AI 与 Web3 每周法律简报｜2026年6月24日-7月1日

English Newsletter
AI & Web3 Weekly Legal Newsletter
Cross-Border AI and Fintech Practice — United States · New York · California · China · Hong Kong · EU
Week in Review: June 24 – July 1, 2026

This Week — News & New Laws

A busy week: a structural Supreme Court ruling on regulator independence, two hard July 1 deadlines going live (EU MiCA and California crypto licensing), and new digital-asset frameworks from Hong Kong and the UK. Section 1 covers only developments that occurred within June 24–July 1; all recurring deadlines, pending measures, and previously reported litigation are consolidated in the Summary Table (Section 2).

U.S. Federal — Regulators & Courts

Supreme Court overturns Humphrey’s Executor; SEC and CFTC lose removal protection (June 29).

In Trump v. Slaughter, a 6-3 majority (Roberts, C.J.) held that for-cause removal restrictions on multimember-agency commissioners are unconstitutional, overruling the 91-year-old Humphrey’s Executor precedent. The same logic reaches crypto’s two principal regulators: SEC and CFTC commissioners now serve at the President’s pleasure. A companion 5-4 decision (Trump v. Cook) preserved Federal Reserve independence. Expect faster, more politically-directed swings in SEC/CFTC crypto and AI enforcement, and thinner insulation for pending rulemakings — weigh this in any strategy relying on current agency posture persisting.

U.S. — California

Digital Financial Assets Law (DFAL) goes live — crypto licensing now mandatory (July 1).

California’s DFAL entered into force July 1: every exchange, custodian, stablecoin issuer, and Bitcoin-ATM operator serving California residents must now hold a DFPI licence or have filed a complete NMLS application, or face civil enforcement of up to $100,000 per day. Indicative thresholds: $100,000 tangible net worth and a $500,000 surety bond, subject to risk-based adjustment. Firms must also vet assets before listing them to California residents.

U.S. — States (AI)

New state AI laws take effect July 1.

A wave of state AI statutes took effect July 1 — for example, Idaho’s laws on generative AI in public education and on synthetic media within the “video voyeurism” definition. The pattern is sectoral state AI rules multiplying on fixed July 1 effective dates; clients should re-check state-by-state exposure. (Pending measures such as Illinois SB 315 and the NY RAISE Act are tracked in the table.)

European Union — Web3

MiCA transitional period closes — the deadline arrives (July 1).

MiCA reached full EU-wide application on July 1. Firms still under national transitional regimes must be authorized or wind down. Only about 230 of ~3,000 pre-MiCA VASPs have cleared the ESMA register; up to 10 million users may need a new venue, and proposed fines reach 12.5% of annual turnover for non-compliant major stablecoin issuers. This week: Binance withdrew its Greek licence bid, Coinbase named Luxembourg its home state, and venues delisted USDT while USDC retained listings.

Hong Kong — Web3

Policy Statement 2.0 / LEAP framework issued; SFC consults on dealers and custodians (June 26–27).

On June 26 the Government issued Policy Statement 2.0 on the Development of Digital Assets, built around the “LEAP” framework (Legal-and-regulatory streamlining; Expanding tokenized products; Advancing use cases; People/partnership development), aiming at a comprehensive, unified regime spanning exchanges, stablecoin issuers, dealers, and custodians. On June 27 the SFC launched a consultation to bring virtual-asset dealers and custodians within the regulatory perimeter. Stablecoin issuer licensing under the HKMA (live since Aug 1, 2025) continues toward an H2 2026 launch.

United Kingdom — Web3 (cross-border)

FCA publishes final cryptoasset rules (June 30).

The FCA released final rules and guidance for cryptoasset firms, setting the authorization and conduct standards for firms permissioned under FSMA. Relevant for clients running multi-jurisdiction digital-asset operations alongside EU MiCA and Hong Kong licensing.

Summary Table — Ongoing & New Developments

“NEW” marks developments in the June 24–July 1 window; “Ongoing” items were reported previously and are retained for tracking. Deadlines noted by date.

Call to Compliance Actions

What AI Companies Should Do Now

China — July 15 (~14 days): Complete a gap analysis against the Anthropomorphic AI Interim Measures — pop-up AI disclosures, two-hour break prompts, dependency detection, and a ban on companion features for minors. No grace period. Verify CAC registration and a live public reporting channel.
EU — Aug 2 (unchanged by the Omnibus): Keep GPAI documentation, capability evaluations, and systemic-risk assessments on track and consider signing the Code of Practice; note the Article 5 NCII/CSAM prohibition now moving through the Omnibus.
U.S. — Regulatory posture (new): With SEC/CFTC leadership now removable at will after Trump v. Slaughter, do not assume current enforcement priorities are durable — build to the statutes and operative guidance, not a given commissioner’s stance.
U.S. — State exposure: Re-map obligations against newly effective July 1 state AI laws and the incoming Illinois SB 315 third-party-audit regime and NY RAISE Act (both Jan 1, 2027); confirm California SB 53 transparency and incident reporting are operational.
U.S. — Litigation exposure: Audit safety-escalation and content-moderation protocols, document model-safety decisions and overrides, and add CSAM-prevention controls and incident logging to any generative pipeline (Grok CSAM action; OpenAI tort wave).

