Category: 3. Business

  • Tea app fallout worsens as leaked selfies used in rating site, online map

    Tea app fallout worsens as leaked selfies used in rating site, online map

    FILE – The Tea app logo displayed on a smartphone screen. The women-only dating safety app is facing mounting backlash after a data breach exposed thousands of user images, sparking concerns over privacy, online harassment, and how the leaked content (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)

    Tea, the women-only dating safety app that surged to the top of the App Store this month, is now facing growing backlash—not only for a massive data breach, but for how the exposed information is being misused online.

    In the days following the leak of 72,000 images, internet trolls reportedly created a now-deleted website where users could view and rate women whose selfies were among the stolen files. A separate map, still circulating online, allegedly plots locations tied to those same leaked photos—raising new fears about stalking and real-world targeting.

    Why some say this wasn’t a hack

    The backstory:

    Tea confirmed in a statement that an old database containing approximately 72,000 images—including 13,000 selfies and photo IDs—was accessed without authorization. The company blamed the breach on a “legacy data storage system” that had not been properly secured.

    But multiple reports argue this wasn’t a traditional hack. According to 404 Media, which first broke the story, the breach was discovered by users on 4chan who accessed the files through a publicly available URL. The site reported, “a URL the 4chan user posted included a voluminous list of specific attachments associated with the Tea app… that page was locked down, and now returns a ‘Permission denied’ error.”

    In a TikTok video posted July 26, software engineer and content creator Frank Niu echoed that sentiment, saying the situation was less a hack and more “poor programming.” 

    “They used no security measures whatsoever and anyone could have found this information pretty easily,” Niu said. 

    Tea said the archived data was kept online “in accordance with law enforcement requirements related to cyber-bullying investigations,” but acknowledged it should have been moved to “a new fortified system.”

    What we know:

    Tea confirmed:

    • The exposed images included selfies, photo IDs, and app content from posts and messages.
    • Only users who signed up before February 2024 were affected.
    • No email addresses or phone numbers were exposed, per the company.

    Tea says it is working with third-party cybersecurity experts and has implemented new security measures.

    What we don’t know:

    It’s still unclear:

    • Whether impacted users will be notified directly.
    • If Tea will offer assistance with identity protection or credit freezes.
    • Whether the leaked data is still being redistributed or used elsewhere.

    Tea has advised concerned users to reach out to support@teaforwomen.com.

    Weaponizing the leak: The site, the map, and the backlash

    What they’re saying:

    Shortly after the breach, a website appeared at spill.info.gf, where users could allegedly browse leaked Tea user selfies and rate them. The domain has since gone offline, but not before drawing backlash across social media.

    On X, creator Brian Atlas posted: “There’s now a site where you can search every girl on the Tea app and rate them,” linking to the page.

    Separately, The New York Times reported that a Google Map had surfaced online showing coordinates extracted from the leaked photos. While the map did not contain names, the Times noted it could not verify whether the locations were accurate or linked to specific users.

    Meanwhile, a columnist for The Times of London described Tea as a “man-shaming site,” writing: “This is simply vigilante justice, entirely reliant on the scruples of anonymous women. With Tea on the scene, what man would ever dare date a woman again?”

    Aaron Minc, an attorney who specializes in online defamation and harassment, told Reuters, “Over the last couple of weeks, we’ve gotten hundreds of calls on it. It’s blown up. People are upset. They’re getting named. They’re getting shamed.”

    Big picture view:

    Tea’s mission was to protect women from unsafe dates by letting them share anonymous reviews of men they’ve encountered. But the very verification process designed to ensure user safety—uploading selfies and photo IDs—has now made some users targets.

    According to Tea’s privacy policy, verification photos are “securely processed and stored only temporarily.” However, the company said the breached dataset included older images that were archived to comply with law enforcement guidance on cyberbullying.

    While Tea insists “there is no evidence to suggest that photos can be linked to specific users within the app,” the real-world risk looms large. The leak has sparked concerns about identity theft, doxxing, deepfakes, and harassment.

    Some critics say Tea’s rapid growth—4 million users and a 525% spike in downloads in one week, according to Sensor Tower—may have outpaced its infrastructure.

    What’s next:

    Tea says the vulnerability has been fixed, and that new security protocols are in place. But the company has not said whether it will take further steps to support the women affected by the breach.

    Users who suspect their data was compromised are being urged to:

    • Contact Tea support directly
    • Consider replacing photo IDs
    • Freeze their credit and monitor for identity theft

    The full scope of the breach, and how widely the data has spread, is still being investigated.

    The Source: This report is based on confirmed statements from Tea, reporting from 404 Media, CNET, The New York Times, and Reuters. Quotes were sourced directly from published articles or public social media posts, including a tweet by Brian Atlas and commentary from attorney Aaron Minc via Reuters. TikTok commentary by Frank Niu was viewed on his verified account and referenced with direct attribution. Additional legal context was provided by Bloomberg Law and The Times of London.

    Social Media

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  • Steelmaker Nucor quarterly profit falls on rising raw material costs

    Steelmaker Nucor quarterly profit falls on rising raw material costs

    (Reuters) -Nucor on Monday posted a fall in second-quarter profit, as rising raw material costs pressured the company’s steelmaking segment, sending its shares down 3.8% after the bell.

    While U.S. steelmakers benefited from President Trump’s tariffs on steel imports — which pushed spot prices higher — the quarter also saw increased raw material costs.

    The company said it expects third-quarter earnings to be slightly lower than in the second quarter of 2025, citing decreased earnings in the steel mills segment and similar results in the steel products and raw materials segments.

    The Charlotte, North Carolina-based company posted a second-quarter profit of $2.60 per share, compared to $2.68 per share a year earlier.

    However, revenue for the quarter ended July 5 rose 4.7% to $8.46 billion, compared to $8.07 billion a year ago.

    (Reporting by Aatreyee Dasgupta and Anshuman Tripathy in Bengaluru; Editing by Tasim Zahid)

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  • FDA Accepts BLA, Grants Priority Review to Tab-Cel in EBV-Positive PTLD

    FDA Accepts BLA, Grants Priority Review to Tab-Cel in EBV-Positive PTLD

    Following the lifting of a clinical hold, the FDA has again accepted the BLA for tabelecleucel in adult and pediatric patients with EBV-positive PTLD.

    The FDA has accepted the biologics license application (BLA) and granted priority review to tabelecleucel (tab-cel; Ebvallo) monotherapy in adult and pediatric patients 2 years of age or older with Epstein-Barr virus (EBV)–positive post-transplant lymphoproliferative disease (PTLD) who received at least 1 prior line of therapy, according to a press release from Pierre Fabre Pharmaceuticals (PFP).1

    The FDA has set a Prescription Drug User Fee Act target action date of January 10, 2026. If approved, it would be the first approved therapy in the US for EBV-positive PTLD.

    Previously, the FDA accepted the submitted BLA for tab-cel in the proposed indication in July 2024; in January 2025, the FDA then issued a complete response letter to the developer due to observations as part of a pre-license inspection of a third-party manufacturing facility for tab-cel; in May 2025, the clinical hold was lifted after the agency reviewed additional data on the finished drug product; and in July 2025, the developers resubmitted the BLA for tab-cel in the proposed indication.2-5

    The phase 3 ALLELE trial (NCT03394365) evaluated the efficacy and safety of tab-cel in this population of patients with EBV-positive PTLD who previously received solid organ transplant or hematopoietic cell transplantation; results from the trial supported the FDA’s decision. Updated results were shared at the 51st Annual European Society for Blood and Marrow Transplantation Meeting.

    “Patients diagnosed with relapsed/refractory EBV-positive PTLD have no approved FDA treatment options, and following failure of initial therapy, their survival is unfortunately measured in only weeks to months. Today’s BLA acceptance gives hope to these patients and is a significant step towards making this innovative cell therapy available in the US,” stated Adriana Herrera, chief executive officer of PFP, in the press release.1 “We are now completely focused on preparing for potential FDA approval of this innovative new treatment option.”

    The overall response rate (ORR) with tabelecleucel in all patients (n = 75) was 50.7% (95% CI, 38.9%-62.4%), with a complete response (CR) rate of 28.0% and a partial response (PR) rate of 22.7%. Patients who underwent hematopoietic stem cell transplant (HSCT; n = 26) demonstrated an ORR of 50.0%, with a CR rate of 30.8% and a PR rate of 19.2%; those who underwent solid organ transplant (n = 49) had an ORR of 51.0%, with a CR rate of 24.5% and a PR rate of 26.5%.

    The estimated median duration of response was 23.0 months (95% CI, 12.1-not evaluable [NE]) for all responders, 19.0 months (95% CI, 1.5-NE) for responders who underwent HSCT (n = 13), and NE (95% CI, 6.8-NE) for responders who underwent solid organ transplant (n = 25). The median time to response and time to best response, respectively, was 1.1 months (95% CI, 0.6-9.0) and 1.6 months (95% CI, 0.6-9.0) in all patients, 1.0 months (95% CI, 0.6-9.0 and 1.0 months (95% CI, 0.6-9.0) in those who underwent HSCT, and 2.0 months (95% CI, 0.7-4.7) and 2.1 months (95% CI, 0.7-7.3) in those who underwent solid organ transplant.

    The median overall survival (OS) was 18.4 months (95% CI, 5.7-NE) in all patients, NE (95% CI, 18.6 months-NE) in responders, and 3.7 months (95% CI, 1.8-11.0) in nonresponders; the 12-month OS rates were 55.7%, 78.7%, and 28.2%, respectively. Among responders, the median PFS was 23.9 months, and the 12-month PFS rate was 71.9%.

    The trial enrolled patients with biopsy-proven EBV-positive PTLD who were relapsed/refractory to rituximab (Rituxan) following prior allogeneic HSCT or rituximab with or without chemotherapy after solid organ transplant; they were required to have an ECOG performance status of 3 or lower.

