The National Tax Agency in Japan has announced the revision of corporate tax rules for cryptocurrency issuers. The new rules exempt crypto token issuers from paying corporate tax on unrealized gains for their holdings. This move has been welcomed as a step towards easing the business environment for crypto firms in Japan. According to a
Regulation
Senator Cynthia Lummis of Wyoming has criticized the US Securities and Exchange Commission’s (SEC) recent action against Coinbase, stating that it “is not the right way to do business in America.” She made the statement during an interview with Yahoo Finance on June 22. Lummis said the cryptocurrency exchange had demonstrated its willingness to cooperate
Binance, the cryptocurrency exchange already facing regulatory scrutiny in various jurisdictions worldwide, is now being subjected to increased legal pressure in Brazil. Brazilian lawmaker Alfredo Gaspar has formally requested that the National Congress compel Guilherme Haddad Nazar, General Manager of Binance Brazil, to appear for questioning. Gaspar’s formal request, which was addressed to the Parliamentary
During a hearing on June 21, Congresswoman Maxine Waters asked whether stablecoin issuers should be licensed and regulated by the Federal Reserve. In response, U.S. Federal Reserve Chair Jerome Powell stated that the regulator views payment stablecoins as a “form of money” and believes central banks should supervise them. Stablecoins as a New Form of
Bitwise Asset Management has submitted a new filing for a proposed rule change that would accommodate its planned Bitcoin spot ETF. This comes after the U.S. Securities and Exchange Commission (SEC) rejected a previous Bitcoin spot ETF application from Bitwise in June 2022. SEC’s Reasons for Rejection The SEC had stated that Bitwise’s ETF could
The Texas State Securities Board has taken action against cryptocurrency lending firm Abra by filing an emergency cease and desist order on June 15, 2023. The regulatory agency has accused Abra and its related parties of committing fraud and making misleading statements. The regulator has found that Abra made fraudulent statements by referring to itself
The U.S. Securities and Exchange Commission (SEC) has not yet made a decision regarding Coinbase’s petition for rulemaking for the cryptocurrency industry. Coinbase had requested clear regulatory guidelines in July 2022 and later submitted a court filing for a writ of mandamus in April 2023 that would compel the SEC to act on their rulemaking
Binance.US and the U.S. Securities Exchange Commission (SEC) could potentially come to an agreement that would avoid a full asset freeze. This news comes after the SEC first filed charges against Binance.US and related companies on June 5th. The SEC then requested a restraining order and asset freeze on June 8th. Judge Amy Berman Jackson’s
Circle CEO, Jeremy Allaire, has announced that he will be giving testimony to Congress on June 13th regarding the draft stablecoin regulation. Allaire claims that the stablecoin bill is a crucial piece of legislation that should act as the first step in creating a regulatory framework that supports a vibrant and safe digital assets market.
The cryptocurrency industry is currently facing regulatory challenges, and lawmakers in the United States and United Kingdom are set to bring the discussion into the public sphere. On June 13, both nations will host high-profile hearings, marking a pivotal moment in the ongoing debate over digital asset regulation. The UK Parliament will debate the findings
Cameron Winklevoss, co-founder of Gemini, a crypto exchange, has warned that the regulatory crackdown on cryptocurrencies in the US could alienate an entire generation of would-be Democrats. According to a CNN analysis, the Democratic party would have lost the 2022 Presidential election without the support of young voters. Therefore, the party needs to secure the
Jay Clayton, the former chair of the US Securities and Exchange Commission (SEC), has commented on the regulatory agency’s current treatment of cryptocurrencies. Speaking at Bloomberg Invest on June 8, Clayton was asked whether he would have taken the same actions as current SEC chair Gary Gensler, who recently filed charges against Binance and Coinbase.
