South Korean lawmakers have recently put forward a bill that suggests postponing the implementation of the crypto gain tax until 2028. This proposal comes at a time when there is a noticeable decline in positive sentiments surrounding the cryptocurrency industry. The lawmakers argue that the taxation of virtual assets may not be ideal at this
Regulation
In a surprising revelation, X CTO and chairman Elon Musk accused the European Commission (EC) of proposing an “illegal secret deal” to censor speech on the social media platform in order to avoid facing fines within the EU. Musk took to social media on July 12 to voice his concerns after the EC published its
After more than three years of scrutiny, the Securities and Exchange Commission (SEC) has finally closed its investigation into Hiro and the Stacks blockchain. This marks a significant milestone for the Bitcoin Layer-2 network, which has been under the regulatory microscope since the first-ever SEC-qualified offering by Stacks in 2019. The news of the investigation
The recent announcement from the SEC stating the closure of 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. After more than three years of scrutiny, the news has brought relief to the team behind Hiro Systems and
The UK Law Commission recently released a scoping paper addressing the potential legal characterization of Decentralized Autonomous Organizations (DAOs) in the country. DAOs are blockchain-based communities created for a shared goal, such as investing in start-ups or purchasing historical documents. This paper raises an essential issue by pointing out the lack of consensus on what
The US Securities and Exchange Commission (SEC) recently made headlines by accepting a proposal that includes exceptions for certain institutions affected by the controversial Staff Accounting Bulletin No. 121 (SAB 121). This decision is aimed at easing the burden on banks and brokerages when it comes to balance sheet reporting related to crypto assets. Under
The US House of Representatives recently fell short in their attempt to overrule President Joe Biden’s veto of HJ Res. 109, which aimed to rescind SEC Staff Accounting Bulletin (SAB) 121. Despite 228 House members voting in favor of ending SAB 121, the outcome did not meet the two-thirds vote threshold required to counter a
The US Securities and Exchange Commission (SEC) has officially closed its investigation into stablecoin issuer Paxos. This decision comes after over a year since the SEC issued a Wells notice against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. However, a recent federal judge’s ruling stated that BUSD sales did not violate securities law,
The statement made by CFTC Chair Rostin Behnam during the Senate Agriculture Committee hearing regarding the possibility of the CFTC serving as the primary regulator for digital assets raises significant questions about the current regulatory landscape. Behnam’s assertion that the CFTC has the capacity, expertise, and experience to take on this role is a bold
Katherine Dowling, the Chief Compliance Officer (CCO) of Bitwise, recently indicated that spot Ethereum ETFs are nearing the final stages of approval. In an interview with Bloomberg on July 9, Dowling mentioned that discussions with the Securities and Exchange Commission (SEC) have been positive, with fewer issues to address in each S-1 amendment. This progress
