jurisdiction

Hyperliquid Labs confirmed to the Financial Times that its registered headquarters is located in Singapore, but the Monetary Authority of Singapore (MAS) stated that due to Hyperliquid's decentralized nature, it does not consider the platform to fall under its regulatory jurisdiction. MAS indicated that it is not aware of Hyperliquid being regulated in any major jurisdiction.Hyperliquid stated that it is currently in an unregulated status, has never claimed to have obtained permission or authorization from MAS, and is willing to engage in constructive cooperation with regulatory authorities. According to FT, a team of about 11 people led by co-founder Jeff Yan has relocated to Singapore in 2024, and company documents along with recent recruitment information also indicate that it has an office in Singapore.Previously, on June 26, MAS had listed Hyperliquid on its investor warning list, which is used to alert the public about entities that may be mistakenly believed to be licensed or regulated by MAS. Hyperliquid responded at that time that being listed does not constitute a ban, enforcement action, or determination of misconduct, and described itself as an unlicensed infrastructure. Singapore will require local companies providing digital token services only to overseas clients to obtain a license starting from June 30, 2025, and MAS stated that such licenses will only be issued in very limited circumstances.

Argentina has agreed to implement the Crypto Asset Reporting Framework (CARF) established by the Organisation for Economic Co-operation and Development (OECD), planning to automatically exchange cryptocurrency transaction data with other jurisdictions by 2029. Currently, 77 jurisdictions have joined this framework.According to the framework, virtual asset service providers must report user identity information, as well as data on cryptocurrency transactions using fiat currency, digital asset exchanges, digital asset payments, and transfers between external addresses. Argentina will receive information on overseas transactions and share relevant data about its users with international regulatory bodies.Argentina must establish domestic regulations by 2028 to clarify data collection requirements and the rules for virtual asset service providers to report information to tax authorities. The framework aims to apply similar information reporting standards for cryptocurrency transactions and fiat currency transactions to help tax authorities identify cross-border tax evasion activities.

U.S. District Judge Jed S. Rakoff in New York has denied the emergency temporary restraining order application filed by the Commodity Futures Trading Commission (CFTC), which aimed to stop the state of New York from advancing its enforcement case against the prediction platform Kalshi. The judge found that the CFTC failed to demonstrate a likelihood of success on the merits of its case and did not prove the existence of irreparable harm. However, the denial was made "without prejudice," allowing the CFTC to refile the relevant motion by August 7.New York Attorney General Letitia James filed a lawsuit against Kalshi last Friday, accusing it of operating an illegal unlicensed prediction business by offering contracts on events such as sports and elections. The state of New York had issued a cease-and-desist order to Kalshi as early as October 2025. The core dispute in this case revolves around whether federal commodity law takes precedence over state law—state authorities believe that event contracts are predictions subject to state law, while the CFTC and Kalshi argue that they are derivatives under the exclusive jurisdiction of the CFTC.

FTX announced that the fifth round of bankruptcy distributions will begin on July 31, distributing approximately $900 million to eligible creditors. Only claim holders of categories 5A, 5B, 6A, 6B, and category 7 who complete claim verification, KYC verification, tax form submission, and sanctions screening by the deadline of June 16, and successfully onboard with BitGo, Kraken, or Payoneer, are eligible for the distribution. Funds will be credited within one to three business days starting from July 31.Currently, creditors from 45 jurisdictions are excluded due to the lack of available distribution service providers, including China, Russia, Ukraine, Cuba, Iran, and others. FTX stated that the coverage of service providers may change, but even if it opens in the future, payments on July 31 cannot be retroactively applied. FTX warned that creditors who do not successfully complete onboarding within six months from July 31 may lose their right to the distribution for that claim.As of now, the cumulative distribution ratios announced by FTX are 105% for categories 5A and 5B, 103% for categories 6A and 6B, and 120% for category 7, but these percentages are based on the claim amounts approved by the court rather than the current market value.