During the Piper Sandler Global Exchange & Fintech Conference on June 8, SEC Chair Gary Gensler spoke extensively about the ongoing regulatory issues surrounding the cryptocurrency industry. He argued that the crypto community’s assistance on “regulatory clarity” lacks merit and defended his agency’s enforcement actions. Gensler emphasized that he has been straightforward in his approach,
U.S. Treasury Secretary Janet Yellen has called for “additional regulation” to protect consumers and investors from the “inherent” risks present in the cryptocurrency industry. Speaking on CNBC’s Squawk Box, Yellen said that the Treasury Department had conducted in-depth reviews of the sector in recent months under the President’s Executive Order and had identified a number
The U.S. Securities and Exchange Commission (SEC) has filed charges against Coinbase claiming that the company violated securities regulations. The SEC alleges that Coinbase’s main trading platform has operated as an unregistered broker, exchange, and clearing agency since 2019. The SEC also claims that Coinbase’s Prime and Wallet services have operated as unregistered brokers since
The U.S. House Committee on Agriculture recently held a hearing to discuss a draft discussion bill on cryptocurrency that was advanced by Republican lawmakers. The hearing aimed to discuss the bill with Democratic members in order to create a bipartisan legislative proposal. Testimonies from Industry Leaders During the hearing, several industry leaders provided their testimonies.
The U.S. Securities and Exchange Commission (SEC) has requested a restraining order against Binance.US, asking the court to freeze the assets of Binance.US’s parent companies, which are operating under the name BAM. The SEC is also seeking to have Binance.US funds returned to customers. The regulator has asked Binance, Binance.US-related companies, and Binance CEO Changpeng
On the same day that the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, the New Jersey Office of the Attorney General and the Alabama Securities Commission took action against the cryptocurrency exchange. New Jersey Issues Summary Cease and Desist Order The New Jersey Bureau of Securities issued a Summary Cease and Desist
On June 5, the U.S. Securities and Exchange Commission (SEC) filed charges against Binance CEO Changpeng Zhao and various associated companies for alleged securities violations. Following this news, other members of the cryptocurrency industry expressed their support for Zhao and Binance. Huobi advisor and former TRON CEO Justin Sun took to Twitter to express his
On June 2, Republican House members released a draft bill that aims to establish clear roles for regulators in the cryptocurrency industry. The proposed rules would separate the regulation of cryptocurrencies as securities from the regulation of cryptocurrencies as commodities. The bill is a joint effort between the House Financial Services Committee, chaired by Rep.
Rosbank, one of the leading financial institutions in Russia, is set to become the first major bank in the country to offer cross-border transactions in cryptocurrency. The bank’s collaboration with Russian fintech service B-Crypto will provide customers with a technical solution to participate in these transactions. Rosbank emphasizes that these transactions will comply with the
The Federal Reserve Board has issued a consent order to Silvergate, a crypto-friendly bank, instructing it to wind down its operations. The company was supervised by the Federal Reserve Bank of San Francisco and California’s Department of Financial Protection and Innovation (DFPI). The order states that Silvergate must submit a shutdown plan to supervising agencies
A federal court has ruled that the Internal Revenue Service (IRS) has the legal authority to access Coinbase users’ trading data via a “John Doe” summons, and doing so is not a violation of constitutional rights. The court made the ruling in a case filed by James Harper against the IRS in 2020. Harper had
The US Commodities and Futures Trading Commission (CFTC) has issued a warning about the risks associated with the clearing of digital assets. The CFTC’s Division of Clearing and Risk (DCR) has noticed derivatives clearing organizations (DCOs) and applicants expanding their offerings related to digital assets. The DCR has instructed DCOs to identify and manage the
During an interview with Bankless on May 29, Binance CEO Changpeng Zhao spoke about recent controversies surrounding the company. Binance has been trying to counter reports from various mainstream news outlets, including Forbes, the Financial Times, and Reuters, regarding allegations of fund misuse and supposed ties to China. Zhao suggested that the negative coverage of
The highly controversial Digital Asset Mining Energy (DAME) excise tax was not included in the latest Fiscal Responsibility bill to tackle the Debt Ceiling crisis. The proposed 30% tax on energy costs for cryptocurrency miners drew widespread criticism from stakeholders within the crypto-mining sector and US lawmakers. The omission of the tax has been widely
Beijing has released a white paper on “Internet 3.0 Innovation and Development,” which highlights advancements and support for web3 and the metaverse. The release of this white paper coincides with Hong Kong’s regulatory push for cryptocurrency exchanges. The simultaneous release of these two events could signal a more open approach to digital assets in the