Regulation

Circle’s USD Coin (USDC) and other stablecoins could potentially face a compliance nightmare if a new national defense bill that passed in the United States Senate makes it all the way. In a July 31 investment note seen by Cointelegraph, Berenberg analyst Mark Palmer explained that a recent amendment to the 2024 National Defense Authorization

United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority. On July 31, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14, giving clarification about how income earned from staking digital assets should be treated for taxation

Binance CEO Changpeng ‘CZ’ Zhao is looking to bring smaller algorithmic stablecoins to the market, in a bid to offer investors options other than the current global stablecoin giants. Speaking in a July 31, ask me anything (AMA) session on Twitter, CZ cited risks associated with large stablecoins such as Tether (USDT) and Binance USD

A United States Securities and Exchange Commission (SEC) lawsuit against Terraform Labs is set to go ahead after a U.S. judge overseeing the case denied the firm’s motion to dismiss on July 31.  In handing down the order, the judge also rejected a decision from another judge who ruled that Ripple did not violate securities

Florida Governor Ron DeSantis pushed a platform based partly on “economic independence” in his 2024 presidential campaign, specifically calling out policy on digital currencies.  Speaking at a campaign event in New Hampshire on July 31, DeSantis reiterated his plans of banning central bank digital currencies, or CBDCs, should he win the Republican nomination and presidential

Last week, the United States took a step closer to regulatory clarity for its crypto industry. In a 35–15 vote, the House Financial Services Committee (FSC) approved the Financial Innovation and Technology for the 21st Century Act. The bill is intended to establish rules for crypto firms on when to register with either the Commodity

The Bavarian State Office for Data Protection Supervision, or BayLDA, reportedly began an investigation into human identity verification project Worldcoin based on concerns over biometric data. According to a July 31 Reuters report, the German data watchdog launched a probe into Worldcoin’s activities starting in November 2022. Worldcoin, a project started with the intention of

The government in the Chinese city of Shanghai issued an implementation plan on July 31 for promoting the development of its urban blockchain digital infrastructure system in the time frame of 2023-2025, according to an update on the government’s webpage.  The update says that the plans have been formulated in order to serve the “strategic

The United States Securities and Exchange (SEC) has filed a lawsuit against Richard Schueler, better known in the crypto space as Richard Heart, for alleged unregistered offerings of three tokens.  In a July 31 filing in U.S. District Court for the Eastern District of New York, the SEC claimed Heart had raised more than $1

Advocates of the crypto industry in Japan demand the revision of the national tax regime for digital assets. Japan Blockchain Association (JBA), a non-governmental lobbying group, filed an official request to the country’s government, highlighting three major steps to ease up the fiscal burden on crypto holders.  The request was published on the Association’s website

Major cryptocurrency exchange Binance has reached another milestone in relationships with regulators in the United Arab Emirates by winning a new license in Dubai. Binance’s Dubai-based subsidiary, Binance FZE, has obtained the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), the firm announced on July 31. The new license officially

Australia’s Bendigo Bank has become the fourth major bank in the country to announce blocks for “high-risk crypto payments,” citing the need to protect customers from investment scams. The bank said on July 31 it implemented new rules on instant payments to crypto exchanges which adds “some friction to certain genuine payments,” explained its head

Pro-XRP lawyer, John E. Deaton, has said that the actions taken by the Securities and Exchange Commission (SEC) against the crypto industry are driven by a broader motive to safeguard corporate capitalism rather than prioritizing the protection of investors. Deaton highlighted what he views as an assault on cryptocurrencies, particularly in relation to the SEC’s

In a letter to Judge Lewis Kaplan, the United States Department of Justice (DOJ) sought the revocation of Sam Bankman-Fried’s (SBF) bail, accusing him of attempting to tamper with witnesses, including leaking his ex-girlfriend’s diary entries to the New York Times (NYT). These actions, connected to the FTX case, have raised concerns about witness interference.

The U.S. Securities and Exchange Commission (SEC) suffered another setback on July 28 as the D.C. Circuit overturned a ruling by the regulator ordering that SPIKES Index securities should be treated as ‘futures’ rather than as ‘securities futures’. The judge panel called the SEC order “arbitrary and capricious.” The decision relates to an order from

An open letter from GitHub, Hugging Face, Creative Commons and other tech firms are calling the European Union to ease upcoming rules for open-source artificial intelligence models. The letter urges policymakers to review some of the provisions of the EU’s Artificial Intelligence Act, claiming that regulating upstream open-source projects as if they are commercial products

The United States Securities and Exchange Commission (SEC) and Binance have submitted responses regarding the entity “Eeon,” which has sought to intervene on behalf of customers in the SEC’s case against the crypto exchange. According to the U.S. District Court for the District of Columbia, Binance and the SEC objected to Eeon’s request to intervene

The United States banking advocacy group, the Bank Policy Institute (BPI), has backed the legislation of vocal crypto critic Senator Elizabeth Warren, calling for digital assets to fall under its own set of Anti-Money Laundering (AML) laws. According to a July 28 Bloomberg report, Warren reintroduced the Digital Asset Anti-Money Laundering Act along with Senators Joe

United States Representatives Gus Bilirakis and Jan Schakowsky penned a formal letter to Apple CEO Tim Cook about concerns related to the California-based company’s App Store, and the potential effect of its guidelines on emerging technologies like blockchain and nonfungible tokens (NFTs). The letter requests information about whether the App Store’s guidelines might inadvertently hinder

Hester Pierce, commissioner of the United States Securities and Exchange (SEC), has raised concerns about the watchdog’s recent statement advising accounting firms against taking on non-audit work for crypto firms. In a July 28 tweet, Pierce challenged the recent statement made by the SEC’s chief accountant Paul Munter, proposing that accounting firms adopt an all-or-nothing approach