for the token‑offering proposal, a point that could be contested.
Publication of any of the proposals would move the crypto regulatory discussion from Capitol Hill to the Federal Register, giving the agency a formal rulemaking process while Congress debates the CLARITY Act. The agency’s action would not replace the legislation but could provide a framework for issuers, broker‑dealers and exchanges before a Senate vote.
Apple filed a federal lawsuit on Friday against OpenAI, two former employees and io Products, alleging that the parties misappropriated Apple's confidential product development ...
By · 47d ago · Source: bbc
Apple filed a federal lawsuit on Friday against OpenAI, two former employees and io Products, alleging that the parties misappropriated Apple's confidential product development information. Tim Cook, Apple's chief executive, announced his departure later this year, and earlier in the year Apple integrated OpenAI's ChatGPT into its devices before shifting some AI features to Google's Gemini model. The lawsuit marks a new phase in the relationship between the two technology firms. The complaint, filed in a U.S. federal court, alleges that at least two former Apple engineers emailed internal Apple documents to themselves after leaving the company and joining OpenAI. Apple further contends that OpenAI interviewers have asked prospective hires to bring Apple parts as props during interviews. The suit also names Chang Liu, a senior electrical engineer who worked at Apple for eight years, and Tang Yew Tan, a vice president of design for iPhone and Apple Watch who now serves as OpenAI's chief hardware officer, as defendants. Apple argues that the defendants used access to sensitive projects, trusted partner relationships, proprietary manufacturing techniques and unreleased products to gain insight into its product plans, and that this conduct enabled OpenAI to advance its hardware ambitions. OpenAI's spokesman, Drew Pusateri, told the BBC that the company has no interest in other companies' trade secrets and that it is reviewing the complaint while focusing on building innovative technology. An Apple representative said the lawsuit stems from significant evidence and described the actions as part of a coordinated effort by OpenAI and its affiliates. The complaint seeks a court order prohibiting OpenAI from obtaining or using any alleged confidential information and requests unspecified monetary damages. OpenAI is expected to release its first hardware product, a keyboard for its AI tools, later this month, and has indicated plans to pursue a public listing. The case is pending.
On July 9, Phantom submitted a letter to the CFTC requesting clarification on rules it says impede fintech firms from using registered derivatives markets. Phantom asked that protocol developers avoid triggering registration requirements for on‑chain software, that registered exchanges and clearinghouses receive a clear path to execute, margin and recordkeeping functions on public blockchains, and that non‑custodial wallets not be treated as introducing brokers when they provide only technical market access. The letter also outlined conditions such as conflict disclosures, risk disclosures, independent user access, and recordkeeping and marketing controls. The CFTC’s Market Participants Division issued Phantom no‑action relief on March 17, meaning staff would not recommend enforcement if Phantom failed to register as an introducing broker for software that provides access to registered futures commission merchants, introducing brokers, and designated contract markets. The relief is non‑binding and may be modified, suspended, or terminated. Phantom proposes that regulated perpetual futures and event contracts could be accessed through a wallet app that users already use to hold tokens. The wallet would serve as a front‑end interface; orders would be routed directly to registered entities that hold assets and execute trades. Custody would remain with brokers, futures commission merchants, or exchanges, and the wallet would not hold margin or customer funds. The CFTC’s May 29 advisory warned that continuous trading on blockchain networks, stablecoins, and smartphone apps can create risks such as reduced liquidity, wider spreads, increased manipulation risk, and operational and cybersecurity challenges. It noted that most consumer‑facing apps are only beginning to build the surveillance capabilities required for real‑time monitoring. Coinbase and Kalshi began offering regulated perpetual crypto futures to U.S. investors in May, marking the first availability of such products on domestic regulated exchanges. Global perpetual futures trading volume reached $61.7 trillion in 2025; a 1 % shift into regulated U.S. channels would equal about $617 billion, and a 5 % shift would exceed $3 trillion. A bullish outcome would see broader CFTC guidance allowing many wallets to connect directly to registered venues, increasing distribution power for wallets and potentially reducing reliance on offshore venues. A bearish outcome would maintain limited access, with U.S. users needing broker or exchange accounts for regulated products while on‑chain perpetuals remain offshore or geofenced, preserving the role of traditional brokers and exchanges.
Xbox announced a restructuring that removed 1,600 employees on Monday and indicated up to 1,600 additional cuts over the following 12 months, resulting in 379 job losses at ZeniMax offices in Maryland and 96 at id Software in Texas.
Xbox chief Asha Sharma said the changes reflect industry realities and aim to create a more stable foundation for Bethesda, emphasizing collaboration across studios and a focus on major franchises such as Halo, Minecraft, Candy Crush, Fallout and The Elder Scrolls. In a memo to staff, Bethesda executive Jill Braff described the reductions as necessary to strengthen the business and ensure sustainable growth, noting that the shift moves planning from individual studio roadmaps to franchise‑wide priorities.
Bethesda Game Studios confirmed that 35 positions were eliminated in the United States and at least 12 in Montreal, according to the OneBGS union, which said the cuts were presented as an “entrepreneurial change in the scope of business” and rejected the claim that they avoided bargaining obligations.
Developers at Bethesda expressed concern that the layoffs could delay The Elder Scrolls 6, a title announced in 2018 that is expected to release at least two years from now; morale declined and some staff feared reliance on contracted workers would increase development time. A source familiar with the restructure said the studio’s plans for the game remain unchanged, though the timeline may be affected.
ZeniMax Online Studios reported 213 layoffs at its Cockeysville, Maryland location and 166 at its Rockville headquarters, while id Software cut 96 staff in Texas and 40 remote roles. The company stated that the current workforce size is comparable to that during the 2016 Doom reboot, and that dozens of engineers continue to work on its id Tech engine.
