Stocks

On Monday, the American Federation of Teachers asked the Senate to withdraw the crypto market structure bill, warning it poses profound risks to pensions and the broader economy. The 1.8 million‑member union said the Responsible Financial Innovation Act lacks adequate safeguards for crypto assets and stablecoins and could open retirement plans to unsafe holdings. The measure was first introduced in 2022 and updated in September.

SK Hynix said in a regulatory filing on Wednesday that it is considering a New York listing via ADRs to narrow a valuation gap with U.S. chip rivals and plans to provide an update within a month. Multiple banks have proposed listing about 17.4 million shares, or 2.4% of outstanding, as depositary receipts, The Korea Economic Daily reported Tuesday. The stock has risen almost 240% this year.

Senator Cynthia Lummis called on the Consumer Financial Protection Bureau to expedite its open banking regulation, warning that major banks have restricted account access for political reasons, including blocking digital asset firms. The rule, finalized on October 22, 2024, allows consumers to share financial data with third-party applications through APIs. Industry groups and crypto advocates have urged the CFPB to ensure Americans retain ownership of their financial data.