rules

The U.S. House of Representatives' fundraising committee is scheduled to review a series of digital asset tax legislation on September 16, advancing the crypto tax bill toward a full House vote. This review focuses on two core issues: when miners and stakers should pay taxes on newly created tokens, and whether the wash sale rules applicable to stocks should cover digital assets.The two key bills are the "Mining and Staking Tax Clarification Act" H.R. 9175 and the "Applying Existing Tax Anti-Abuse Rules to Digital Assets Act" H.R. 9172. The former stipulates that miners and stakers do not need to pay taxes immediately upon receiving new tokens but can wait until the tokens are actually sold to pay taxes as ordinary income; the latter extends wash sale and constructive sale rules to actively traded digital assets, closing tax loopholes that crypto traders have exploited for years.

The U.S. Securities and Exchange Commission (SEC) proposed a new rule last week to comprehensively revise the transfer agent rules that have been in place for decades, explicitly allowing electronic databases, including blockchain ledgers, to serve as the official record of securities ownership for the first time. If approved, blockchain is expected to become the "master security document," replacing the off-chain parallel ownership records that tokenized securities currently rely on.Currently, many tokenized securities operate on two sets of records: on-chain token ledgers and official shareholder registers. Once the proposal is passed, issuers and transfer agents may no longer need to maintain duplicate records and reconcile them after each transfer, thereby reducing operational friction and the risk of inconsistencies between on-chain records and legally recognized records. Eli Cohen, Chief Legal Officer of the tokenized fund platform Centrifuge, stated that this proposal could transform the current "two-step" process into a "one-step" process, allowing the blockchain itself to act as the master security document.However, the proposal does not mean that tokenized securities are completely "permissionless." Joris Delanoue, CEO of the registered on-chain transfer agent Fairmint, pointed out that while the blockchain can remain open, assets must still comply with ownership and transfer rules, and regulatory controls such as identity verification and transfer restrictions are still embedded in the tokens. Transfer agents will still need to handle administrative matters such as shareholder death, inheritance, and legal notifications, with processing times potentially reduced from 3-5 days to 1 day. The 60-day public comment period for the proposal will end in early November.

According to a report by Reuters, Apple Inc. is facing a class-action lawsuit in London, with claims amounting to £2 billion (approximately $2.7 billion). The lawsuit was filed today in the London Competition Appeal Tribunal by Ann Pope, a former senior official of the UK's Competition and Markets Authority, representing app developers.The core allegation is that Apple's "App Tracking Transparency" (ATT) feature, launched in 2021, imposes stricter restrictions on third-party developers than on its own services, giving Apple's own advertising ecosystem an unfair competitive advantage. Ann Pope stated that Apple's policies "have caused very significant harm to businesses that rely on Apple as a gatekeeper."Since its launch, the ATT feature has been a focal point of concern for global regulators for several years. Apple's official stance is that the feature is designed to allow users to control whether to permit apps to track their activities across other companies and websites.However, the plaintiffs argue that the actual enforcement of this rule has a double standard—tracking requests from third-party apps require strict pop-up authorization, while Apple's own personalized ads and services can bypass the same restrictions. This lawsuit represents the latest legal challenge Apple faces regarding its ATT policy and is the first large-scale private antitrust lawsuit initiated in the UK market against Apple's app ecosystem rules following scrutiny from regulators in the EU, the US, and several other countries.

According to The Information, the U.S. Commodity Futures Trading Commission (CFTC) is reviewing relevant rules to address potential conflicts of interest between prediction market exchanges and their affiliated trading companies.

The U.S. SEC has proposed amendments to the transfer agent rules, which have not undergone significant updates since they were introduced in the late 1970s. Transfer agents, as securities record keepers, maintain ownership records and handle corporate actions such as mergers and dividend distributions, while playing a key role in the clearing and settlement processes.SEC Chairman Paul Atkins stated that the proposal will simplify and modernize the commission's rules to reflect the current processes and operations of transfer agents, including the use of electronic communications and blockchain technology in securities issuance and share transfers. The SEC noted that some market participants are exploring blockchain-based systems to maintain securities ownership records.In the 421-page rule change document, the SEC stated that transfer agents interacting with tokenized securities, distributed ledger technology, and smart contracts must manage risks related to blockchain data integrity, the security of tokenized securities, and the operational models of distributed ledgers; those adopting artificial intelligence or automation technologies must ensure appropriate controls, accurate representations of system capabilities, and effective oversight of automated processes.