    Tab-cel was administered intravenously at 2.0 x 106 cells/kg on days 1, 8, and 15 of each 5-week treatment cycle; additional tab-cel was given until patients achieved best response, and those who did not respond were permitted to switch to tab-cel using a T-cell line with different HLA restrictions.

    The trial’s primary end point was ORR. Key secondary end points were time to response, time to best response, OS, and PFS.

    Regarding safety, treatment-emergent serious adverse effects (AEs) occurred in 62.7% of all patients; 8.0% were related to treatment. All fatal treatment-emergent serious AEs were not related to treatment.

    Instances of tumor flare reactions, infusion-related reactions, cytokine release syndrome, bone marrow rejection, and immune effector cell-associated neurotoxicity syndrome were not reported by any patients.

    References

    1. Pierre Fabre Pharmaceuticals Inc. announces FDA acceptance and priority review of the biologics license application (BLA) for tabelecleucel for the treatment of Epstein-Barr virus positive post-transplant lymphoproliferative disease (EBV+ PTLD). News release. Pierre Fabre Pharmaceuticals. July 25, 2025. Accessed July 28, 2025. https://tinyurl.com/5hfdh7cn
    2. Atara Biotherapeutics announces U.S. FDA acceptance and priority review of the Biologics License Application for tabelecleucel (tab-cel®) for the treatment of Epstein-Barr virus positive post-transplant lymphoproliferative disease. News Release. Published July 17, 2024. Accessed July 28, 2025. https://tinyurl.com/yc4dx6yk
    3. Atara Biotherapeutics provides regulatory and business update on EBVALLO™ (tabelecleucel). News release. Atara Biotherapeutics. January 16, 2025. Accessed July 28, 2025. https://tinyurl.com/3p9jrrtj
    4. Atara Biotherapeutics provides regulatory updates on EBVALLO (tabelecleucel). News release. Atara Biotherapeutics Inc. May 5, 2025. Accessed July 28, 2025. https://tinyurl.com/3cekvud5
    5. Atara Biotherapeutics provides regulatory and business updates on tabelecleucel (tab-cel). News release. Atara Biotherapeutics Inc. July 14, 2025. Accessed July 28, 2025. https://tinyurl.com/25pxk95y
    6. Dierick D, Ghobadi A, Baiocchi R, et al. Updated results: multicenter open-label ph 3 study of tabelecleucel for SOT or HCT recipients with EBV+ PTLD after failure of rituximab or rituximab + chemotherapy. Presented at: EBMT 51st Annual Meeting; March 30-April 2, 2025. Florence, Italy. Abstract OS17-03.

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  • FDA Informs Sarepta That It Recommends That Sarepta Remove Its Pause and Resume Shipments of ELEVIDYS for Ambulatory Individuals With Duchenne Muscular Dystrophy – Sarepta Therapeutics

    1. FDA Informs Sarepta That It Recommends That Sarepta Remove Its Pause and Resume Shipments of ELEVIDYS for Ambulatory Individuals With Duchenne Muscular Dystrophy  Sarepta Therapeutics
    2. Updated: Sarepta would have to conduct new studies to get back on market, FDA official says  Endpoints News
    3. FDA permits use of Sarepta Therapeutics’ Duchenne therapy in younger patients after short-lived halt  statnews.com
    4. The deadly saga of the controversial gene therapy Elevidys  MIT Technology Review
    5. Third patient dies after receiving a Sarepta gene therapy  Progress Educational Trust

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  • Shailesh Jejurikar Elected P&G President and Chief Executive Officer

    Jon Moeller to Become Executive Chairman

    CINCINNATI–(BUSINESS WIRE)–The Procter & Gamble Company (NYSE: PG) announced today that Shailesh Jejurikar, currently Chief Operating Officer, will succeed Jon Moeller as Procter & Gamble’s President and Chief Executive Officer, effective January 1, 2026. The Board has also nominated Mr. Jejurikar to stand for election as a Director at the annual shareholder meeting in October 2025. On January 1, 2026, Jon Moeller will become Procter & Gamble’s Executive Chairman. In this role, Mr. Moeller will lead the Board of Directors and provide advice and counsel to the CEO on Company matters.

    Joe Jimenez, Lead Director of P&G’s Board, said, “We thank Jon for his strategic leadership and guidance as he has played a pivotal role in designing and implementing P&G’s integrated portfolio, superiority, productivity and organization strategy, as part of one of the most significant transformations in the Company’s history. The Company has continued to consistently deliver strong growth and value creation through Jon’s steady leadership as CEO. A strong plan is in place for sustained success and now is the time to transition to Shailesh as CEO. We are fortunate and grateful to have Jon continue as Executive Chairman.”

    Mr. Jimenez expressed the Board’s confidence in Mr. Jejurikar. “Shailesh has been an integral part of P&G’s leadership team with substantial contributions across multiple businesses and in both developed and developing regions, notably in Fabric Care and Home Care and most recently in P&G’s Enterprise markets. He has consistently delivered strong results in the businesses and markets he has led. Shailesh is an outstanding leader, and the Company will benefit from his ongoing leadership to build on the strong foundation he has helped create.”

    Mr. Jejurikar joined P&G in 1989. He has been a member of P&G’s global leadership team since 2014, holding various senior leadership roles in categories, sectors and regions, and helped build several of P&G’s core businesses including global Fabric Care and Home Care and in regions including North America, Europe, Asia and Latin America. He has also helped lead the development of the Company’s renewed strategies and operational results in the Supply Chain, Information Technology and Global Business Services.

    “I am honored to serve as P&G’s CEO,” said Mr. Jejurikar. “P&G people, our brands, and our capabilities in innovation and operational excellence fuel my confidence for a future of sustained growth and value creation.”

    “It has been an honor to serve as CEO of P&G, and I am incredibly proud of the value created by the people of P&G through an integrated strategy that is being executed with excellence,” said Mr. Moeller. “I look forward to supporting Shailesh and the entire team as they continue to improve the performance and value of P&G brands and categories to win with consumers and customers around the world.”

    About Procter & Gamble

    P&G serves consumers around the world with one of the strongest portfolios of trusted, quality, leadership brands, including Always®, Ambi Pur®, Ariel®, Bounty®, Charmin®, Crest®, Dawn®, Downy®, Fairy®, Febreze®, Gain®, Gillette®, Head & Shoulders®, Lenor®, Olay®, Oral-B®, Pampers®, Pantene®, SK-II®, Tide®, Vicks®, and Whisper®. The P&G community includes operations in approximately 70 countries worldwide. Please visit https://www.pg.com for the latest news and information about P&G and its brands. For other P&G news, visit us at https://www.pg.com/news.

    Forward-Looking Statements

    Certain statements in this release, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions. Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause results to differ materially from those expressed or implied in the forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, except to the extent required by law.

    Risks and uncertainties to which our forward-looking statements are subject include, without limitation: (1) the ability to successfully manage global financial risks, including foreign currency fluctuations, changes in global interest rates and rate differentials, currency exchange, pricing controls or tariffs; (2) the ability to successfully manage local, regional or global economic volatility, including reduced market growth rates, and to generate sufficient income and cash flow to allow the Company to effect the expected share repurchases and dividend payments; (3) the ability to successfully manage uncertainties related to changing political and geopolitical conditions and potential implications such as exchange rate fluctuations, market contraction, boycotts, variability and unpredictability in trade relations, sanctions, tariffs or other trade controls; (4) the ability to manage disruptions in credit markets or to our banking partners or changes to our credit rating; (5) the ability to maintain key manufacturing and supply arrangements (including execution of supply chain optimizations and sole supplier and sole manufacturing plant arrangements) and to manage disruption of business due to various factors, including ones outside of our control, such as natural disasters, acts of war or terrorism or disease outbreaks; (6) the ability to successfully manage cost fluctuations and pressures, including prices of commodities and raw materials and costs of labor, transportation, energy, pension and healthcare; (7) the ability to compete with our local and global competitors in new and existing sales channels, including by successfully responding to competitive factors such as prices, promotional incentives and trade terms for products; (8) the ability to manage and maintain key customer relationships; (9) the ability to protect our reputation and brand equity by successfully managing real or perceived issues, including concerns about safety, quality, ingredients, efficacy, packaging content, supply chain practices, social or environmental practices or similar matters that may arise; (10) the ability to successfully manage the financial, legal, reputational and operational risk associated with third-party relationships, such as our suppliers, contract manufacturers, distributors, contractors and external business partners; (11) the ability to rely on and maintain key company and third-party information and operational technology systems, networks and services and maintain the security and functionality of such systems, networks and services and the data contained therein; (12) the ability to successfully manage the demand, supply and operational challenges, as well as governmental responses or mandates, associated with a disease outbreak, including epidemics, pandemics or similar widespread public health concerns; (13) the ability to stay on the leading edge of innovation, obtain necessary intellectual property protections and successfully respond to changing consumer habits, evolving digital marketing and selling platform requirements and technological advances attained by, and patents granted to, competitors; (14) the ability to successfully manage our ongoing acquisition, divestiture and joint venture activities, in each case to achieve the Company’s overall business strategy and financial objectives, without impacting the delivery of base business objectives; (15) the ability to successfully achieve productivity improvements and cost savings and manage ongoing organizational changes while successfully identifying, developing and retaining key employees, including in key growth markets where the availability of skilled or experienced employees may be limited; (16) the ability to successfully manage current and expanding regulatory and legal requirements and matters (including, without limitation, those laws, regulations, policies and related interpretations involving product liability, product and packaging composition, manufacturing processes, intellectual property, labor and employment, antitrust, privacy, cybersecurity, data protection and data transfers, artificial intelligence, tax, the environment, due diligence, risk oversight, accounting and financial reporting) and to resolve new and pending matters within current estimates; (17) the ability to manage changes in applicable tax laws and regulations; and (18) the ability to continue delivering progress towards our environmental sustainability ambitions. For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our most recent 10-K, 10-Q and 8-K reports.

