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Crypto regulation

Crypto’s comeback: Triumph over turmoil in 2024

Bitcoin crossed $100K, marking a bullish year. Still, legal battles, regulatory crackdowns and poor decisions tested the industry.

The crypto industry experienced a remarkable resurgence in 2024, fueled by a Bitcoin bull run that pushed BTC’s market price above $100,000, restoring investor confidence and delivering substantial returns across the crypto market.

Amid the numerous significant milestones achieved throughout the year, it is easy to overlook the major challenges that industry players and investors faced and successfully navigated.

The cryptocurrency industry has demonstrated consistent resilience over the years, meeting challenges such as bad actors, ecosystem collapses, bear markets, legal disputes and geopolitical uncertainties. This adaptability positions the industry for continued evolution and potential disruptions in the future.

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Blockchain Association sues IRS over crypto broker rules

The lawsuit alleges that the IRS’ latest rulemaking exceeds the agencies’ statutory authority and violates the Administrative Procedure Act.

The Blockchain Association is pushing back against the latest cryptocurrency regulatory move of the United States Internal Revenue Service (IRS) with a joint lawsuit.

On Dec. 27, the IRS issued final regulations requiring brokers to report digital asset transactions, expanding existing reporting requirements to include front-end platforms, such as decentralized exchanges (DEXs).

Set to take effect in 2027, the rules mandate that brokers disclose gross proceeds from sales of cryptocurrencies and other digital assets, including information regarding taxpayers involved in the transactions.

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Ripple’s Legal Chief Urges Congress to Regulate Crypto Practices, Not Technology

Ripple’s Legal Chief Urges Congress to Regulate Crypto Practices, Not TechnologyRipple’s chief legal officer has urged Congress to focus on innovation-friendly crypto regulation, rejecting punitive measures and abstract policies amid growing criticism of the SEC’s approach. New Congress, New Rules? Ripple’s Vision for Crypto Regulation Unveiled Ripple’s chief legal officer, Stuart Alderoty, has called for a pragmatic approach to cryptocurrency regulation in the upcoming Congress. […]

Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

4 more virtual asset trading platforms licensed in Hong Kong

Cryptocurrency traders in Hong Kong now have a choice of seven platforms for buying and selling four cryptocurrencies.

The Hong Kong Securities and Futures Commission (SFC) has more than doubled the ranks of approved virtual asset trading platforms (VATPs) with the addition of four firms.

Accumulus GBA Technology (Hongkong), DFX Labs, Hong Kong Digital Asset EX and Thousand Whales Technology (BVI) received licenses on Dec. 18. They joined HashKey, OSL and HKVAX. According to an SFC announcement, the new exchanges were approved under the agency’s swift licensing procedure for deemed-to-be-licensed VATP applicants.

The newly approved exchanges underwent on-site inspections and responded to feedback from the SFC. The inspections concentrated on safeguarding client assets, Know Your Customer processes and cybersecurity. SFC executive director of intermediaries Eric Yip said:

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Atkins and Sacks: Pioneers of Crypto Regulation?

Atkins and Sacks: Pioneers of Crypto Regulation?Following Gary Gensler’s resignation, Paul Atkins was nominated to take over as the new Chairman of the SEC—the approval of which would mark his return to the Commission after a 17-year hiatus and could mark a drastic change for the crypto industry and digital assets. The following opinion editorial was written by Alex Forehand and […]

Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Ukraine set to legalize crypto by 2025 under strict regulations

Ukraine plans to legalize cryptocurrencies by early 2025, applying standard taxation rules without offering tax incentives.

Ukraine reportedly plans to legalize cryptocurrencies in early 2025, according to Daniil Getmantsev, head of the tax committee of the Verkhovna Rada, but the legislation will not include tax breaks.

The draft bill, currently under review, is expected to be finalized by early 2025 in coordination with the National Bank of Ukraine (NBU) and the International Monetary Fund (IMF). Its primary aim is to regulate digital assets while ensuring fiscal oversight.

Despite earlier speculation around possible tax incentives, standard taxation rules similar to securities trading will be applied under the legalized framework — meaning all profits from crypto transactions will be taxed upon conversion to fiat currencies.

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Hashdex again amends S-1 for Nasdaq Crypto Index US ETF

Another amended filing signals continued progress toward bringing a diversified cryptocurrency index fund to US exchanges.

Asset manager Hashdex has submitted its second amended application for a proposed exchange-traded fund (ETF) designed as a one-stop-shop cryptocurrency portfolio, according to a Nov. 25 regulatory filing.

The revised filing signals continued progress for the crypto index ETF with the Securities and Exchange Commission (SEC), the United States’ top financial regulator.

Hashdex filed its first amended S-1 in October after the SEC asked for more time to reach a decision on whether to authorize the ETF for trading.

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Court prolongs Tornado Cash developer Pertsev’s pre-trial detention

The court decision raises alarming legal concerns for the developers of privacy-preserving blockchain protocols.

Alexey Pertsev’s pre-trial detention has been prolonged in another worrying sign for open-source code developers, particularly of privacy-preserving technologies.

Pertsev, the developer of the cryptocurrency mixing protocol Tornado Cash, will remain in detention as he awaits his trial, he announced in a Nov. 21 X post:

Pre-trial detention is prolonged. Source: Alexey Pertsev

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

CFTC commissioner urges US crypto policy reforms

The CFTC’s Summer Mersinger advocated structured crypto regulations and urged the industry to engage with the incoming US administration.

Speaking at the North American Blockchain Summit on Nov. 21, CFTC Commissioner Summer Mersinger discussed the need for standard US crypto-related policies through notice and comment regulation.

The United States Commodity Futures Trading Commission (CFTC) has played a role in implementing the current “regulation by enforcement” strategy alongside the Securities and Exchange Commission (SEC) under the outgoing administration, as evidenced by recent charges against Uniswap Labs.

Mersinger also said recent litigation against a decentralized autonomous organization (DAO) required the CFTC to seek a court verdict for entity classification. In this case, the CFTC wanted to classify the DAO as a corporation or association:

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0

Trump mulls tapping crypto-friendly CFTC chair: Report

Summer Mersinger, a Republican CFTC commissioner who has urged the regulatory to take a more accommodating stance on crypto, is among those under consideration

President-elect Donald Trump's transition team is considering current and former Commodity Futures Trading Commission (CFTC) officials to chair the financial regulatory agency, according to Reuters News.

The CFTC plays a crucial role in regulated cryptocurrency markets in the United States, second only to the Securities and Exchange Commission (SEC).

Summer Mersinger, a Republican CFTC commissioner who has urged the regulator to take a more accommodating stance on crypto, is among those under consideration to chair the agency, Reuters reported.

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Pro-crypto lawyer John Deaton offers to probe Operation Chokepoint 2.0