According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) plans to abolish the relevant rules regarding when and how shareholders of listed companies can submit shareholder proxy proposals, as indicated by the latest information released by the White House Office of Management and Budget (OMB).According to a notice published on Monday, the SEC submitted the proposal to the White House OMB for review last week. This is the latest step by SEC Chairman Paul Atkins to change the dynamics of the relationship between shareholders of listed companies and company management.In simple terms, the SEC is proposing to adjust the regulatory rules for shareholders of listed companies to submit proxy proposals, and the proposal is currently still in the OMB review stage.

Brian Armstrong posted on the X platform, stating that one of the simplest ways to explain cryptocurrency is: cryptocurrency offers faster, cheaper, and more efficient financial services. The traditional financial system was born around the 1970s and, in some cases, still operates on outdated mainframes to this day.This is also the reason why basic functions like weekend transfers or low-cost wire transfers are still not achievable. The United States needs to pass the Clarity Act to provide clear rules to guide the industry, rather than allowing outdated systems and uncertainty to prevail.

Fox Business crypto reporters posted on the X platform that the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are advancing the finalization of a rule to define "unsafe or unsound practices" in bank regulation. This term has not been clearly defined for years, primarily relying on the broad discretion of bank examiners.Under this rule, when regulators determine that a practice is "unsafe or unsound," they must link it to actual illegal conduct or significant financial risk, thereby reducing the likelihood of pressuring banks serving legitimate clients, including crypto companies, based on vague reputational or procedural issues. This rule marks another important step towards further dismantling "Operation Chokepoint 2."

According to Bloomberg, the U.S. SEC submitted a new proposal to the Office of Management and Budget (OMB) on August 25, aimed at establishing a new custodial rules framework for investment advisors and investment companies holding client digital assets.The proposal will clarify the custodial framework for crypto assets, addressing previous questions from investment companies and advisors about how to hold digital assets for clients without violating regulatory requirements. It will also eliminate certain existing custodial requirements that the SEC considers outdated due to market evolution and current trading practices.The SEC stated that the proposal is part of Chairman Paul Atkins' efforts to modernize the regulatory framework. The complete details of the proposal will be made public after the OMB completes its review, after which it will be returned to the SEC, possibly with suggested modifications, and then voted on by a committee currently composed of three Republicans, before being announced publicly. As a matter of course, the SEC typically seeks at least 60 days of public comment before finalizing the proposal, followed by another vote for it to take effect.

According to Cointelegraph, the Securities and Exchange Commission (SEC) of Thailand has advanced its regulatory framework for locally listed spot Bitcoin and Ethereum ETFs from a principled proposal to the rule draft stage and is publicly soliciting opinions on this. The regulatory agency released two consultation documents on Monday, one containing the rule draft for Thailand's crypto ETFs, and the other proposing qualification principles for foreign digital asset custodians.In the initial phase, asset management companies can establish passive ETFs that track Bitcoin or Ethereum, which are the only qualified crypto assets. According to the proposed rules, Bitcoin and Ethereum ETFs will only trade on the Stock Exchange of Thailand (SET), with each ETF tracking a single crypto asset and required to maintain at least 80% net asset exposure to that asset within each accounting year. Mutual funds and private funds can also invest in Thailand's local crypto ETFs, as well as the foreign crypto ETFs they are permitted to invest in, but must comply with existing investment limits. However, in the initial phase, the regulatory agency does not allow alternative products linked to foreign crypto ETFs, including depositary receipts that track them.Regarding custody, the revised plan still primarily relies on domestic digital asset custodians as the main service providers in the initial phase, and the Thai SEC may allow the use of qualified foreign digital asset custodians when necessary. Foreign custodians must be supervised by a regulatory agency with legal authority and meet the regulatory and investor asset protection standards deemed sufficient by the Thai SEC. The deadline for public opinion collection on the two consultation documents is September 20.

Web3 fitness application BRTFit announced that it is preparing for significant expansion in the Southeast Asia region and reiterated the arrangement for the distribution of 1 million BRT genesis airdrops. The final weighting will be 50% tBRT snapshot and 50% valid invited users. The genesis airdrop is not only aimed at early users; new joiners can also improve their ranking by staying active, exercising continuously, and inviting real users.Regarding the testnet rules, according to the latest iOS application version, if users stop exercising and do not meet the specified activity conditions, the testnet mechanism may deduct 10% of their total tBRT holdings. BRTFit calls on users to exercise more, invite more, and stay active to compete for shares of the genesis airdrop, and it states that the Southeast Asian market is coming soon.BRTFit is an application based on the BNB Chain's Move to Earn and DePIN direction, combining exercise data with token incentives, allowing users to join the ecosystem by searching for relevant entry points.