    Category: PG-IR

    Contacts

    P&G Media Contacts:

    Damon Jones

    (513) 983-0190

    MediaRelations@shared.pg.com

    P&G Investor Relations Contact:

    John Chevalier

    (513) 983-9974

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  • JPMorganChase Increases Capital Access for Alabama Small Businesses Through $2 Million Philanthropic Commitment

    JPMorganChase today announced its expanded support of Alabama’s small businesses through a $2 million philanthropic commitment to create the Alabama Capital Access Collaborative. This initiative aims to help local small businesses thrive by improving capital access, assisting entrepreneurs in running their businesses more efficiently, and offering technical assistance for local capital providers across the state.

    While lenders face operational difficulties in both rural and urban areas, small businesses outside of metro areas face a greater challenge in scaling to $1 million in annual revenues. This research highlights the need for targeted solutions to help small businesses grow, especially within critical sectors and underserved communities.

    “Knowing the critical financing gaps local small businesses face, JPMorganChase is excited to help create the Alabama Capital Access Collaborative alongside government, business and community leaders,” said Tim Berry, Global Head of Corporate Responsibility for JPMorganChase. “With more than 7 million small business customers nationwide, this new philanthropic commitment builds upon what we’ve seen work in other communities by helping small business owners in Alabama obtain the necessary resources to grow, create jobs and thrive long term.”

    The Alabama Capital Access Collaborative will engage a cohort of Alabama-based lenders, including Community Development Financial Institutions, private credit funds, Minority Depository Institutions, and community-focused loan funds, to develop a longer-term funding strategy aimed at increasing capital access, including debt, credit and equity-based sources, and improving operational capacity within the small business lending community. The initial phase of this effort will be facilitated by the Milken Institute, which will work closely with each participating organization to create plans that address existing challenges and identify growth opportunities. Participating organizations include:

    “Small businesses are the backbone of the economy here in Alabama. Investing in their success will build stronger communities in our state and drive local economic growth,” said Jennifer DiSalvo, Head of Chase branches in Alabama and a member of the firm’s Market Leadership Team.

    JPMorganChase in Alabama

    Since 1973, JPMorganChase has fostered economic opportunity and provided banking and financial services to consumers and businesses across Alabama to address their unique needs. JPMorganChase is leveraging its resources and expertise to deepen its support across Alabama. Our support includes:

    • Assisting over 250 medium and large clients in industries such as business services, machinery and equipment manufacturing, and medical services.
    • Offering resources to more than 25,000 small businesses clients including mentorship, training and access to capital.
    • Supporting local governments, higher education, healthcare institutions, and more than 15 of Alabama’s local financial institutions.
    • Providing residents greater access to banking and financial services through more than 10 local branches.
    • Financing the development and rehabilitation of affordable housing units.
    • Investing in local job growth by financing the construction of recycling, manufacturing, and wholesale distribution facilities.

    About JPMorganChase

    JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America (“U.S.”), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $357 billion in stockholders’ equity as of June 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world’s most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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  • Stocks Hold at Record, Dollar Jumps on Trade Hopes: Markets Wrap

    Stocks Hold at Record, Dollar Jumps on Trade Hopes: Markets Wrap

    (Bloomberg) — Wall Street traders left stocks at all-time highs while the dollar climbed the most since May, with a tariff deal between President Donald Trump and the European Union bolstering hopes for an extension of a China trade truce. Treasuries edged lower.

    The start of a week that will set the tone for the rest of the year in markets saw a dollar gauge up nearly 1%. The euro slid the most in over two months. The S&P 500 briefly topped 6,400 to close little changed. Treasuries barely budged amid mixed results from US debt sales. Oil rose as Trump said he’d shorten his timeline for Russia to reach a truce with Ukraine.

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    In the run-up to the Aug. 1 US tariff deadline, traders will go through a raft of key data from jobs to inflation and economic activity. The big event comes Wednesday, when the Federal Reserve is expected to keep rates unchanged. Then there’s a string of big-tech earnings, with four megacaps worth a combined $11.3 trillion reporting results.

    “This is about as busy as a week can get in the markets,” said Chris Larkin at E*Trade from Morgan Stanley. “This week could make or break that momentum in the near term.”

    US and Chinese officials finished the first of two days of talks aimed at extending their tariff truce beyond a mid-August deadline and hashing out ways to maintain trade ties while safeguarding economic security. Canada Prime Minister Mark Carney said his government is still deep in trade talks with the Trump administration.

    The Treasury jacked up its estimate for federal borrowing for the current quarter to $1 trillion, mainly due to distortions from the debt limit. On Wednesday, the department will announce its plans for note and bond sales over coming months — which dealers widely see as staying unchanged.

    Speaking in Scotland on Sunday to announce the EU deal, Trump gave a brief update on Washington’s relations with Beijing. “We’re very close to a deal with China. We really sort of made a deal with China, but we’ll see how that goes,” he said without elaborating.

    “It is possible that as more trade deals are announced, the level of uncertainty that has hovered over business and the economy will ease,” said Brent Schutte at Northwestern Mutual Wealth Management Co. “Additionally, the impact of final trade deals could be less than originally forecast after the April 2 announcement of reciprocal tariffs.”

    To Thierry Wizman at Macquarie Group, while the dollar’s strength today may reflect the perception that the new EU deal is lopsided in favor of the US, it may also reflect a feeling that America is reengaging with its major allies.

    “Whether we agree or not with the use of tariffs and the deals announced, we are getting the big ones out of the way which will allow American businesses to adjust and plan, for better or worse,” said Peter Boockvar at the Boock Report. “And we can now focus on how this all plays out.”

    Fed Chair Jerome Powell and his colleagues will step into the central bank’s board room for a two-day meeting starting Tuesday to deliberate on rates at a time of immense political pressure, evolving trade policy, and economic cross-currents.

    In a rare occurrence, policymakers will convene in the same week that the government issues reports on gross domestic product, employment and the Fed’s preferred price metrics. Forecasters anticipate the heavy dose of data will show economic activity rebounded in the second quarter.

    While the stock market is moving sideways after a solid run, “if we get no surprises in earnings and some dovish comments by the Fed, it’s likely we’ll see yet more new highs by the end of the week,” said Louis Navellier, chief investment officer at Navellier & Associates.

    “We do not expect the Federal Reserve to cut interest rates on Wednesday, but it’s possible that they make a stronger signal that cuts are on the horizon in the fall, especially as the inflation data continues to stay muted even in this tariff environment,” said Rick Gardner at RGA Investments.

    Gardner also says that while stock market valuations are high, that in and of itself is not a reason why valuations can’t expand even further from here.

    In fact, this earnings season is off to a solid start, and all eyes will be on results from Microsoft Corp. and Meta Platforms Inc. on Wednesday, and Apple Inc. and Amazon.com Inc. on Thursday.

    So far, Corporate America appears to be taking tariffs in stride. With about a third of S&P 500 firms having reported, roughly 82% have beaten profit forecasts, on track for the best quarter in about four years, data compiled by Bloomberg Intelligence show.

    Progress in trade negotiations will take the S&P 500 to a third consecutive year of 20% gains, according to Oppenheimer Asset Management’s John Stoltzfus, a feat unseen since the late 1990s. He raised his year-end target for the US benchmark to 7,100.

    Some market forecasters including Morgan Stanley’s Michael Wilson have turned more optimistic about the S&P 500 as they expect earnings to remain upbeat.

    The technical evidence suggests a broadening of participation in equities off the April low, according to Craig Johnson at Piper Sandler. 

    “Despite a slight easing in momentum as investors await earnings, the combination of several major indices at all-time highs and improving market breadth continues to draw investors off the sidelines, offering opportunities to buy the dip,” he said.

    At RBC Capital Markets, Lori Calvasina says it would be premature to write off the impact of tariffs on inflation and corporate earnings.

    “It also poses a risk to the path of stock prices if company outlooks for 2026 don’t end up being as rosy as investors have been anticipating,” she noted.

    The S&P 500 is trading around 22.5 times projected earnings, compared to a 10-year average of 18.6. That’s sparked concerns that there may be little room for error.

    The stock market’s stunning rebound and resilience have again emboldened equity investors, who have developed muscle memory around ‘buying the dip’,” according to Lisa Shalett at Morgan Stanley Wealth Management.

    “With volatility having decoupled from stress indicators, passive indexes have ground to new highs, while the most speculative corners of the market have begun to lead,” she said. “Complacency is elevated, and valuations are rich. In this environment, we want to be stock-pickers.”

    To Mark Hackett at Nationwide, this may be the most compelling intersection of technical momentum and fundamental strength we’ve seen in a long time. 

    “The S&P hasn’t had a 1% move in over a month and yet bears have capitulated,” he said. “No one’s willing to short this market, and even typically skeptical investors are getting pulled in. While it’s not a blow-off top yet, the odds of that happening are rising.”

    If sentiment keeps shifting and dip buyers remain aggressive, we could see a classic melt-up – and any near-term weakness over the next several weeks is likely to be bought aggressively, he said.

    “However, for now, bears are hibernating through the summer,” Hackett concluded.

    “We would lean toward being more bullish than bearish on US stocks through year-end, but not outside of a balanced portfolio based on risk,” said Anthony Saglimbene at Ameriprise. “However, that view is contingent on positive corporate profitability and economic growth this year, avoiding worst-case tariff scenarios, and investors remaining willing to ‘buy the dip’.”

    Markets have found reassurance in several developments, according to Invesco Global Market Strategy Office.

    “For one, the worst fears that manifested around trade in early April haven’t materialized, and key trade agreements are being signed,” the strategists said. “Tariff rates remain vastly elevated compared to last year, but they appear manageable. In our view, it’s likely that the cost can be shared between businesses and consumers without a meaningful impact on growth or inflation.”

    Invesco strategists also noted that what should really matter for stocks in the medium and long-term is earnings.

    “After a strong market rally, investors should prepare for renewed volatility in the near term,” said Mark Haefele at UBS Global Wealth Management. “Potential market dips could offer an opportunity for investors to build long-term exposure to stocks.”

