Block & Bond Brief — May 3, 2026

Your daily edge on tokenized securities and real-world assets — May 3, 2026

📌 TOP STORY

BlackRock has formally opposed the U.S. Office of the Comptroller of the Currency's (OCC) proposed 20% cap on tokenized reserve assets. In a comment letter, BlackRock argued that such a restriction would impede the development of its financial products, including the BUIDL fund, which supports significant shares of Ethena’s USDtb and Jupiter’s JupUSD. The asset management giant also urged the OCC to clarify the eligibility of Treasury ETFs as reserve assets and advocated for the inclusion of two-year floating-rate Treasuries in the list of qualified assets. This stance highlights the potential impact of regulatory measures on the growth and innovation of tokenized financial products. Read more

🏦 COMPANY MOVES

• BlackRock — Opposed the OCC's 20% cap on tokenized reserve assets and advocated for clearer guidelines on Treasury ETFs and floating-rate Treasuries.

⚖️ REGULATORY WATCH

BlackRock's formal opposition to the OCC's proposed cap on tokenized reserve assets signals growing industry pushback against restrictive regulatory measures that could hamper innovation in tokenized securities and financial products.

📊 MARKET SNAPSHOT

Data via DeFiLlama · 2026-05-03 10:11:19 ET

🔍 WORTH WATCHING

Industry pushback against restrictive regulatory measures is growing, as seen in BlackRock's opposition to the OCC's proposed tokenized reserve cap. This highlights the tension between regulation and innovation in tokenized finance, a trend to watch closely.

📚 SOURCES

• BlackRock Opposes OCC's 20% Tokenized Reserve Cap - Phemex

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