According to Bitcoin.com News, the Central Bank of Russia has launched a special financial literacy test to lower the threshold for residents to qualify as accredited investors, in order to expand their cryptocurrency trading limits.

CFTC Chairman Selig stated on social media that Congress has granted the CFTC exclusive regulatory authority over prediction markets. The CFTC will not only defend its jurisdiction against attempts by states to abolish federal laws and apply state anti-gambling laws to designated contract markets (DCM), but will also exercise that power by establishing clear rules for these markets.Selig indicated that the CFTC will actively maintain a unified regulatory framework at the federal level, ensuring that prediction markets operate under a clear compliance pathway, avoiding the impact of state-level anti-gambling rules on federally regulated DCM.

Circle CEO Jeremy Allaire stated that the new proposed accounting rules will provide a significant strategic boost to the adoption of digital dollars like USDC.He mentioned that, combined with the GENIUS Act, the FASB rules will enable USDC to be widely used by global enterprises and financial institutions, which is of great strategic importance.

According to Bloomberg, Michael Selig, chairman of the Commodity Futures Trading Commission (CFTC), stated on Thursday that even if Congress fails to pass landmark related legislation, the cryptocurrency industry will ultimately welcome market structure regulatory rules.In an interview with Bloomberg Television before the CFTC's first Innovation Committee meeting, Selig said, "Establishing market structure is very important. We can achieve this through regulatory rules or through legislation."The CFTC is weighing a range of potential cryptocurrency rules but is currently awaiting progress on the Clarity Act, which would grant the CFTC primary authority to regulate the digital asset industry. The bill is currently stalled in the Senate, which plans to hold a procedural vote on the legislation in mid-September, but significant controversies remain, which may make it difficult for the bill to secure enough votes before lawmakers turn their attention to the November midterm elections.Selig added that legislation is the most reliable way to lock in the cryptocurrency market structure, but the agency also has considerable authority under existing regulations, and if necessary, the agency will exercise that authority to create rules without legislative support.

The U.S. Treasury Department has proposed to establish sensible and cost-effective investment rules for the "Trump Account."

Crypto journalist Eleanor Terrett stated that the head of the Office of the Comptroller of the Currency (OCC) mentioned at the SALT Conference in Wyoming that the approval activities related to digital assets have increased eightfold compared to the Biden administration, and described the previous administration's attempt to "eliminate risk" as "extremely shortsighted."She noted that the OCC expects to finalize the rules related to the GENIUS Act by November and will adjust the rules based on feedback from the crypto industry.

The Blockchain Association submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), urging it to abolish outdated rules 611 and 610(e) to promote market structure adaptation to tokenization development.The association pointed out that the current rules can no longer match the technological realities of blockchain and tokenized securities, calling for timely updates to the regulatory framework to facilitate compliant innovation and enhance market efficiency.

The U.S. Department of the Treasury has released a proposed rulemaking notice for the implementation of the GENIUS Act and is seeking public comments on the regulatory framework for payment stablecoins in the United States. The draft focuses on clarifying the applicable standards for "issuing payment stablecoins in the United States" and "offering or selling payment stablecoins to individuals within the United States," to assist issuers and digital asset service providers in determining licensing and compliance obligations.According to the provisions of the Act, starting from January 18, 2027, issuing payment stablecoins in the United States will generally require federal or state-level licensing; starting from July 18, 2028, digital asset service providers will generally be prohibited from offering or selling payment stablecoins issued by unlicensed issuers to individuals within the United States. The public comment period will last for 60 days following the publication in the Federal Register.

The U.S. Securities and Exchange Commission (SEC) suddenly canceled the meeting originally scheduled for last Friday. The meeting was planned to advance the formulation of cryptocurrency regulatory rules and to announce the repeatedly postponed innovation exemption arrangements, which may be related to the Clarity Act.Earlier last week, the SEC announced it would hold a public meeting where commissioners would discuss the Reg Crypto proposal, which involves how companies can raise funds through tokens and ultimately exit SEC oversight after issuing their own digital assets. The SEC had originally planned to announce at least some of the innovation exemption arrangements, concerning how security token issuers handle the underlying securities. Both of these arrangements did not proceed as scheduled.