    Corporate Highlights:

    • Samsung Electronics Co. will produce AI semiconductors for Tesla Inc. in a new $16.5 billion pact that marks a win for its underperforming foundry division.
    • Texas Instruments Inc. was upgraded to outperform at Wolfe Research, which said the chipmaker is “near the end” of a spending cycle.
    • Cisco Systems Inc. was downgraded to inline at Evercore, which mentioned valuation following recent gains.
    • Nike Inc. was raised to overweight at JPMorgan Chase & Co., which cited the earnings impact of the sportswear maker’s five-pronged multi-year recovery plan.
    • Albertsons Cos. demanded that Kroger Co. provide details on personal conduct that led the company to replace its chief executive officer, who shepherded the failed $24.6 billion takeover that’s now the focus of litigation between the two companies.
    • PayPal Holdings Inc. will soon allow businesses to accept more than one hundred cryptocurrencies at checkout.
    • Roche Holding AG plans to test whether an experimental medicine can prevent Alzheimer’s disease symptoms in high-risk people, its latest investment in one of the most failure-prone areas of drugmaking.
    • Arrowhead Pharmaceuticals Inc. said Monday that it’s owed a $100 million milestone payment from Sarepta Therapeutics Inc. within the next two months, pressuring the beleaguered biotech company just days after it stopped selling its biggest drug due to safety concerns.
    • EssilorLuxottica SA posted better-than-expected revenue in the second quarter, as the world’s biggest eyewear maker showed strong gains in Europe and pressed ahead with its smart-glasses initiative.
    • Warner Bros. Discovery Inc. announced the names of the two companies resulting from a planned separation of the streaming and studios business from its cable-TV networks.

    What Bloomberg Strategists say…

    “A European trade deal and new China talks will go a long way to bolster risk sentiment in the days ahead, with the Aug. 1 deadline now largely irrelevant. With some level of framework in place for Europe, China and Japan, investors are gaining more visibility into the contours of global trade — and so far, they’re not particularly worried.”

    —Tatiana Darie, Macro Strategist, Markets Live

    For the full analysis, click here.

    Some of the main moves in markets:

    Stocks

    • The S&P 500 was little changed as of 4 p.m. New York time
    • The Nasdaq 100 rose 0.4%
    • The Dow Jones Industrial Average fell 0.1%
    • The MSCI World Index fell 0.3%
    • Bloomberg Magnificent 7 Total Return Index rose 0.8%
    • The Russell 2000 Index fell 0.2%

    Currencies

    • The Bloomberg Dollar Spot Index rose 0.8%
    • The euro fell 1.3% to $1.1592
    • The British pound fell 0.6% to $1.3355
    • The Japanese yen fell 0.6% to 148.56 per dollar

    Cryptocurrencies

    • Bitcoin fell 0.6% to $118,128.17
    • Ether fell 0.6% to $3,802.22

    Bonds

    • The yield on 10-year Treasuries advanced two basis points to 4.41%
    • Germany’s 10-year yield declined three basis points to 2.69%
    • Britain’s 10-year yield advanced one basis point to 4.65%

    Commodities

    • West Texas Intermediate crude rose 3% to $67.10 a barrel
    • Spot gold fell 0.6% to $3,317.25 an ounce

    ©2025 Bloomberg L.P.

    Continue Reading

  • MicroStrategy copycats out of control as Canadian vape company joins fray

    MicroStrategy copycats out of control as Canadian vape company joins fray

    The logos of Bitcoin, Ethereum, and Tether outside a cryptocurrency exchange in Istanbul, Turkey, on Wednesday, Nov. 6, 2024. 

    David Lombeida | Bloomberg | Getty Images

    The crypto market’s bullishness may be tipping into speculative frenzy, if the latest MicroStrategy-style copycat is any indication.

    On Monday, a little-known Canadian vape company saw its stock surge on plans to enter the crypto treasury game – but this time with Binance Coin (BNB), the fourth largest cryptocurrency by market cap, excluding the dollar-pegged stablecoin Tether (USDT), according to CoinGecko.

    Shares of CEA Industries, which trades on the Nasdaq under the ticker VAPE, rocketed more than 800% at one point after the company announced its plans. CEA, along with investment firm 10X Capital and YZi Labs, said it would offer a $500 million private placement to raise proceeds to buy Binance Coin for its corporate treasury. Shares ended the session up nearly 550%, giving the company a market cap of about $48 million.

    Given the more crypto-friendly regulatory environment this year, more public companies have adopted the MicroStrategy playbook of using debt financing and equity sales to buy bitcoin to hold on their balance sheet to try to increase shareholder returns, pushing bitcoin to new records.

    Now, with the S&P 500 trading at new records, the resurgence of meme mania and a pro-crypto White House supporting the crypto industry, investors are looking further out on the risk spectrum of crypto hoping for bigger gains.

    In recent months, investors have rotated out of bitcoin and into ether, which led to a burst of companies seeking a similar treasury strategy around ether. SharpLink Gaming, whose board is chaired by Ethereum co-founder Joe Lubin, was one of the first to make the move. Other companies like DeFi Development Corp, renamed from Janover, are making similar moves around Solana.

    Don’t miss these cryptocurrency insights from CNBC Pro:

    Continue Reading

  • Blockchain and Digital Assets News and Trends – July 2025

    This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets.

    While the use cases for blockchain technology are vast, this bulletin focuses on uses of blockchain and smart contracts in the financial services sector. With respect to digital assets, we have organized our approach to this topic by discussing them in terms of traditional asset type or function (although the types and functions may overlap) – that is, digital assets as:

    • Securities
    • Virtual currencies
    • Commodities
    • Deposits, accounts, intangibles
    • Negotiable instruments
    • Electronic chattel paper
    • Digitized assets

    In addition to reporting on the law and regulation governing blockchain, smart contracts, and digital assets, this bulletin will discuss the legal developments supporting the infrastructure and ecosystems that enable the use and acceptance of these new technologies.

    INSIGHT

    Stablecoins and the Genius Act: What you need to know

    By: Kristin Boggiano, Margo Tank, David Stier, Era Anagnosti, Michael Fluhr, Brian Wilmot, Alan Bickerstaff, Edmund Mokhtarian, Emily Honsa Hicks, Rachel Ehrlich Albanese, and Dennis O’Donnell

    On July 17, 2025, the US Congress passed the Guiding and Establishing National Innovation for US Stablecoins Act (Genius Act or Act) by 308–122 vote, a landmark piece of legislation establishing the first federal regulatory framework for “payment stablecoins.” The Genius Act was signed into law by President Donald Trump on July 18, 2025.

    With the Genius Act now law, Congress’ focus will be on passing the Digital Asset Market Clarity Act (the Clarity Act) which will create a more fulsome crypto framework (and interestingly is likely to also include amendments to the Genius Act). The Clarity Act passed the House on the same day as the Genius Act and is now being considered by the Senate Banking and Agriculture Committees. The White House and GOP leadership are aiming to wrap up the second key crypto bill by October.

    This client alert is the first of a series of DLA Piper alerts which will address the different aspects and implications of the Genius Act. Read more.

    STATUTORY AND AGENCY DEVELOPMENTS

    FEDERAL DEVELOPMENTS

    Banking regulators

    • Federal banking agencies issue guidance on crypto asset safekeeping risk management. On July 14, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) published a joint guidance statement directed to US banking organizations considering or providing safekeeping services for crypto assets. The document defines safekeeping as holding assets on a customer’s behalf and addresses the unique risks associated with crypto assets, such as cryptographic key management, legal and compliance obligations, third-party risk, and audit requirements. The agencies instruct banking organizations to implement robust risk management frameworks, ensure staff possess adequate technical expertise, and maintain strong control environments to manage the complexities of digital assets. The guidance also covers the need for compliance with Bank Secrecy Act and anti-money laundering (AML), countering the financing of terrorism (CFT), and Office of Foreign Assets Control (OFAC) requirements, as well as the importance of clear customer agreements and effective oversight of sub-custodians and third-party technology providers.

    SEC

    • SEC issues guidance on disclosure requirements for crypto asset exchange-traded products. On July 1, the Division of Corporation Finance of the US Securities and Exchange Commission (SEC) published a statement clarifying disclosure requirements for issuers of crypto asset exchange-traded products (ETPs), investment vehicles listed and traded on national securities exchanges and typically structured as trusts holding spot crypto assets or derivatives referencing such assets. The statement details the necessary disclosures under the Securities Act and Exchange Act, including information for cover pages, prospectus summaries, risk factors, business descriptions, service provider arrangements, custody of digital assets, fee structures, and conflicts of interest. It addresses specific risks associated with crypto assets, such as price volatility, cybersecurity threats, regulatory uncertainties, and operational risks on trading platforms. The statement also instructs issuers to provide clear, comprehensive information about the underlying digital assets, their networks, supply mechanisms, and valuation methodologies, as well as the roles and agreements of service providers like custodians and authorized participants. The statement emphasizes that these ETPs are not registered under the Investment Company Act of 1940 and that issuers must tailor disclosures to their specific circumstances while complying with anti-fraud provisions and ongoing reporting obligations.
    • SEC statement affirms tokenized securities remain subject to existing laws. On July 9, SEC Commissioner Hester M. Peirce, Chair of the SEC’s Crypto Task Force, published a statement addressing the tokenization of securities using blockchain technology. The statement warns that while tokenization can offer benefits such as improved capital formation and enhanced collateral use, tokenized securities remain securities under US law and must comply with all applicable federal securities regulations. Commissioner Peirce notes that such arrangements may introduce unique risks, including counterparty risk, and may result in tokens that function as “receipts for a security” or as security-based swaps, each with distinct regulatory implications. The statement encourages market participants to engage with the SEC to ensure compliance and to discuss potential modernization of rules when technological developments warrant regulatory updates.
    • Chair Atkins comments on passage of GENIUS Act. On July 18, SEC Chair Paul S. Atkins issued a statement regarding President Donald Trump’s signing of the GENIUS Act, describing it as a major advancement for crypto assets, financial markets, and the country’s leadership in crypto innovation. The statement asserts that blockchain and crypto asset technologies can transform the US financial infrastructure by increasing efficiency, reducing costs, improving transparency, and mitigating risk. The GENIUS Act establishes clear regulatory guidance for payment stablecoins, enabling companies and individuals to transact more efficiently and at lower costs. Chair Atkins directs SEC staff to consider guidance, rulemaking, or other measures to support SEC registrants using payment stablecoins, especially for settlement and margining, and encourages market participants to engage with the SEC to fully realize the act’s benefits. The statement concludes that these developments mark significant progress toward making the US the global center for crypto asset innovation.