Gate US has officially obtained the Money Transmitter License (MTL) in the state of Florida, increasing the number of state-level licenses to 36 and further expanding its compliant operational scope to 47 jurisdictions in the United States. This approval enhances Gate US's regulatory layout in the U.S. market and reflects the platform's ongoing commitment to advancing its global compliance strategy and strengthening its localized operational capabilities.As one of the important financial and digital asset markets in the United States, Florida has strict requirements for licensed institutions in terms of compliance management, risk control, and operational capabilities. The acquisition of this license marks a significant new progress for Gate US in building its regulatory compliance system. Previously, Gate US's operations had covered multiple jurisdictions, including Illinois, Ohio, Michigan, North Carolina, Georgia, Arizona, Pennsylvania, and Maine, providing compliant and stable digital asset-related services to local users while adhering to the regulatory requirements of each state.Currently, multiple entities under Gate have completed relevant regulatory registrations, license applications, or obtained authorizations and approvals in jurisdictions such as Malta, the Bahamas, Japan, the United States, Australia, and Dubai. In the future, Gate US will continue to uphold a long-term development strategy focused on safety, transparency, and compliance, further solidifying the platform's capability to conduct compliant business in the U.S. market and providing users with safer, more transparent, and reliable digital asset services.

According to Bloomberg, the strategic Bitcoin reserve plan promoted by U.S. President Trump is facing legal and jurisdictional issues, with the core dispute being whether the U.S. Treasury has the authority to legally manage the reserve. Trump proposed the establishment of a strategic Bitcoin reserve early in his presidency, with the main funding source being Bitcoin already held by the U.S. government through criminal or civil forfeiture, along with a separate digital asset inventory.The relevant executive order also requires the Treasury and Commerce Departments to develop a "budget-neutral" Bitcoin acquisition strategy, meaning it should not increase taxpayer costs. However, informed sources say that discussions around the reserve have now shifted to whether it should be placed under the Commerce Department rather than managed by the Treasury. Another point of contention is whether the U.S. government can hold BTC "indefinitely" given Bitcoin's price volatility. White House spokesperson Liz Huston stated that the Trump administration is still evaluating the best structure for the strategic Bitcoin reserve and the U.S. digital asset inventory to fulfill its vision of making the U.S. a global center for cryptocurrency and cutting-edge technology.

The U.S. Securities and Exchange Commission (SEC) has released the "Draft Strategic Plan for Fiscal Years 2026-2030" and is seeking public comments. The goals proposed in the draft include "providing a solid regulatory foundation for digital assets and distributed ledger technology through a rational, coherent, and principle-based approach."The document points out that a modernized framework will also ensure that custody, trading, and staking services can operate under appropriate regulation, avoiding duplicative or conflicting requirements, while clarifying jurisdictional issues between the SEC and the Commodity Futures Trading Commission. This coordination aims to ensure that the crypto market has clear, principled, regulation-based rules of the game, promoting innovation while maintaining the highest level of investor protection. Furthermore, the document suggests that the agency's responsible use of artificial intelligence and blockchain technology could further enhance regulation, reduce costs, and unlock new efficiencies.

According to Xinhua News Agency, Salimi, a member of the Iranian Parliament's presidium, stated that Iran's plan to "exercise sovereign jurisdiction" over the Strait of Hormuz is about to be approved by the parliament and is expected to be passed in the form of permanent legislation.According to the Iranian Students' News Agency, Salimi said that only Iran and Oman have the right to make decisions regarding the management of the Strait of Hormuz. The Iranian side has communicated with Oman, and Oman has also expressed preliminary agreement, with the relevant plan expected to be finalized soon.

The U.S. Commodity Futures Trading Commission (CFTC) has disclosed that it has filed a lawsuit in the U.S. District Court for Rhode Island to prevent the state from applying its gambling laws to contract markets registered with the CFTC. CFTC Chairman Michael S. Selig stated that exchanges registered with the CFTC are facing numerous lawsuits aimed at restricting Americans' participation in event contracts, which undermines the CFTC's exclusive jurisdiction over prediction markets.Selig emphasized that event contracts are commodity derivatives and fall entirely within the CFTC's regulatory scope. The CFTC is also facing similar jurisdictional challenges in states such as Arizona, Connecticut, Illinois, New York, and Minnesota. The CFTC stated that the Commodity Exchange Act grants it exclusive jurisdiction over event contracts.

According to Jinshi reports, U.S. President Trump stated on social media that it is crucial to maintain the exclusive jurisdiction of the Commodity Futures Trading Commission (CFTC) over prediction markets. He mentioned that prediction markets must be allowed to thrive and that "road rules" are being developed to become the gold standard for states. He emphasized that other countries are competing for this new type of financial market, and the U.S. must maintain its leading position and protect the global cryptocurrency industry.