Obsidian Entertainment, which had also experienced layoffs, is developing a new Fallout title for Bethesda, a move Sharma described as part of a strategy to accelerate Fallout production. Fallout 76 continues development with hundreds of staff, and Fallout Shelter remains active, while a remaster of Fallout 3 is reportedly in progress and the Fallout television series is filming its third season.
MachineGames, unaffected by the recent cuts, is working on Wolfenstein 3 and a sequel to Indiana Jones and the Great Circle, though future staff reductions may be governed by Swedish labor law.
Industry analysts note that Microsoft’s gaming division faces questions about profit growth, Game Pass expansion and the viability of its hardware roadmap, including the upcoming Project Helix console projected to exceed $1,000. The company has not disclosed plans to sell or spin off Xbox, but speculation about restructuring remains.
Uncertainty persists regarding Starfield’s roadmap, which remains unchanged, and potential future expansions for the game, while a Nintendo Switch 2 version is reported to be in development.
The situation at Arkane Lyon remains unresolved, with the studio consulting the French Works Council and awaiting internal discussions with worker representatives; the French union STJV is monitoring the process.
The layoffs have sparked union activity, including a planned march outside Bethesda offices on July 15, as workers demand a voice in the restructuring decisions.
Assassin's Creed Black Flag Resynced sold 2 million copies on its first day following its July 9 launch, according to Ubisoft. The publisher typically withholds precise sales numbers for its Assassin's Creed titles shortly after release. Earlier entries such as Assassin's Creed Valhalla were reported only by launch week milestones, and Assassin's Creed Shadows reached 3 million players in its first week, a figure that may include subscriptions to Ubisoft+. The game topped Twitch's viewership rankings on launch day and reached a peak of 99,451 concurrent players on Steam, a series high. Martin Schelling, head of the Assassin's Creed brand, said the release fulfilled a promise to the community and highlighted the game's positive critical reception. IGN awarded the remake a 9 out of 10, describing it as more than a cosmetic update. Some users on social media and Steam expressed dissatisfaction with microtransaction practices. The game launched on PC, PlayStation 5, and Xbox Series X|S. Further sales data will determine the long‑term impact of the remake, which marks the first full‑scale reworking of a mainline Assassin's Creed title.
Santa Monica Studio confirmed that God of War: Laufey will be released on physical disc, indicating a launch scheduled for 2027. The studio posted the confirmation on its X/Twitter account on July 10, 2026, replying to fan concerns that the game might be limited to digital distribution after Sony announced the end of new physical game production in January 2028.
The announcement followed Sony's June 2026 State of Play presentation, where the game was first revealed. It features Faye/Laufey in an afterlife narrative and includes extensive gameplay footage. Santa Monica Studio said it plans to launch the title before the end of 2027, allowing time to confirm a physical version ahead of the production cutoff.
Fans raised concerns that the game might be released without a disc option after Sony disclosed its timeline for ending physical media. The studio said it wants to reassure players that a disc version will be available. The exact release date remains unspecified, and the launch month has not been announced.
In the broader context, the shift away from physical media aligns with other publishers, such as Rockstar Games, which confirmed that Grand Theft Auto 6 will be distributed via a code in a box. The confirmation of a disc version for God of War: Laufey suggests the studio intends to meet demand for physical copies before the planned 2028 end of production.
Assassin’s Creed Black Flag Resynced launched on July 9 and sold more than 2 million copies within its first 24 hours, according to Vantage Studios. The title reached 99,451 concurrent players on Steam on its launch day, a record for an Assassin’s Creed game on the platform.
The game is a remaster of the 2013 title Assassin’s Creed Black Flag, now overseen by Vantage Studios, the company that assumed management of the franchise.
Critics awarded the game an 84 on Metacritic, the highest score for an Assassin’s Creed title since 2013. GameSpot’s review gave it a 7 out of 10, noting that the remake expands on the original experience while also introducing new issues. Players have voiced concerns about the total cost of microtransactions, which amounted to about $85 for a $60 game. Ubisoft said it is reviewing the feedback and emphasized that all add‑on content is optional and not required to complete the game. Of the nine microtransaction items, eight are $10 cosmetic packs, one of which features a bright blue monkey with glowing eyes, and a $5 map pack that provides a special spyglass for locating collectibles. The studio added that the developers of Resynced were among those affected by recent cost‑cutting measures at Ubisoft.
Ubisoft indicated it will continue to monitor player input as the game’s post‑launch performance is tracked.
Xbox said it will unveil a major update next week as rumors about a disc-to-digital service for its next console persist. The console market is shifting toward digital distribution, and a feature that lets owners convert physical game libraries to digital versions could ease that transition. Xbox program lead Brad Rossetti posted a message to Xbox Insiders saying the current console testing period was paused while preparations continue for next week, adding that the wait will be worthwhile. A YouTube video linked in the post was posted without further comment. Jez Corden, a Windows Central editor who has reported on the feature, tweeted that the upcoming reveal could be the first look at the disc-to-digital program, which some have referred to as the codename 'positron.' Reports also suggest the service may integrate with Xbox Play Anywhere, allowing users to switch between physical and digital copies. Meanwhile, Sony announced it will cease manufacturing PlayStation discs in 2028, a move analysts say could lead to a disc‑less PS6. The announcement generated criticism on social media, and Sony did not respond to messages on its platforms for several days. Microsoft has not confirmed whether the upcoming feature will be tied to the next console, and the broader impact on consumers and the industry remains undetermined.
This edition was assembled from neutral, agent-rewritten summaries of the day's aggregated news.
Why it matters: Every article was reviewed for loaded language, partisan framing, and missing attribution before publication.
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