    CFTC

    • Acting Chair Pham applauds congressional progress on digital asset legislation. On July 18, the Commodity Futures Trading Commission (CFTC) released a statement from Acting Chair Caroline D. Pham commending the US House of Representatives for passing significant digital asset legislation. The statement describes the GENIUS Act as a pivotal development for financial services and digital asset innovation in the US. It also notes the House’s advancement of the CLARITY Act, which establishes a long-anticipated regulatory framework for digital asset markets. Acting Chair Pham concludes by affirming the CFTC’s readiness to oversee markets that support economic growth and competitiveness.

    IRS

    • IRS extends transitional relief with respect to digital asset backup withholding requirements. On June 12, the Internal Revenue Service (IRS) announced the release of Notice 2025-33, which extends for an additional year and modifies the transition relief provided in Notice 2024-56 for brokers who are required to report digital asset sale and exchange transactions under the Internal Revenue Code. In response to public comments indicating that brokers need additional time for compliance, Notice 2025-33, among other things:
      • Extends the transition relief from backup withholding tax liability and associated penalties for any broker that fails to withhold and pay the backup withholding tax for any digital asset sale or exchange transaction effected during calendar year 2026
      • Extends the limited transition relief from backup withholding tax liability for an additional year – allowing brokers to not backup withhold for any digital asset sale or exchange transactions effected in 2027

      Brokers remain obligated to file information returns on IRS Form 1099-DA and furnish payee statements reporting gross proceeds for sales of digital assets effected on or after January 1, 2025.

    STATE DEVELOPMENTS

    UCC

    • Additional states enact UCC Article 12 on controllable electronic records. The following states join 29 other states and the District of Columbia in adopting the 2022 Amendments to the Uniform Commercial Code (UCC), including Article 12 governing property rights of intangible digital assets as Controllable Electronic Records (CERs):
      • North Carolina adopted H40 on June 26
      • Connecticut enacted HB6970 on July 8
      • New York’s legislature passed A3307A on June 11 which will be delivered to Governor Kathy Hochul for signature

      For more information on CERs under UCC Article 12, see our prior issues from May 2023, July 2023, January 2025, May 2025, and June 2025.

    Money transmission

    • Connecticut modifies money transmission law to address virtual currency. Connecticut lawmakers unanimously passed House Bill 7082, titled “An Act Concerning Various Revisions to the Money Transmission Statutes, State Payments and Investments in Virtual Currency […],” in an effort to modernize Connecticut’s money transmitter law and address issues relating to cryptocurrencies. The bill, which was signed into law on June 10th, outlines the responsibilities of money transmitter licensees engaged in virtual currency transactions, mandating clear disclosures about transaction risks and requiring customer acknowledgment of these disclosures. The bill also prohibits licensees from using customer-held virtual currency without direction and establishes maximum transaction limits while emphasizing customer identification and support. The bill includes provisions for virtual currency kiosks, requiring compliance measures and the designation of a chief compliance officer. Notably, the bill, which becomes effective October 1, 2025, prohibits state and local government divisions from accepting or requiring payment in the form of cryptocurrency and from purchasing, holding, or establishing a cryptocurrency reserve. This is in contrast to, for example, Texas, which saw Governor Greg Abbot sign Senate Bill 21 – which established the Texas Strategic Bitcoin Reserve, a fund managed by state government, which will be used to store Bitcoin as a long-term element in the state’s finances – into law on June 21st. Texas became the third state, after Arizona and New Hampshire, to declare a state Bitcoin reserve.
    • New York DFS issues guidance on cybersecurity and sanctions compliance for financial entities amid global conflicts. On June 23, the New York State Department of Financial Services (DFS) published an industry letter setting forth guidance to regulated entities and individuals that highlights steps such regulated persons should take to prepare for an increased threat of cybersecurity attacks, in light of ongoing global conflicts. In addition to identifying cybersecurity measures, the guidance features actions regulated persons should take to maintain compliance with US sanctions laws, including actions to adopt and implement control measures to protect against use of virtual currency transfers by customers of the regulated persons to evade sanctions. These controls must include geolocation tools and IP address identification and blocking, as well as transaction monitoring using blockchain analytics tools to identify activity by sanctioned individuals and entities.

    Digital assets

    • Texas establishes state-managed Bitcoin reserve. On June 22, Governor Abbott signed Senate Bill 21, which creates the Texas Strategic Bitcoin Reserve, a state-managed fund dedicated to holding Bitcoin as a long-term financial asset. The reserve will operate independently from the state’s general treasury and aims to serve as a hedge against inflation, with the Texas Comptroller of Public Accounts overseeing its management and an advisory committee of crypto investment professionals providing guidance. The legislation restricts eligible assets to those with a market capitalization exceeding $500 billion, a benchmark currently only met by Bitcoin, and allows the reserve to grow through direct purchases, forks, airdrops, investment gains, and public donations. The legislation makes Texas the first US state to commit public funds to a standalone Bitcoin reserve.
    • Arizona Governor vetoes state Bitcoin reserve. Arizona Governor Katie Hobbs vetoed House Bill 2324 on July 1, 2025, which would have established a state-managed reserve fund for Bitcoin and other digital assets using proceeds from seized cryptocurrency. The bill, which narrowly passed the state legislature, aimed to allocate the first $300,000 in seized digital assets to the attorney general’s office, with additional funds distributed among the AG’s office, the state general fund, and the new reserve fund. In her veto letter, Governor Hobbs cited concerns that the measure disincentives local law enforcement from working with the state on digital asset forfeiture by removing seized assets from local jurisdictions.
    • Wyoming updates launch of stable token. The Wyoming Stable Token Commission (WSTC) released an update and timeline memorandum on June 19 regarding the launch of the Wyoming Stable Token (WYST), a state-issued stablecoin authorized by the Wyoming Stable Token Act of 2023. WYST is expected to be the first state-issued stablecoin backed by US Treasury securities, with a portion of the generated income supporting Wyoming public schools. According to the WSTC, the anticipated launch date for WYST is August 20.

    INDUSTRY DEVELOPMENTS

    • Stablecoin currency technology companies apply for national trust bank charters. Circle Internet Group Inc., on June 30, announced its submission of an application to the OCC for a national trust bank charter. The proposed institution, First National Digital Currency Bank NA, would operate under federal oversight, enabling Circle to directly manage USDC reserves and provide digital asset custody services to institutional clients. The bank would not be permitted to accept cash deposits or engage in lending activities. If approved, Circle would become one of the few crypto-native firms, alongside Anchorage Digital Bank NA, to hold a national trust charter.

      Following Circle’s announcement, Ripple Labs, Inc. announced, on July 2, that it is also applying for a national bank charter from the OCC. Ripple further announced it applied for a Federal Reserve Master account to allow Ripple to hold RLUSD reserves directly with the Federal Reserve.

    ENFORCEMENT ACTIONS AND LITIGATION

    FEDERAL

    Sanctions

    • OFAC sanctions Russian bulletproof hosting service Aeza Group. On July 1, the US Department of the Treasury’s OFAC announced sanctions against Aeza Group, a St. Petersburg-based bulletproof hosting (BPH) service provider, along with its affiliated companies and key personnel. BPH service providers sell access to specialized servers and other computer infrastructure that help cybercriminals evade detection and resist law enforcement disruptions. The sanctions block all property and interests in property of the designated entities and individuals within US jurisdiction and prohibit US persons from engaging in transactions with them.
    • OFAC sanctions target DPRK IT worker schemes trafficking in digital assets. On July 8, OFAC announced sanctions against North Korean (DPRK) cyber actors and IT workers, including Song Kum Hyok and several entities, for their roles in schemes to generate revenue for the DPRK. According to the press release, DPRK IT workers, often operating from China and Russia, use falsified documentation and stolen identities to secure employment with companies worldwide, particularly in the technology and virtual currency sectors. These workers develop software and applications across various industries and frequently target projects involving virtual currency, funneling their earnings through exchanges and trading platforms to manage, launder, and remit funds back to North Korea. The sanctions block all property and interests in property of the designated individuals and entities within US jurisdiction and prohibit US persons from engaging in transactions with them.
    • Four North Korean nationals charged in nearly $1 million cryptocurrency theft scheme. On June 30, the US Attorney’s Office for the Northern District of Georgia announced the indictment of four North Korean nationals, Kim Kwang Jin, Kang Tae Bok, Jong Pong Ju, and Chang Nam Il. The defendants are charged with wire fraud and money laundering in connection with the theft of over $900,000 in virtual currency. The indictment alleges that the defendants used fake and stolen identities to pose as remote IT workers, infiltrating companies in the blockchain and virtual token sectors to gain access to digital assets. After securing employment under false pretenses, they stole significant amounts of virtual currency by exploiting their access to company systems, including modifying smart contract source code. The stolen funds were laundered through a virtual currency mixer and transferred to exchange accounts opened with fraudulent identification documents. The case is part of a broader US Department of Justice (DOJ) initiative targeting North Korean cyber-enabled revenue generation efforts, particularly those designed to evade sanctions and fund illicit programs.