What Web3 Companies Should Do Now

U.S. — California DFAL (now, urgent): If you touch California residents, confirm you hold a DFPI licence or have a complete NMLS application on file — unlicensed activity risks $100K/day. Stand up capital ($100K net worth), a $500K surety bond, and pre-listing asset diligence.
EU — MiCA (now, urgent): The transitional window has closed. Confirm authorization or execute a documented wind-down / customer-migration plan; the home-state choice (see Binance and Coinbase this week) matters. USDT is effectively off-limits on compliant EU venues; USDC is the default.
Hong Kong — LEAP / new consultations: Review Policy Statement 2.0 and the SFC dealer/custodian consultation; assess licensing eligibility across exchange, stablecoin, dealing, and custody activities, and prepare consultation responses. Keep mainland firewalls intact.
U.K. / cross-border: Map the new FCA final rules against MiCA and Hong Kong requirements to avoid conflicting obligations in multi-jurisdiction operations.
U.S. — CLARITY & developer liability: No Senate floor vote yet — do not count on near-term relief. Map tokens to the CFTC/SEC divide and separate “building” from “operating”; front-end maintenance, fee capture, and active support can convert code authorship into chargeable conduct under §1960(b)(1)(C) (the Storm theory).

This briefing is prepared for informational purposes only and does not constitute legal advice. Certain litigation matters involve sensitive subjects (self-harm and child exploitation) and are summarized at the litigation-fact level. If you are seeking AI legal governance or Web3 & digital-assets compliance, feel free to reach out to our lawyers. Many thanks!

Mankun Law PLLC

中文简报
AI 与 Web3 每周法律简报
跨境人工智能与金融科技业务 — 美国 · 纽约 · 加利福尼亚 · 中国 · 香港 · 欧盟
本周综述：2026年6月24日 – 7月1日

一、本周要闻与新法规

本周动态密集：美国最高法院就监管机构独立性作出结构性裁决，两项7月1日的硬性合规期限正式生效（欧盟 MiCA 与加州加密牌照），香港与英国亦推出数字资产新框架。第一部分仅涵盖在2026年6月24日至7月1日期间实际发生的动态；所有周期性期限、待定措施及此前已报道的诉讼均汇总于第二部分的汇总表中。

美国联邦 — 监管机构与法院

最高法院推翻 Humphrey’s Executor 先例；SEC 与 CFTC 失去免职保护（6月29日）。

在 Trump v. Slaughter 案中，最高法院以6比3多数（首席大法官罗伯茨主笔）裁定，对多委员制机构委员的“有因方可免职”限制违宪，推翻了已有91年历史的 Humphrey’s Executor 先例。同一逻辑波及加密领域的两大主要监管机构：SEC 与 CFTC 委员现可由总统随时免职。配套的5比4裁决（Trump v. Cook）则保留了美联储的独立性。预计 SEC/CFTC 在加密与 AI 领域的执法立场将更快、更受政治影响，正在进行的规则制定所受保护亦将减弱——凡依赖当前监管立场维持不变的策略均应重新评估。

美国 — 加利福尼亚州

《数字金融资产法》（DFAL）生效——加密牌照成为强制要求（7月1日）。

加州 DFAL 于7月1日生效：凡向加州居民提供服务的交易所、托管方、稳定币发行方及比特币 ATM 运营商，现均须持有 DFPI 牌照或已提交完整的 NMLS 申请，否则将面临最高每日10万美元的民事处罚。指示性门槛为：有形净资产10万美元、担保保证金50万美元，可根据风险状况调整。企业在向加州居民上架资产前还须对资产进行尽职审查。

美国 — 各州（AI）

多部州级 AI 法律于7月1日生效。

一批州级 AI 法规于7月1日生效——例如爱达荷州关于公立教育中生成式 AI 的法律，以及将合成媒体纳入“视频偷窥”定义的法律。整体趋势是各州分行业的 AI 规则在固定的7月1日生效日期不断增多；客户应逐州复核合规敞口。（伊利诺伊州 SB 315、纽约州 RAISE 法案等待定措施详见汇总表。）

