Cryptocurrency Regulation

The Australian government has appointed Andrew Charlton as the new Assistant Minister for Technology to promote cryptocurrency regulation

ChainCatcher news, according to Decrypt, the Australian government has appointed Andrew Charlton as the Assistant Minister for Technology and the Digital Economy, while also serving as Cabinet Secretary, to advance the regulation of digital assets and the modernization of the tech industry. Prime Minister Anthony Albanese stated that Charlton's economic qualifications and international experience make him fully capable of this dual role. This appointment comes as the Australian government strengthens the regulation of digital assets.According to the new regulations, major crypto platforms must obtain an Australian financial services license, while small businesses and non-financial service providers may be exempt. The reform plan aims to align with international standards such as the EU's MiCA and Singapore's Payment Services Act. Caroline Bowle, CEO of BTC Markets, believes that this appointment reflects the government's emphasis on the development of the digital economy. As a former cybersecurity envoy, Charlton was involved in the development of the licensing system for crypto platforms. Additionally, the government is consulting on the issue of "de-banking" by banks and plans to introduce relevant legislative proposals within the year. The Australian Securities and Investments Commission will also update its guidelines on digital assets.

U.S. SEC Chairman Paul Atkins unveiled his vision for cryptocurrency regulation, adopting a more friendly approach to digital assets

ChainCatcher news, new U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins announced on Monday that the agency will undergo significant changes in its approach to cryptocurrency regulation and outlined details involving issuance and custody. Nominated by President Trump, Atkins articulated these plans during the SEC's fourth cryptocurrency task force roundtable, demonstrating a starkly different approach to digital asset regulation compared to the previous administration."SEC is ushering in a new day," Atkins said. "Policy-making will no longer rely on ad hoc enforcement actions. Instead, the Commission will utilize its existing rule-making, interpretive, and exemption authorities to set standards suitable for market participants."Atkins stated on Monday that he plans to develop guidelines for assets considered securities or "subject to investment contracts." He criticized the previous approach by Gensler, which required companies to visit the SEC, calling it a "ostrich policy—perhaps hoping that cryptocurrency would disappear." "It claims to be willing to talk to potential registrants, 'just come visit,' but that is at most empty rhetoric, more often hypocritical, as the SEC has not made the necessary adjustments to the registration forms for this new technology," he said.Atkins also hinted that custody rules may need updating to allow funds and advisors to engage in self-custody under certain conditions and revealed that the agency may take a new approach to its "special purpose broker-dealer framework." Atkins indicated that the SEC may also consider whether to provide exemption relief for participants looking to bring new products to market. "I want to explore whether conditional exemption relief applies to registrants and non-registrants seeking to launch new products and services that may be incompatible with the current Commission rules and regulations," he said.

Loosening cryptocurrency regulations, the Federal Reserve and other institutions have withdrawn relevant guidance for the banking industry

ChainCatcher news, the Federal Reserve announced on Thursday the withdrawal of regulatory guidance regarding banks' cryptocurrency assets and dollar token businesses, and simultaneously updated the relevant business expectation standards. This move aims to ensure that regulatory requirements keep pace with the evolution of risks and further support innovation in the banking system.The announcement shows that the Federal Reserve has officially abolished the regulatory letter issued in 2022, which previously required state member banks to report in advance on proposed or existing cryptocurrency asset businesses. After the withdrawal, the Federal Reserve will no longer require banks to fulfill reporting obligations, instead opting to monitor related activities through regular regulatory procedures. Also abolished is the 2023 guidance document regarding the "no objection" procedure for state member banks participating in dollar token businesses.In addition, the Federal Reserve and the Federal Deposit Insurance Corporation jointly decided to withdraw two policy statements regarding banks' cryptocurrency asset businesses and risk exposures, which were jointly issued by federal banking regulators in 2023. The Office of the Comptroller of the Currency had previously withdrawn from that statement. The Federal Reserve stated that it will collaborate with other regulatory agencies in the future to assess whether new guidance frameworks are needed to support innovation, including cryptocurrency asset businesses.

A U.S. judge has suspended cryptocurrency regulation lawsuits against the SEC from 18 states

ChainCatcher news, according to CoinDesk, on Wednesday, a federal judge in the United States agreed to pause the lawsuit filed by 18 state attorneys general and a DeFi lobbying group against the Securities and Exchange Commission (SEC), after all parties noted that the SEC's new leadership was in place. Last November, after Trump won the 2024 presidential election, these state attorneys general (all Republicans) filed the lawsuit in conjunction with the DeFi Education Fund. They accused the federal securities regulator of overstepping its authority in suing cryptocurrency exchanges. In documents submitted on Wednesday, the SEC stated that the lawsuit could come to an end following the confirmation of Paul Atkins as the new agency chair. The judge ordered the parties to submit a joint status report within 30 days, but paused all deadlines for 60 days.On Wednesday, another lawsuit filed by the DeFi Education Fund, the Texas Blockchain Council, and the Blockchain Association against the Internal Revenue Service (IRS) was also dismissed. This lawsuit argued that the IRS's DeFi broker rules exceeded the agency's authority. Last week, Trump signed a resolution passed jointly by the House and Senate under the Congressional Review Act to repeal this rule. In documents submitted on Wednesday, the parties stated that the lawsuit had become "meaningless" after Trump signed the resolution.
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