    DOJ

    • OmegaPro executives charged in $650 million global crypto and Forex fraud scheme. On July 8, the DOJ announced the unsealing of an indictment against Michael Shannon Sims and Juan Carlos Reynoso for their roles in operating and promoting OmegaPro, an international virtual currency investment scheme that allegedly defrauded investors of over $650 million. The defendants allegedly marketed OmegaPro, through social media and lavish events, as a multi-level marketing (MLM) platform offering “investment packages” that promised 300-percent returns over 16 months. The defendants allegedly claimed elite foreign exchange traders would generate these profits. Investors were instructed to purchase these packages using virtual currency, which OmegaPro executives and high-ranking promoters allegedly misappropriated for their own use. According to the indictment, the scheme ended when defendants assured investors their investments were secure after a purported network hack, and being transferred to another platform, but investors ultimately found they were unable to withdraw their funds. Both Sims and Reynoso are charged with conspiracy to commit wire fraud and money laundering. The investigation involved multiple US and international law enforcement agencies.
    • Co-owner of virtual currency companies sentenced for operating crypto Ponzi schemes. On June 27, the US Attorney’s Office for the Eastern District of New York announced that Dwayne Golden had been sentenced to a 97-month prison sentence for conspiracy to commit wire fraud and money laundering in connection with fraudulent digital asset companies. Golden and his co-conspirators operated EmpowerCoin, ECoinPlus, and Jet-Coin, raising over $40 million from investors by falsely promising guaranteed returns from digital asset trading, when in reality, they ran Ponzi schemes and did not engage in any legitimate cryptocurrency trading. The defendants used investor funds to repay earlier investors or for personal gain, and after the schemes collapsed, they attempted to obstruct federal investigations by destroying evidence and providing false information. The court ordered Golden to forfeit approximately $2.46 million, with restitution to be determined later, and several co-defendants also received or await prison sentences for their roles in the scheme.
    • US authorities seize record $225 million in cryptocurrency linked to investment fraud schemes. On June 18, the US Attorney’s Office for the District of Columbia announced the seizure of over $225.3 million in cryptocurrency connected to widespread cryptocurrency investment fraud, marking the largest such seizure in US Secret Service history. The US Secret Service and FBI used blockchain analysis and other investigative techniques to trace the funds, which scammers had dispersed across numerous cryptocurrency addresses to conceal their origins. The civil forfeiture complaint alleges that a sophisticated money laundering network executed hundreds of thousands of transactions to hide the proceeds from victims, who believed they were making legitimate cryptocurrency investments. The investigation confirmed dozens of victims in the US and more than 400 suspected victims worldwide, with losses totaling millions of dollars. The DOJ, in partnership with private sector entities such as Tether, continues to pursue the recovery of stolen digital assets and urges victims of cryptocurrency investment fraud to report their cases to the FBI Internet Crime Complaint Center.
    • Former rugby player sentenced for cryptocurrency mining Ponzi scheme. On July 17, the US Attorney’s Office for the Western District of Washington announced that Shane Donovan Moore, a former semi-professional rugby player, had received a 30-month prison sentence for operating a fraudulent cryptocurrency mining investment scheme through his company, Quantum Donovan LLC. Moore solicited over $900,000 from approximately 40 investors between January 2021 and October 2022, falsely claiming he would use their funds to purchase and operate cryptocurrency mining equipment. Instead, Moore never acquired any mining machines, comingled investor funds with his personal accounts, and used the money to finance a lavish lifestyle and pay off earlier investors The scheme caused more than $387,000 in losses to victim-investors, many of whom Moore knew through rugby.

    STATES

    • Law enforcement shuts down cryptocurrency scam targeting Russian-speaking community. On June 18, Brooklyn District Attorney Eric Gonzalez, in collaboration with the New York State Attorney General and the New York State DFS, announced the disruption of a cryptocurrency investment scam that targeted Russian-speaking residents in Brooklyn and across the US. The investigation uncovered that scammers used deceptive Facebook ads and fake investment websites to lure victims, then laundered stolen cryptocurrency through “Black Hat” promoters in Vietnam. Authorities seized over $140,000 in stolen cryptocurrency, froze approximately $300,000, and dismantled more than 100 fraudulent domains and 17 registrar accounts. The scam, which caused over $1 million in losses in Brooklyn alone, involved scammers showing victims fake investment gains and demanding additional payments for withdrawals, ultimately cutting off contact and keeping the funds. Law enforcement warned victims, recovered funds, and took steps to prevent further fraud, while urging the public to verify the legitimacy of cryptocurrency platforms and report suspicious activity.

    SPOTLIGHT ON INTERNATIONAL DEVELOPMENTS

    • FATF 2025 report indicates progress despite ongoing challenges in regulating virtual assets and service providers. In June 2025, the Financial Action Task Force (FATF) published a report titled Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers. The report reviews global implementation of its AML and CFT standards as they apply to virtual assets (VAs) and virtual asset service providers (VASPs). The report finds that while more jurisdictions have developed or implemented regulatory frameworks for VAs and VASPs since 2024, including increased licensing, registration, and enforcement actions, significant gaps remain, particularly in risk assessment, supervision, and the identification of entities conducting VASP activities. The FATF notes a rise in the illicit use of stablecoins, decentralized finance (DeFi), and large-scale thefts, with most on-chain illicit activity now involving stablecoins. The report also highlights challenges in enforcing the Travel Rule, which requires VASPs to share originator and beneficiary information for virtual asset transfers, and points to the need for further international cooperation and public-private sector collaboration to address emerging risks such as scams, fraud, and the use of unhosted wallets. The report concludes with recommendations for both public and private sectors to strengthen AML and CFT measures and announces plans for further targeted reports on stablecoins, offshore VASPs, and DeFi.
    • Spanish authorities dismantle major cryptocurrency fraud network. On June 30, the Spanish Guardia Civil, in collaboration with Europol and law enforcement agencies from Estonia, France, and the United States, announced the arrest of five members of a criminal organization responsible for a large-scale cryptocurrency investment fraud scheme. The network defrauded over 5,000 victims worldwide and laundered EUR460 million in illicit proceeds using a sophisticated system involving global associates, cash withdrawals, bank transfers, and crypto transfers. The perpetrators are alleged to have established a complex corporate and banking structure in Hong Kong, utilizing payment gateways and user accounts across various exchanges to receive, store, and transfer criminal funds. Europol provided operational support and deployed a crypto specialist to assist with the investigation, which remains ongoing.
    • BIS annual economic report for 2025 outlines the future of money and digital assets. On June 23, the Bank for International Settlements (BIS) published its Annual Economic Report, discussing the evolution of the monetary and financial systems toward a next-generation framework centered on tokenization, unified ledgers, and digital assets. The report highlights how tokenized central bank reserves, commercial bank money, and government bonds could enhance efficiency, security, and accessibility in financial markets. Despite an overall optimistic tone, the report critically examines the roles of stablecoins and crypto assets, noting that while stablecoins offer some promise for programmability and cross-border payments, they fall short as a mainstay of the monetary system due to failures in singleness, elasticity, and integrity – especially regarding financial crime risks and lack of settlement at par. The report argues that crypto assets, including unbacked cryptocurrencies, function more as speculative assets than as stable means of payment, and their decentralized architectures face scalability and security trade-offs. BIS advocates for central bank-led innovation, robust regulation, and public-private partnerships to ensure that digital assets and tokenized finance develop within a trustworthy, resilient, and inclusive monetary system, rather than relying on private digital currencies that could undermine financial stability and trust.

    DLA PIPER NEWS

    • The Financial Times recognizes DLA Piper as one of the Most Innovative Law Firms in North America.
    • The Legal 500 ranks DLA Piper Tier 1 in FinTech: Crypto. DLA Piper was also ranked in Tier 2 for FinTech, and Margo Tank was ranked as a “Leading Individual.”
    • Chambers FinTech Legal ranks DLA Piper in four categories including Band 2 for Blockchain and Digital Assets, and Band 3 for Payments and Lending, with Margo Tank individually recognized in Blockchain and Digital Assets and Payments and Lending.
    • DLA Piper’s Commodities, Digital Assets, and Carbon Compliance and Enforcement team draws on decades of collective experience in the commodities and securities industry to help companies navigate new and complex commodities enforcement matters, including those related to agriculture, metals, energy, digital assets, and carbon/sustainable commodities, among others.

    RECENT AND UPCOMING EVENTS

    • Margo Tank presented as part of a panel on Crypto in Real Estate at the Washington, DC Convention Center on June 2, as part of the National Association of Realtors® Legislative Meetings 2025.
    • Michael Fluhr presented as part of a panel on developments in crypto litigation at Crypto Law 2025: Evolving Best Practices for an Industry in Transition, on May 7 at the Practicing Law Institute (PLI)’s California Center in San Francisco and virtually. The panel covered recent developments with respect to securities class actions, non-fungible token (NFT)-related litigation, and decentralized autonomous organization (DAO)-related litigation.
    • David Stier spoke alongside other industry professionals on the digital assets panel on April 25 at US-India Strategic Partnership Forum’s inaugural US-India Economic Forum, themed “Future Forward: Navigating Finance, Innovation, and Economic Growth in 2025.”
    • DLA Piper presented the 2nd Annual Global Digital Forum – Financial Services Evolution or Revolution? on February 25 at DLA Piper’s London office and virtually. The forum was co-organized with Global Digital Finance and covered the opportunities that digital finance brings, spanning key jurisdictions and a range of topics including digital bonds, real-world asset tokenization, stablecoins, DeFi, artificial intelligence (AI), and digital asset litigation, as well as the policy landscape in agenda-setting regions such as the UK, US, EU, and Middle East. Baroness Kay Swinburne presented the keynote address. Prior to her current legislative, advisory, and financial services consulting roles, Baroness Swinburne worked in financial services both before and after being elected to the European Parliament (2009–2019). She also served as a leading EU legislator and Vice Chair of the Economics and Monetary Affairs Committee, helping shape EU and global financial services legislation.
    • David Stier spoke alongside other industry professionals at the 21st Puerto Rican Symposium of Anti-Money Laundering in San Juan, Puerto Rico, on February 21 on a panel titled, “Anti-Money Laundering Under a New US Administration: Policy Shifts and Market Impact.”