欧盟 — Web3

MiCA 过渡期结束——期限正式到来（7月1日）。

MiCA 于7月1日在欧盟范围内全面适用。仍处于各国过渡机制下的企业现须获得授权或退出市场。在约3,000家 MiCA 前的 VASP 中，仅约230家通过 ESMA 注册；多达1,000万用户可能需要更换平台，对不合规主要稳定币发行方的拟议罚款高达年营业额的12.5%。本周动态：Binance 撤回其在希腊的牌照申请，Coinbase 将卢森堡定为其归属成员国，多家平台下架 USDT，而 USDC 保留上架。

香港 — Web3

发布《数字资产发展政策宣言2.0》/ LEAP 框架；证监会就交易商与托管人展开咨询（6月26–27日）。

6月26日，香港政府发布《数字资产发展政策宣言2.0》，以 “LEAP”框架为核心（法律法规精简、扩展代币化产品、推进应用场景、人才与伙伴关系发展），旨在建立涵盖交易所、稳定币发行方、交易商及托管人的全面、统一监管制度。6月27日，证监会启动咨询，拟将虚拟资产交易商与托管人纳入监管范围。由金管局实施的稳定币发行方发牌制度（自2025年8月1日起生效）持续推进，预计2026年下半年推出。

英国 — Web3（跨境）

FCA 发布加密资产最终规则（6月30日）。

英国金融行为监管局（FCA）发布了针对加密资产企业的最终规则与指引，确立了根据 FSMA 获准经营企业的授权与行为标准。对于同时开展欧盟 MiCA 与香港牌照业务的多法域数字资产客户而言尤为相关。

二、汇总表 — 持续与新增动态

标注“NEW”者为2026年6月24日至7月1日期间的新动态；“Ongoing（持续）”项此前已报道，此处保留以供追踪。期限以日期标示。

三、合规行动建议

AI 企业当前应采取的行动

中国 — 7月15日（约14天）：对照《人工智能拟人化交互服务暂行办法》完成差距分析——AI 弹窗提示、两小时休息提示、依赖检测，以及禁止面向未成年人的陪伴功能。无过渡期。核实 CAC 备案及公众举报渠道已上线。
欧盟 — 8月2日（综合法案未改动）：保持 GPAI 文档、能力评估与系统性风险评估按期推进，并考虑签署《行为准则》；注意综合法案中正在推进的第5条 NCII/CSAM 禁令。
美国 — 监管态势（新）：鉴于 Trump v. Slaughter 后 SEC/CFTC 领导层可被随时免职，勿假设当前执法优先事项会持续——应按成文法与现行指引构建合规，而非依赖某位委员的立场。
美国 — 州级敞口：对照7月1日新生效的州级 AI 法律，以及即将到来的伊利诺伊 SB 315 第三方审计制度与纽约 RAISE 法案（均于2027年1月1日生效）重新梳理义务；确认加州 SB 53 的透明度与事件报告已落地运行。
美国 — 诉讼敞口：审查安全升级与内容审核流程，记录模型安全决策与覆盖操作，并在任何生成式流程中加入 CSAM 防范控制与事件日志（Grok CSAM 案；OpenAI 侵权诉讼潮）。

Web3 企业当前应采取的行动

美国 — 加州 DFAL（当下，紧急）：若涉及加州居民，请确认已持有 DFPI 牌照或已提交完整 NMLS 申请——无牌经营面临每日10万美元处罚。落实资本（净资产10万美元）、50万美元担保保证金及上架前资产尽职审查。
欧盟 — MiCA（当下，紧急）：过渡期已结束。确认已获授权，或执行书面的退出/客户迁移计划；归属成员国的选择（参见本周 Binance 与 Coinbase）至关重要。USDT 在合规的欧盟平台上实际已不可用，USDC 为默认选项。
香港 — LEAP / 新咨询：研究《政策宣言2.0》及证监会交易商/托管人咨询；评估在交易所、稳定币、交易及托管等业务上的持牌资格，并准备咨询回应。保持与内地的防火墙。
英国 / 跨境：将 FCA 新最终规则与 MiCA 及香港要求对照，避免多法域运营中的义务冲突。
美国 — CLARITY 与开发者责任：尚无参议院全院表决——勿寄望于近期获得豁免。将代币对照 CFTC/SEC 分工进行梳理，并区分“开发”与“运营”；前端维护、费用获取及主动支持可能使代码创作转化为 §1960(b)(1)(C) 下的可诉行为（Storm 理论）。

本简报仅供参考，不构成法律意见。部分诉讼事项涉及敏感主题（自残与儿童剥削），仅在诉讼事实层面进行概述。如您需要 AI 法律治理或 Web3 与数字资产合规方面的协助，欢迎联系我们的律师。谢谢！

曼昆美国律师事务所 (Mankun Law PLLC)

本文为上海曼昆律师事务所的原创文章，仅代表本文作者个人观点，不构成对特定事项的法律咨询和法律意见。如需转载及法律咨询，请添加客服：mankunlawyer。

AI 与 Web3 每周法律简报｜2026年6月24日-7月1日