The SEC has voted to adopt new rules that extend federal securities laws to cover the cryptocurrency and DeFi sectors, with an exemption for those with assets less than $50 million. The rules require individuals and entities engaged in transactions involving crypto assets that meet the definition of securities or government securities to comply with federal securities laws, and target market participants who engage in trading activities as part of a regular business. The adoption of these rules is part of a broader regulatory push to bring greater clarity and oversight to the cryptocurrency industry, but has sparked debate within the crypto community regarding the inclusion of DeFi. Despite industry objections, the SEC proceeded with the adoption of the rules, with Chairman Gary Gensler noting that they are "common sense" measures to protect investors and promote market integrity.
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SEC Adopts New Rules to Extend Oversight to Crypto and DeFi, Sparking Debate in Industry
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Australian Tax Office to Collect Personal and Transaction Data of 1.2 Million Cryptocurrency Traders
The Australian Taxation Office (ATO) is set to obtain personal and transaction details of up to 1.2 million cryptocurrency traders from exchanges. The move is part of the ATO's efforts to prevent tax evasion. The data collected will include names, addresses, birthdays and transaction details of traders to help the ATO audit compliance with obligations to pay capital gains tax on sales. The ATO aims to identify traders who have not reported their cryptocurrency-related activities, including the exchange of crypto assets when they sold it for currency or used it to pay for goods and services. The crackdown on the crypto industry in Australia has intensified since the collapse of FTX. -
The US SEC has submitted sealed documents regarding the lawsuit against Ripple
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SEC v. Ripple case progress: SEC will submit a public redacted version of the remedy response brief and supporting evidence by Wednesday
Former US federal prosecutor James K. Filan shared the latest developments in the SEC's lawsuit against Ripple on X platform. The SEC has submitted sealed documents, including its response brief and supporting evidence for its remedies. These documents have not been made public yet. The revised public version will be submitted before Wednesday, May 8th. Other sealed documents will be submitted later. -
CFTC Chairman: Expected to Continue to Crack Down on More Cryptocurrency Companies
Rostin Behnam, the chairman of the US Commodity Futures Trading Commission (CFTC), expects that as long as there is investor interest in the market, the regulatory agency will continue to crack down on cryptocurrency companies to protect investors from potential fraud and manipulation. -
Argentina’s House of Representatives Passes Bill to Regularize Cryptocurrency Taxation
The Argentine Chamber of Deputies has passed a cryptocurrency tax normalization bill aimed at advancing a series of important government reforms. The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets, up to a maximum of $100,000, without paying government collection fees. However, if the value of cryptocurrency assets exceeds this limit, the government will apply preferential tax rates based on the taxpayer's declaration date. -
Hong Kong Monetary Authority launches industry consultation on “renaming virtual banks as licensed digital banks”
Hong Kong virtual banks released their annual reports for 2023 last week. The eight virtual banks collectively lost about 2.99 billion yuan last year, a decrease of about 12% compared to the total loss of about 3.4 billion yuan in 2022. In response to the occasional feeling of "unreality" brought about by the term "virtual" in recent years, the Hong Kong Monetary Authority has initiated a consultation on renaming with the eight virtual banks, the Hong Kong Bankers Association, the Hong Kong Restricted Licensed Banks and Deposit-taking Companies Association, with the aim of renaming virtual banks as licensed digital banks, for a period of one month. It is reported that in the Asian region, similar banks have different names in different places. South Korea and Singapore issue licenses under the name of "digital bank", with Singapore further dividing them into digital full banks (DFB) and digital wholesale banks (DWB). -
South Korea's Seoul Prosecutors' Office recovers and seizes 7.6 billion won worth of Ethereum
The cybercrime investigation team of the Seoul Eastern District Prosecutor's Office in South Korea announced that they have recovered a deleted electronic wallet from a fraud suspect and seized 760 million Korean won (approximately $5.6 million) worth of Ethereum.
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