    PUBLICATIONS

    • DLA Piper published its global financial services report, Financial Futures: Disruption in US and Global Financial Services, after asking nearly 800 financial services decision-makers around the world about key disruptors impacting senior leaders in financial institutions and fintechs. Access our report and read about the challenges and opportunities that AI; digitization; and environmental, social and governance (ESG) pose for the financial services industry.
    • In the book, Banking [on] Blockchain: A Legal and Regulatory Primer, published by the American Bar Association, David Stier, Emily Honsa Hicks, and Eric Hall co-authored a chapter on anti-money laundering (AML)/know your customer (KYC) requirements and the Bank Secrecy Act (BSA), as well as provided general editorial assistance on other chapters. The book is a comprehensive guide to the legal and regulatory landscape surrounding the use of blockchain technology, decentralization, and digital assets within the financial services, and offers guidance on how financial institutions may navigate the complex regulatory environment.
    • Cryptocurrency and Digital Asset Regulation, published by the American Bar Association and co-edited by Deborah Meshulam and Michael Fluhr, includes chapters by Meshulam, Fluhr, and Margo Tank.

    LISTEN

    Digital Transformation – The never-ending journey. Digital transformation is more than a trend – it’s a continuous journey. Our Tech Index 2024 looks at the rise of blockchain to the advancements in AI and the potential of quantum computing – the evolution never stops. Organizations are encouraged to adapt and lead the way in this ever-changing landscape. Mark O’Conor, Paul Allen, and Chloe Forster take a deep dive into digital transformation.

    READ

    Digital Asset Market Clarity Act: The increasing role of the CFTC in regulating crypto markets

    Digital Transformation: eSignatures and ePayments News and Trends

    Market Edge – covering SEC developments for publicly traded companies

    Digital Digest addresses the growing challenges faced by the UK commercial and financial sector due to the increasing number of laws, regulations, and market practices affecting the digital and crypto industry.

    Contacts

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  • Visual and refractive outcomes after implantation of an isofocal optic

    Visual and refractive outcomes after implantation of an isofocal optic

    Introduction

    A recent systematic review and meta-analysis considering 28 randomised controlled trials from the past 5 years comprising 2465 patients analysed the efficacy and safety of various presbyopia-correcting intraocular lenses (IOLs), including standard monofocal, bifocal, trifocal, extended depth-of-focus (EDOF) and enhanced monofocal IOLs after cataract surgery.1 This study found that both trifocal and EDOF IOLs showed better uncorrected intermediate visual acuity (UIVA) than monofocal IOLs. They concluded that EDOF and enhanced monofocal IOLs have improved visual quality at intermediate distances and are a good choice if there are more activities in daily life at intermediate distances. The report published by the American Academy of Ophthalmology indicates that most multifocal and EDOF IOLs that were compared with a control monofocal IOL showed that patient-reported spectacle independence was superior to the monofocal IOL.2

    Different EDOF IOLs have recently appeared on the market aiming to improve visual acuity at intermediate distances compared to monofocal IOLs. Several reviews and meta-analyses have been published showing their outcomes in comparison to trifocal models.3,4 The Isopure 1.2.3. IOL (Beaver-Visitec International, Inc. [BVI], Waltham, USA) is an aspherical lens with an optical design based on an isofocal concept5 aiming to give patients good distance visual acuity with improved UIVA whilst inducing minimal photic phenomena. Different in vitro studies6–10 have analysed this IOL and using an adaptive optics simulator it has been found that the Isopure IOL shows a good balance between depth-of-focus and visual acuity at distance.8 Different clinical studies have analysed this lens11–22 and two studies with the largest sample of patients supported the optical bench assessments showing excellent distance-corrected visual acuity for far vision with improved unaided intermediate vision performance.13,16 A new Isopure IOL model, named Isopure Serenity, has been launched on the market. This model is optically identical to the Isopure 1.2.3. IOL but with a different haptics platform. The Isopure Serenity shows a POD double C-loop posterior angulated haptic platform, which differs from the MICRO closed loop quadripode posterior angulated haptic of the Isopure 1.2.3 model. To our knowledge, there are no published studies reporting the clinical outcomes achieved either with this new IOL or with Japanese eyes. Therefore, the aim of the current study is to assess the visual and refractive outcomes in Japanese patients diagnosed with cataracts implanted with the Isopure Serenity IOL.

    Methods

    Study Design and Patients

    In this clinical study, we prospectively examined 38 eyes from 19 patients at the Nihonbashi Cataract Clinic (Tokyo, Japan) between June 2024 and February 2025. The study was carried out in accordance with the tenets of the Declaration of Helsinki and was approved by the Nihonbashi Cataract Clinic Review Board. The inclusion criteria were cataracts, male or female adults aged 45 years or older on the day of treatment who were implanted with the Isopure Serenity IOL, maximum time between first and second eye treatment of 30 days, capacity to understand and sign the informed consent form and privacy authorisation and willing and able to conform to the study requirements. The exclusion criteria included age of patient <45 years at the day of surgery, time between first and second eye treatment >30 days, patients who underwent previous intraocular or corneal surgery other than IOL implantation, patients showing glaucoma, patients with diagnosed degenerative visual disorders (eg AMD), patients in whom surgical complications occurred (eg posterior capsule rupture) and patients in whom in-the-bag implantation was not possible.

    Intraocular Lens

    All eyes were implanted with the posterior chamber premium hydrophobic Isopure Serenity IOL (non-toric or toric model). This IOL is made of GFY hydrophobic acrylic material (refractive index = 1.53 and Abbe number = 42) with blue light and UV filter. The aspheric refractive optic design, based on an isofocal refractive concept, displays polynomial surface design parameters to extend the depth-of-focus compared to monofocal IOLs. The IOL shows the posterior angulated POD double C-loop haptic platform with RidgeTech. The optical zone of the lens is of 6.00 mm and the overall diameter is 11.4 mm. The spherical power ranges from +10.00D to +30.00D (in 0.50D steps) and from +31.00D to +35.00D (in 1.00D steps), and the cylindrical power at the IOL plane is of 1.00, 1.50, 2.25, 3.00, 3.75, 4.50, 5.25, and 6.00D.

    Surgical Procedure and IOL Power Calculation

    In this prospective study, the surgical procedure considered a phacoemulsification technique by means of the Centurion Phacoemulsification device (Alcon Labs, Fort Worth, TX, USA) through a 2.2 mm clear corneal incision with topical anaesthesia by an experienced surgeon (TA) using Phaco Prechop technique23 following the standard procedure previously published.24–26 In the case of toric lenses, the toric axis was marked by the Akahoshi Intra-operative Axis Marker with CCC Guide (ASICO AE-2933). IOL power was calculated using the Barrett Universal II formula and the target refraction was emmetropia in all eyes. The IOLMaster 700 swept-source OCT device (Carl Zeiss Meditec AG, Germany) was used to perform the optical biometry obtaining K1, K2, axis K1, axis K2, axial length, anterior chamber depth, lens thickness and white-to-white distance.

    Visual and Refractive Measurements

    At 3 months post-surgery the following visual metrics were recorded for distance, using the Sloan ETDRS tests (Precision Vision, Woodstock, IL, USA) on a LogMAR scale: monocular uncorrected distance visual acuity (UDVA) and corrected distance visual acuity (CDVA); for intermediate (at 80 and 66 cm): UIVA and distance-corrected intermediate visual acuity (DCIVA); and for near (at 40 cm): uncorrected near visual acuity (UNVA) and distance-corrected near visual acuity (DCNVA). Visual acuity at difference vergences was obtained by means of the photopic binocular best-corrected distance defocus testing for spherical additions ranging from –4.00D to +1.00D in 0.5D steps. Refraction (sphere, cylinder and axis) was recorded and the spherical equivalent (SE) was calculated. In addition, the vector analysis for outcome reports was conducted using the double-angle plot tool27 considering the preoperative corneal astigmatism obtained from the IOLMaster 700 optical biometer and the refraction obtained at the last postoperative visit. Any adverse event or complication during surgery and follow-up were also recorded.

    Statistical Analysis

    For visual acuities and refraction parameters, the mean, standard deviation (SD), minimum and maximum values were calculated using the Excel software (2019, version 16.43, Microsoft Corporation, Redmond, WA, USA). Standard graphs for reporting refractive and visual acuity outcomes for IOL-based refractive surgery were plotted.28

    Results

    Thirty-eight eyes of 19 patients implanted with the Isopure Serenity IOL were recruited in this study. Fourteen patients were female (73.68%). Patients’ demographics and preoperative characteristics are shown in Table 1. The mean patient’s age was 69.16 ± 10.28 years (ranging from 47 to 88 years). Neither surgical complications nor adverse events related to the IOL were reported in our sample during the study.

    Table 1 Demographic Characteristics of Participants Shown as Means, Standard Deviations (SD) and Ranges

    In order to report the refractive and clinical outcomes of this sample, we have constructed the standard graphs for IOL-based surgery. Specifically, for accuracy, Figure 1 was created showing the distribution of SE (Figure 1A) and refractive cylinder (Figure 1B) after the surgery. Note that the highest percentage of eyes, 65.79%, was for the range between ±0.13D followed by 18.42% for the +0.14 to +0.50D range. About 100% of the eyes were within ±1.00D and 89.47% of the eyes within ±0.50D. At 3 months, the mean SE and refractive cylinder were 0.12 ± 0.35D (ranging from 1.00 to –0.75D) and –0.11 ± 0.33D (ranging from 0.00 to –1.50D), respectively. For the vector analysis assessment, Figure 2 was plotted, showing the preoperative corneal astigmatism before the surgery (Figure 2A) and the postoperative refractive astigmatism at 3 months post-IOL implantation (Figure 2B). We may observe that the mean absolute of the corneal astigmatism before surgery was 0.58 ± 0.36D and that of the refractive astigmatism was 0.11 ± 0.33D after the intervention, showing its reduction.

