Securities

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China Bars Unapproved Issuance of Yuan Stablecoins Abroad

China tightened curbs on cryptocurrencies and tokenized real-world assets, barring domestic entities from issuing digital tokens overseas and banning the offshore issuance of yuan-linked stablecoins without approval.

By Foster Wong

Cadwalader Trial Leaders Resign After Hogan Conflicts Review

Cadwalader litigation practice leaders Nicholas Gravante and Phil Iovieno resigned on Friday due to conflicts of interest with clients of the firm’s partner in a planned merger, Hogan Lovells.

Kalshi Loses Bid to Delay Massachusetts Sports Betting Ban

Kalshi has 30 days to halt sports betting operations in Massachusetts, a state judge ruled Friday denying the market operator’s request to delay the ban while it pursues an appeal.

Trump Boosts Argentina Beef Imports in Affordability Push

President Donald Trump signed a directive on Friday further increasing the amount of beef imported into the US from Argentina, his latest move to address Americans’ concerns about affordability.

Dow Jones Industrial Average Exceeds 50,000 for First Time

The Dow Jones Industrial Average broke above the 50,000 level for the first time, as investors bid up the blue-chip gauge amid optimism over the US economy and corporate earnings.

Eye Care Firm SpyGlass Pharma Soars 65% In Trading Debut

SpyGlass Pharma Inc. shares jumped 65% in the biopharmaceutical firm’s trading debut after it raised $150 million in an initial public offering.

Pacira Beats Investor Suit Based on Drug Patent Litigation

Pacira BioSciences Inc. overcame investor allegations tied to statements about the strength of its patent fight for its top-selling painkiller while the biotech company was suing a competitor.

Trump Team’s Bitcoin Reserve Strategy Takes a Market Beating

The government didn’t pay for it — and it’s not planning to sell.

Cantor Takeover to Shrink O’Connor Footprint in Europe, Asia

Cantor Fitzgerald LP is shedding much of O’Connor’s presence outside of the US following its acquisition of the hedge fund from UBS Group AG, according to people familiar with the matter.

Marshall Wace Alleges Citadel ‘Bullying’ Over Credit Head Hire

Marshall Wace accused Citadel of trying to bully it with subpoenas seeking information about the UK hedge fund’s recruitment of Daniel Shatz, a former Citadel portfolio manager, as its global credit head.