Recent developments in Hong Kong’s financial regulatory environment have highlighted the growing importance of stablecoins in the digital asset landscape. The Monetary Authority (HKMA) and the Financial Services and Treasury Bureau (FSTB) have recently concluded a consultation period over a licensing program initiative for fiat-referenced stablecoin (FRS) providers. This initiative aims to address the potential
Regulation
The landscape of lobbying in the crypto industry has seen a significant shift over the past seven years, as highlighted by a recent study conducted by Social Capital Markets. The study reveals an astonishing 1,386% increase in lobbying expenditures by crypto companies, soaring from $2.72 million in 2017 to a staggering $40.42 million in 2023.
Recently, Coinbase, Ripple, and Andreessen Horowitz (a16z) made headlines for their decision to send representatives to both the Republican National Convention (RNC) and the Democratic National Convention (DNC). The purpose of their attendance is to lobby GOP power brokers and Democratic leaders to support policies that benefit the crypto industry. The decision by these prominent
Recently, South Korean lawmakers introduced a bill to postpone the implementation of the crypto gain tax until 2028. This decision was made in response to the current negative sentiments surrounding the cryptocurrency industry. The ruling political party argues that with the declining investment sentiment towards virtual assets, hastily imposing taxes on them may not be
Elon Musk, the CTO and chairman of X, recently took to social media to make some shocking claims about the European Commission. According to Musk, the EC allegedly offered X an “illegal secret deal” to censor speech in order to avoid being fined in the EU. Musk made these claims in response to the EC’s
The recent closure of the SEC investigation into Hiro and the Stacks blockchain marks a significant milestone in the history of the Bitcoin Layer-2 network. After more than three years of scrutiny, the team is celebrating the conclusion of the investigation without any enforcement action recommended. This outcome is a testament to Hiro’s commitment to
The recent closure of the SEC investigation into Hiro Systems and the Stacks blockchain marks a significant milestone in the history of the Bitcoin Layer-2 network. This investigation, which spanned over three years, was initiated following the first-ever SEC-qualified offering by Stacks in 2019. The closure of this investigation without any enforcement action being recommended
The UK Law Commission recently published a scoping paper discussing the legal characterization of Decentralized Autonomous Organizations (DAOs) in the country. DAOs are blockchain-based communities that work towards a common goal, such as investing in startups or acquiring historical artifacts. However, the Commission highlighted the difficulties in defining DAOs, as there is a lack of
The recent decision by the US Securities and Exchange Commission (SEC) regarding exceptions for certain institutions impacted by Staff Accounting Bulletin No. 121 (SAB 121) has sparked debate within the financial industry. This move is seen as a significant development in the realm of crypto accounting compliance and has the potential to shape the future
The recent vote in the US House of Representatives regarding HJ Res. 109 to rescind SEC Staff Accounting Bulletin (SAB) 121 ended in a disappointing outcome. While 228 House members voted in favor of ending SAB 121, 184 voted against the resolution and 21 abstained. This majority support was still insufficient to overturn the bulletin,
