In a surprising move, South Korean lawmakers have put forth a bill to push back the implementation of the crypto gain tax until 2028. This decision comes amidst the current negative sentiments surrounding the crypto industry. The ruling political party cited the declining investment sentiment towards virtual assets as the primary reason for the extension.
Regulation
In a recent social media outburst, X CTO and chairman Elon Musk accused the European Commission of offering an “illegal secret deal” to the social media platform. Musk claimed that the EC proposed that X should censor speech quietly to avoid fines in the European Union. This accusation came after the EC published preliminary findings
The Securities and Exchange Commission (SEC) recently concluded its investigation into Hiro and the Stacks blockchain without recommending any enforcement action. This investigation, which lasted for over three years, marked a crucial period in the history of the Bitcoin Layer-2 network. It all began following the SEC-qualified offering by Stacks back in 2019, which prompted
The recent announcement that the SEC has closed its investigation into Hiro Systems and the Stacks blockchain without recommending any enforcement action marks a significant milestone in the history of the Bitcoin Layer-2 network. This investigation, which began over three years ago, was initiated following the first-ever SEC-qualified offering by Stacks in 2019. Despite the
The UK Law Commission’s recent release of a scoping paper addressing the legal characterization of Decentralized Autonomous Organizations (DAOs) has sparked a significant discussion in the legal and blockchain communities. DAOs are blockchain-based communities formed for a common purpose, such as investing in startups or acquiring historical documents. With market observers touting DAOs as the
Recently, the US Securities and Exchange Commission (SEC) made a significant move by accepting a proposal with exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This news has caused quite a stir in the financial industry, especially in the realm of crypto accounting compliance. The SEC’s decision allows
The recent vote in the US House of Representatives regarding SEC Staff Accounting Bulletin (SAB) 121 has sparked controversy and debate among lawmakers. With 228 House members voting to end SAB 121, 184 voting against the resolution, and 21 abstaining, the outcome fell short of the two-thirds majority needed to override President Joe Biden’s previous
The US Securities and Exchange Commission (SEC) has concluded its investigation into stablecoin issuer Paxos. Paxos announced on July 11 that the SEC had issued an investigations termination notice on July 9, confirming that no enforcement action would be taken against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. This decision comes more than
The Commodity Futures Trading Commission (CFTC) Chair, Rostin Behnam, recently expressed openness to the idea of the agency becoming a primary regulator for cryptocurrencies. During a Senate Agriculture Committee hearing on digital commodities oversight, Behnam highlighted the need for more regulatory authority in the crypto space. This raises questions about the role of the CFTC
The Chief Compliance Officer of Bitwise, Katherine Dowling, recently mentioned that spot Ethereum ETFs are on the verge of approval. She highlighted that the SEC has been receptive to discussions about various financial products. In a recent interview with Bloomberg on July 9, Dowling stated that the SEC and ETF issuers are resolving fewer issues
The Republican Party has taken a bold step by including Bitcoin and cryptocurrency in its official platform for the upcoming 2024 election, marking a significant shift towards embracing digital assets and blockchain technology. This move reflects former President Trump’s recent statements and signals a broader trend within the party to recognize the importance of these
In a bold move, Messari, a prominent US-based crypto market intelligence platform, has decided to break away from the Securities and Exchange Commission (SEC). The CEO of Messari, Ryan Selkis, made a public statement on July 7, denouncing the SEC and its Chair Gary Gensler. Selkis declared, “I’ve declared independence from the SEC and its
Former Solicitor General Donald B. Verrilli, who now works as the senior legal strategist for Grayscale Investments, has voiced concerns about US regulators intentionally stifling the growth of the crypto industry through debanking practices. He, along with former Solicitor General Paul Clement, filed a joint amicus brief pointing out the regulatory challenges faced by digital
South Korea’s Financial Supervisory Service (FSS) has unveiled plans to increase supervision of cryptocurrency trading platforms within its jurisdiction. The aim is to crack down on fraudulent transactions and ensure the integrity of the crypto market. The regulator’s recent announcement requires local exchanges to implement a continuous monitoring system for detecting unfair transactions and report