    Figure 1 Distribution of postoperative spherical equivalent refraction (A) and refractive cylinder (B) at three months post-Isopure Serenity intraocular lens implantation.

    Figure 2 Double-angle plots for preoperative corneal astigmatism (A) and postoperative refractive astigmatism (B) at three months post-Isopure Serenity intraocular lens implantation. Centroids, mean absolute values with standard deviations, 95% confidence ellipse of the centroid and 95% confidence ellipse of the dataset are also shown.

    For visual acuity outcomes, Figure 3 was plotted. This figure shows the cumulative proportion of eyes at 3 months post-surgery with a given UDVA and CDVA (Figure 3A), UIVA and DCIVA (Figure 3B) and UNVA and DCNVA (Figure 3C) values. At the last follow-up visit (3 months), 34 (89.47%) and 37 eyes (97.37%) had 20/20 or better UDVA and CDVA, respectively, with 36 (94.74%) and 37 eyes (97.37%) achieving 20/25 or better UDVA and CDVA, respectively (see Figure 3A). Specifically, the mean values for UDVA and CDVA were –0.05 ± 0.08 and –0.08 ± 0.05 logMAR, respectively. Table 2 shows the mean values for all the visual acuity measurements. For intermediate visual acuity (see Figure 3B), 22 (57.89%) and 16 eyes (42.11%) achieving 20/32 or better DCIVA at 80 and 66 cm, respectively, with 31 (81.58%) and 23 eyes (60.53%) achieving 20/40 or better DCIVA at 80 and 66 cm, respectively. The mean values for DCIVA were 0.23 ± 0.13 and 0.28 ± 0.13 logMAR at 80 cm and at 66 cm, respectively (Table 2). At near vision (see Figure 3C), 10 (26.32%) and 10 eyes (26.32%) had 20/32 or better UNVA and DCNVA, respectively, with 23 (60.53%) and 21 eyes (55.26%) achieving 20/40 or better UNVA and DCNVA, respectively. The mean DCNVA (40 cm) was 0.35 ± 0.14 logMAR (Table 2). In addition, in order to evaluate the change in visual acuity at different vergences (defocus values), Figure 4 was created. This figure shows the postoperative photopic binocular through-focus, best-corrected visual acuity from 1.0D to –4.0D at 3 months post-surgery. As expected, the best visual acuity is obtained at distance focus (0D of vergence) with a reduction in its value with increased lens power. Values of about 0.20 logMAR showed a depth-of-focus of about 1.75D.

    Table 2 Monocular Visual Acuity Outcomes (logMAR) for Eyes Implanted with the Isopure Serenity Toric Intraocular Lens (IOL) Shown as Means, Standard Deviations (SD) and Ranges at 3 Months of Follow-Up

    Figure 3 Cumulative proportion of eyes at three months post-Isopure Serenity intraocular lens implantation with a given postoperative uncorrected distance visual acuity (UDVA) and corrected distance visual acuity (CDVA) (A), uncorrected intermediate visual acuity (UIVA) and distance-corrected intermediate visual acuity (DCIVA) at 80 and 66 cm (B), and uncorrected near visual acuity (UNVA) and distance-corrected visual acuity (DCNVA) at 40 cm (C).

    Figure 4 Mean photopic binocular logMAR visual acuity with best correction for distance as a function of the chart vergence from 1.0 D to −4.0 D at three months post-Isopure Serenity intraocular lens (IOL) implantation. Error bars represent standard deviation. The right y-axis shows Snellen feet acuity.

    Discussion

    New EDOF IOLs are increasingly being used by cataract and refractive surgeons. This type of IOL aims to provide a continuous range of vision offering good visual acuity at far and intermediate distances. As we have indicated, the Isopure 1.2.3. IOL has been widely studied in different clinical reports11–22 showing good outcomes in terms of accuracy and visual acuity. The current study constitutes the first report on clinical outcomes with a new model, the Isopure Serenity IOL. The objective is to assess the refractive and visual performance of this lens in Japanese eyes and to compare it with previously published literature with the Isopure 1.2.3. IOL, specifically with two multicentre studies with the largest sample of patients of this IOL model: 183 eyes of 109 patients at 4 months carried out in Spain13 and 130 eyes of 65 patients at 4–6 months carried out in the Philippines, the Czech Republic and Spain.16

    Analysing the refractive outcomes of the Isopure Serenity IOL obtained in the current study, 100% of the eyes were within ±1.00D and 89.47% of the eyes within ±0.50D (see Figure 1). The mean SE and refractive cylinder were 0.12 ± 0.35D and –0.11 ± 0.33D, respectively. These results are in agreement with those found by previous literature with the Isopure 1.2.3. IOL for Bernabeu-Arias et al13 with 95.7% of eyes within ±1.00D and 73.2% of eyes within ±0.50D and a mean postoperative SE of –0.12 ± 0.42D and a refractive cylinder of –0.46 ± 0.43D, and Ang et al16 with 99.23% of eyes within ±1.00D and 84.62% of eyes ±0.50D and a mean SE of −0.06 ± 0.36D and a refractive cylinder of −0.47 ± 0.37D. Then, we can consider both IOL models to be similar in terms of refractive accuracy. It should be considered that our cohort also includes Isopure Serenity toric IOLs. The Isopure Serenity shows a POD double C-loop posterior angulated haptic platform, which is the main difference with the Isopure 1.2.3. IOL model. This platform has been evaluated as showing excellent stability. This correlates with our good refractive outcomes in terms of spherical equivalent and astigmatism (see Figures 1 and 2). For example, a laboratory study assessing its mechanical stability using digital image correlation reported an axial displacement and tilt of 0.09 ± 0.06 mm and 0.76 ± 0.50 degrees against 0.09 mm and 1.74 degrees for a compression diameter of 9.50 mm.29 Similar results were obtained for the other compression diameters. The results obtained are also comparable to in silico values (0.09 ± 0.06 mm versus 0.03 mm for a diameter of 9.50 mm), providing adequate mechanical stability for all the compression diameter range tested (11.00 to 9.50 mm).30

    Now focusing on visual acuity, we also found good outcomes (see Figure 3), with 89.47% and 97.37% of eyes having monocular UDVA and CDVA ≥20/20, respectively. Bernabeu-Arias et al13 found percentages of 50.82% and 76.57%, respectively, and Ang et al16 found values of 56.2% and 84.6%, respectively. The mean values in our cohort for UDVA and CDVA were –0.05 ± 0.08 and –0.08 ± 0.05 logMAR, respectively, and for Bernabeu-Arias et al13 0.06 ± 0.12 and 0.01 ± 0.06 logMAR, respectively, and for Ang et al16 0.06 ± 0.11 and –0.01 ± 0.08 logMAR, respectively. In general, our values were slightly better to those reported in both previously published cohorts. The outcomes for intermediate vision showed 57.89% and 42.11% of eyes achieving ≥20/32 DCIVA at 80 and 66 cm, respectively, with 81.58% and 60.53% of eyes achieving ≥20/40 DCIVA at 80 and 66 cm, respectively. The cumulative outcomes for monocular conditions in the Bernabeu-Arias et al13 study were 76.58% and 51.27% of eyes achieving ≥20/32 DCIVA at 80 and 66 cm, respectively, and in the Ang et al16 94.6% and 71.5% of eyes achieving ≥20/32 DCIVA at 80 and 66 cm, respectively. In this case, the cumulative values in our cohort were lower than these two studies. Note that possible differences in the measurement method, pupil size of the patients or the specific-population ocular characteristics of the population may play a role in these differences. The mean values for DCIVA were 0.23 ± 0.13 and 0.28 ± 0.13 logMAR at 80 cm and at 66 cm, respectively. These values for the Ang et al16 study were better compared to ours, being 0.15 ± 0.11 and 0.19 ± 0.12 logMAR, respectively. In contrast, at near vision, 60.53% and 55.26% of eyes achieved a value ≥20/40 of UNVA and DCNVA, respectively, but with lower values in the Bernabeu-Arias et al13 study: 33.88% and 21.52% of UNVA and DCNVA, respectively, and similar to that found in the Ang et al16 study: 58.5% for DCNVA.

    To ascertain how visual acuity changes with vergence (distance), Figure 4 shows the defocus curve under binocular conditions. This figure correlates with classical figures of defocus curve in this type of IOL showing a peak of best visual acuity located at 0D of defocus (far vision) and a smooth transition reduction with increasing negative lens power (closer distance to the eye). The good outcome is expected due to this lens maintaining good visual acuity at distance (>20/20 at 0D) while improving intermediate visual acuity (ranging from 20/32 to 20/20 between −1D and −2D vergence). Considering a 0.2 logMAR threshold, this lens offers a depth-of-focus of about 1.75D. Bernabeu-Arias et al13 and Ang et al16 also measured the binocular defocus curve showing both a peak at 0D with reduced values with closer distances. Bernabeu-Arias et al13 consider the depth-of-focus in their cohort to be about 1.50D, and Ang et al16 about 1.75D. The value obtained in our cohort is in agreement with these two studies. This amount of depth-of-focus provides our patients with good visual acuity at intermediate distances being useful for some daily life activities.

    We want to indicate that our study has several limitations. The first is that we have included only one group, as this is a non-comparative design, and, therefore, the comparison was made with published literature by other authors. Our follow-up was 3 months and in spite of the fact that we consider this period long enough to study the performance of the lens, a longer follow-up is always desirable to confirm the early values. The analysis of centration and tilt of the IOL should be also analysed in future studies. And finally, it is interesting to consider other analyses that include quality of vision and patient satisfaction and photic phenomena questionnaires.

    Conclusion

    In conclusion, the present study shows that the new isofocal Isopure Serenity IOL with double C-loop haptics results in accurate refractive outcomes with excellent visual performance for distance vision and functional intermediate vision in Japanese eyes. This new IOL model performs similarly to the Isopure 1.2.3 IOL model, being an effective option to provide our patients with functional intermediate vision.

    Disclosure

    The author reports no conflicts of interest in this work.

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