Fun

House overturns SEC’s anti-crypto guidance, Biden to veto: Law Decoded

News Feed - 2024-05-14 04:05:00

David Attlee4 hours agoHouse overturns SEC’s anti-crypto guidance, Biden to veto: Law DecodedU.S. President Joe Biden may block the U.S. House of Representatives’ decision.1035 Total views2 Total sharesListen to article 0:00NewsletterOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States House of Representatives has voted to pass a bill overturning controversial Securities and Exchange Commission (SEC) guidance preventing banks from owning crypto. 


The House voted to pass a bipartisan bill titled H.J. Res 109, overturning the SEC’s Special Accounting Bulletin 121 (SAB 121) requiring banks to hold their customers’ crypto assets on their balance sheets, which is not the case for traditional assets such as securities.


Republican Party Representative Mike Flood — who introduced the resolution — said SAB 121 was unfair for banks looking to custody crypto, as custodial assets are “always considered off-balance sheet.”


However, before the vote, U.S. President Joe Biden’s office issued a statement informing lawmakers and the public that his administration plans to veto a joint resolution affecting crypto policy at the SEC if it comes to his desk.


The White House said it “strongly opposes” members of the House of Representatives seeking to pass a joint resolution it claims would disrupt the SEC’s efforts “to protect investors in crypto-asset markets and to safeguard the broader financial system.”Australian Tax Office seeks data from 1.2 million crypto users


The Australian Taxation Office (ATO) seeks personal data and transaction details from up to 1.2 million cryptocurrency exchange users for a potential crackdown on crypto tax obligations. The tax officials believe the data will help identify traders who may have failed to pay their taxes on their crypto trades. 


The ATO will seek personal data, including users’ date of birth, social media accounts, phone numbers, transaction-related details like wallet addresses, type of coin trades and bank account details.


For Australian regulators, cryptocurrencies are taxable assets, unlike other foreign currencies. This requires traders to pay a capital gains tax on the profit from selling crypto assets.


Continue readingSouth Korea’s ruling party will press for Bitcoin ETF trading


The Democratic Party of Korea will request that the Financial Services Commission (FSC) reconsider its interpretation of the legal status of spot Bitcoin (BTC) exchange-traded funds (ETFs). 


An unnamed official of the Democratic Party policy committee told the local paper that the party would make the request after the opening of the National Assembly in June. The opposition party was swept into power in the April elections in South Korea and holds 175 of 300 seats in the legislative body.


Previously, after the approval of spot BTC ETFs in the U.S., the FSC issued a statement saying Korean securities firms could violate the Capital Markets Act by listing foreign spot ETFs.


Continue readingBinance obtains approval to return to the Indian market


Global cryptocurrency exchange Binance has obtained approval to offer its services in India from an Indian financial regulator called the Financial Intelligence Unit.


The recent approval makes Binance the second off-shore crypto exchange to get a regulatory nod after KuCoin.


Binance and KuCoin were among nearly a dozen foreign crypto exchanges that received a notice of noncompliance in December 2023. Within 15 days of notice, the Indian Finance Ministry told its IT department to block URLs and mobile applications’ access to the banned crypto platforms in India in mid-January 2024.


Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex also received the regulatory notice.


Continue reading# Australia# SEC# India# South Korea# United States# RegulationAdd reaction

News Feed

Bitcoin Sell-Side Risk Ratio Just Dropped Under This Critical Level — What Next For BTC Price?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight
FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight According to court documents in the FTX bankruptcy case, the company’s attorne
Biggest Movers: SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expected
Biggest Movers: SHIB, SOL Fall to 4-Month Lows, US Inflation Higher Than Expected Shiba inu fell to a four-month low on Thursday, as consumer prices in the United States rose by mo
IMF Chief Economist Says ‘Regulation Is Absolutely Important’ for Crypto Sector
IMF Chief Economist Says "Regulation Is Absolutely Important" for Crypto Sector The chief economist at the International Monetary Fund (IMF) says that regulation is “absolut
Bitget Wallet to launch native token 1 year after $30M raise
Zhiyuan Sun6 hours agoBitget Wallet to launch native token 1 year after $30M raiseThe wallet received a $30 million controlling-stake investment by crypto exchange Bitget in March 2023 and rebranded shortly after.3682 To
Bitcoin price loses steam, but futures markets forecast upside above $70K
Marcel Pechman3 hours agoBitcoin price loses steam, but futures markets forecast upside above $70KBitcoin futures and options indicators remain stable even after BTC price swiftly rejected off the $63,500 level.4211 Tota
Marcel Pechman1 hour agoWill $30K be a new springboard for Bitcoin bulls?Bitcoin margin and futures markets display strength as institutional appetite surges after multiple spot ETF requests.739 Total viewsListen to arti
Long-Term Bitcoin Holders Remain Greedy Amid Price Break Toward $100,000, Why This Is Good
Este artículo también está disponible en español. Long-term Bitcoin holders are showing signs of growing greedas the price of BTC steadily approaches the $100,000 mark. A
Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago Today
Celebrating the Seminal Bitcoin White Paper Satoshi Nakamoto Published 13 Years Ago Today All around the world cryptocurrency supporters and proponents of blockchain technology are
Jesse Coghlan1 hour agoMarathon Digital Q2 results miss revenue and earnings forecastsDespite the earnings miss, Marathon"s CEO said it mined a record 2,926 Bitcoin over the second quarter of 2023.379 Total views1 Total
Turner Wright7 hours agoSam Bankman-Fried’s legal team turns over docs related to NYT story, requests they be sealedLawyers claimed there was a “need to avoid” the public dissemination of documents Sam Bankman-Frie
Banks in Kazakhstan to Open Accounts for Registered Crypto Exchanges
Banks in Kazakhstan to Open Accounts for Registered Crypto Exchanges Companies providing trading services for digital assets will be able to open accounts with b