The U.S. Court of Appeals is hearing the appeal case of Roman Sterlingov, focusing on the key discussion of whether cryptocurrency services are subject to U.S. law. The case centers on: whether a small number of transactions conducted by law enforcement in Washington is sufficient to establish jurisdiction; and the reliability of evidence identifying the defendant through "IP overlap analysis" by the FBI. The U.S. Department of Justice argues that Bitcoin Fog, as a global money transfer service aimed at U.S. users, should be bound by U.S. law; while the defense questions the law enforcement's "artificial creation of jurisdiction."

The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Wisconsin on Tuesday, accusing the governor, attorney general, and state officials of attempting to use state laws to crack down on prediction market platforms.Recently, Wisconsin has sued platforms such as Coinbase, Robinhood, Crypto.com, Polymarket, and Kalshi, claiming that their sports event contracts constitute "public nuisance." The CFTC strongly asserts exclusive jurisdiction over prediction markets (event contracts), arguing that the state government's attempt to criminalize federally regulated markets infringes upon the national swap market regulatory framework designed by Congress, and is seeking a court order to declare that Wisconsin's ban is superseded by federal law on CFTC-regulated platforms.

Mike Selig, the chairman of the U.S. Commodity Futures Trading Commission, stated on the X platform that U.S. federal law clearly stipulates that the derivatives market is regulated by the U.S. Commodity Futures Trading Commission.Whether it's sports, politics, or oil prices, under the federal regulatory framework, the U.S. Commodity Futures Trading Commission has clear jurisdiction to regulate prediction markets and is obligated to uphold the regulations.

The Commodity Futures Trading Commission (CFTC) has filed lawsuits against Arizona, Connecticut, and Illinois, reiterating its exclusive jurisdiction over event contracts and prediction markets under the Commodity Exchange Act. It accuses the three states of attempting to prohibit, restrict, or regulate registered designated contract markets through other state-level regulatory measures, including platforms such as Kalshi and Polymarket.The CFTC seeks a federal court declaration that state actions are invalid and prohibits the states from intervening in prediction market activities that comply with federal regulations.

The Chairman of the U.S. Commodity Futures Trading Commission (CFTC), Mike Selig, disclosed his remarks at the FIA Global Clearing Markets Conference, stating that the U.S. is undergoing a new technological revolution driven by AI, blockchain, and prediction markets. The CFTC needs to ensure that the regulatory framework adapts to this transformation.Selig outlined the focus areas for the coming years: achieving forward-looking derivatives market regulation through principle-based oversight with minimal effective intervention; addressing the legacy issues of the Dodd-Frank Act; ending the regulatory turf battles and enforcement-style regulation between the CFTC and SEC; ensuring that the U.S. maintains its status as a global crypto hub by clarifying classification rules for real crypto perpetual contracts; establishing a gold standard regulatory framework for prediction markets; making the U.S. a leading market for AI computing; refocusing the Commission on its core responsibilities, moving away from non-core areas like climate policy; prioritizing the needs of the agricultural and energy communities; and bringing markets for critical minerals back to the U.S.

SEC Chairman Paul Atkins posted on the X platform that this week is significant for cryptocurrency and fully supports Congress in clarifying the jurisdictional division between the SEC and the Commodity Futures Trading Commission.The most important thing to do for investors right now is to move the crypto asset market out of the regulatory gray area. He looks forward to President Trump signing a bipartisan-supported market structure bill in the coming months, based on legal provisions recognized by both parties, to promote market innovation while protecting investors' rights.

The Crypto-Asset Reporting Framework (CARF), developed under the leadership of the Organisation for Economic Co-operation and Development (OECD), officially came into effect on January 1, 2026, covering the first batch of 48 countries and regions.The framework requires Crypto Asset Service Providers (CASPs) to disclose user transaction information to tax authorities and submit annual reporting, covering activities such as transactions, exchanges, and asset transfers, to promote global tax transparency and enhance cross-border data exchange. CARF aims to fill the regulatory gap in the digital asset sector within the existing Common Reporting Standard (CRS) and plans to initiate regular information exchange among member countries starting in 2027. All EU member states, the UK, Brazil, the Cayman Islands, and other regions will be the first to participate, while countries like Australia, Canada, Singapore, Switzerland, and the UAE are expected to join by 2028. The United States plans to connect to the system in 2029. The OECD stated that this framework brings crypto assets under tax regulatory standards comparable to those of the traditional financial system, significantly reducing the space for tax evasion using crypto assets.