The recent proposal by South Korean lawmakers to delay the implementation of the crypto gain tax until 2028 has sparked debates and discussions within the crypto industry. The ruling political party put forward the bill on July 12, citing the negative sentiments surrounding virtual assets as the primary reason for the extension. They expressed concerns
Regulation
After more than three years, the SEC has closed its investigation into Hiro Systems and the Stacks blockchain without recommending any enforcement action. This investigation began following the first-ever SEC-qualified offering by Stacks in 2019. The Stacks ecosystem has been decentralized since before the mainnet launch in January 2021. In June 2021, the SEC’s Enforcement
Elon Musk, the CTO and chairman of X, has publicly accused the European Commission of offering the social media platform an “illegal secret deal” to censor speech in order to avoid fines in the EU. Musk made these claims on social media in response to the EC’s publication of preliminary findings from an investigation under
The Securities and Exchange Commission (SEC) has recently announced the closure of its investigation into Hiro and the Stacks blockchain without recommending any enforcement action. This marks the end of a three-year long investigation that began following the first-ever SEC-qualified offering by Stacks in 2019. The Stacks ecosystem has been decentralized since before the mainnet
Decentralized Autonomous Organizations (DAOs) have been gaining attention in the blockchain community as innovative entities designed for collective goals. The UK Law Commission recently published a scoping paper to discuss the legal implications of DAOs in the country. While recognizing the potential of DAOs, the Commission highlighted the challenges in defining and regulating these entities
Recently, the US Securities and Exchange Commission (SEC) made a groundbreaking decision by accepting a proposal with exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This move by the SEC has allowed banks and brokerages to adopt new business practices that provide exceptions to the crypto accounting compliance
Recently, the US House of Representatives made a significant decision regarding SEC Staff Accounting Bulletin 121. Despite receiving majority support for overturning SAB 121, the House failed to achieve the necessary two-thirds majority to counter President Joe Biden’s earlier veto. It is noteworthy that several Democrats changed their stance on the issue since an earlier
In a recent turn of events, the US Securities and Exchange Commission (SEC) has officially closed its investigation into stablecoin issuer Paxos. This decision comes after over a year of uncertainty surrounding the potential enforcement action against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. On July 11, Paxos announced that it had received
The Commodity Futures Trading Commission (CFTC) Chair, Rostin Behnam, recently expressed the agency’s willingness to take on a more significant role in regulating cryptocurrencies during a Senate Agriculture Committee hearing. The discussion, which took place on July 10, focused on the CFTC’s push for expanded regulatory powers. Senator Roger Marshall raised the question of whether
Katherine Dowling, the Chief Compliance Officer of Bitwise, indicated that spot Ethereum ETFs are nearing approval by the Securities and Exchange Commission (SEC). In a recent interview with Bloomberg on July 9, Dowling mentioned that the SEC has been receptive to discussions regarding new financial products in the cryptocurrency space. She expressed optimism about the
