reform

U.S. SEC Chairman Paul S. Atkins stated during a speech at the 2026 Reagan National Economic Forum that the U.S. Securities and Exchange Commission is advancing the "New Era of the SEC" regulatory reform, focusing on modernizing digital asset regulation, promoting the development of on-chain capital markets, and supporting the U.S. to become a "global crypto hub."Paul Atkins criticized the previous SEC's "regulatory hostility" towards the digital asset industry, stating that a large amount of crypto innovation was forced to move overseas as a result. He mentioned that with the support of the Trump administration, the SEC has launched "Project Crypto" and is collaborating with the U.S. Commodity Futures Trading Commission to promote on-chain market infrastructure and coordinate crypto regulation.The SEC has recently clarified which digital assets are considered securities and which are not, and is advancing an innovative exemption mechanism for "tokenized listed securities," while also studying how on-chain trading systems can fit within the existing regulatory framework.In addition, Paul Atkins emphasized that the SEC will reduce "over-disclosure" and regulatory burdens, promoting the "Make IPOs Great Again" reform, which includes lowering compliance costs for listed companies, increasing IPO flexibility, and formally proposing the repeal of climate disclosure rules introduced during the previous administration. The future of the U.S. capital markets should be built on a foundation of "free markets and innovation-driven" principles, and the role of regulatory agencies should be to provide clear rules and legal certainty, rather than suppressing technological development.

According to the Securities Times, the National Development and Reform Commission held a press conference today. At the meeting, Li Chao, deputy director of the Policy Research Office of the National Development and Reform Commission, stated that the commission is planning to introduce supporting documents to accelerate the implementation of artificial intelligence and further strengthen resource guarantees.At the same time, we will continue to promote central state-owned enterprises to open high-value application scenarios, creating benchmark applications for artificial intelligence across various industries, fields, and regions, and accelerating the integration of artificial intelligence into all aspects and links of business management.

According to CoinDesk, bipartisan lawmakers Steven Horsford, Max Miller, Suzan DelBene, and Mike Carey jointly reintroduced the "Digital Asset Protection, Accountability, Regulatory, Innovation, Taxation, and Revenue Act" (also known as the "Equality Act") this Wednesday. The new version of the bill mainly covers the following points: first, it stipulates that regulated payment stablecoins do not generate gains or losses if the cost basis is not less than 99% of the redemption value; second, it establishes a safe harbor for broker-dealer transactions or taxpayer account transactions; third, it clarifies that "wash sale" rules apply to digital assets; fourth, it requires the IRS to assess the current tax burden of small cryptocurrency transactions and to study the feasibility of establishing a tax exemption for transactions under $200 and the potential risks of abuse.The cryptocurrency industry has long advocated for tax exemptions on small transactions to promote the use of cryptocurrencies in everyday payment scenarios. Lawmaker Horsford stated that tax policy is the foundation of the cryptocurrency regulatory framework, and that current tax laws have not clearly addressed many core issues related to digital assets.

According to the official announcement, the U.S. Securities and Exchange Commission (SEC) has proposed amendments to the rules and forms related to registered offerings, aiming to enhance the efficiency, flexibility, and reduce costs of public fundraising for listed companies, while simplifying the information disclosure framework for listed companies.According to the proposal, more listed companies will be able to conduct shelf offerings, and more companies will be eligible for registration and communication conveniences that were previously only available to "well-known seasoned issuers." Broker-dealers will be able to provide research coverage for more listed companies, and the state securities law registration and qualification requirements for multi-state registered offerings will be excluded at the federal level.Additionally, the proposal suggests raising the threshold for large accelerated filers from $700 million to $2 billion, with the stipulation that companies will not be included in this category based on market capitalization for at least 60 months post-IPO. The public comment period will last for 60 days after publication in the Federal Register.

The UK Parliament's Standards Commissioner is investigating UK MP and leader of the Reform Party, Nigel Farage, due to allegations of failing to declare a £5 million (approximately $6.7 million) personal donation from Tether investor Christopher Harborne. Christopher Harborne holds a 12% stake in Tether. Nigel Farage stated that the donation was received in 2024 before he announced his candidacy, intended for personal security, and therefore he had no obligation to declare it. According to the House of Commons Code of Conduct, new MPs must register any benefits received in the previous 12 months after being elected. If found in violation, Nigel Farage could face penalties such as an apology, suspension, or expulsion from Parliament.

According to BBX data, institutional demand for Bitcoin ETFs maintained strong momentum yesterday. Today, both houses of Congress are advancing cryptocurrency legislation simultaneously for the first time, with the core dynamics as follows:The U.S. Bitcoin spot ETF recorded a total net inflow of approximately $358.1 million yesterday (May 13), with BlackRock, Inc. (NYSE: $BLK) subsidiary iShares Bitcoin Trust (NASDAQ: $IBIT) seeing a single-day net inflow of $269.3 million, the strongest single-day data in recent weeks; the overall U.S. Bitcoin spot ETF has recorded net positive inflows for seven consecutive weeks, further reinforcing the structural signal of institutional capital returning. Bitcoin closed above $80,000 yesterday, with a year-to-date increase of about 14%, and market sentiment remains relatively optimistic on the eve of the CLARITY Act markup.The House Ways & Means Committee held a closed-door meeting today (May 14) on cryptocurrency tax reform in sync with the Senate Banking Committee's CLARITY Act markup, covering topics such as the treatment of capital gains tax on crypto assets, tax reporting responsibilities for DeFi protocols, and the tax classification of Bitcoin mining and staking income; this marks the first time in 2026 that both houses of Congress are advancing cryptocurrency regulatory legislation on the same day, indicating that cryptocurrency regulatory legislation has expanded from a single market structure issue to a complete legislative ecosystem of "regulatory framework + tax system."

According to CoinDesk, the UK's parliamentary standards watchdog is conducting a formal investigation into Reform UK party leader Nigel Farage for failing to declare a £5 million donation from crypto billionaire Christopher Harborne. Harborne holds a 12% stake in stablecoin issuer Tether. Farage argues that the donation was used to pay for personal security costs and falls within the exemption for disclosure.If found in violation of the code of conduct, Farage could face suspension. A YouGov poll shows Reform UK leading with a 28% support rate, and Farage is expected to become the next Prime Minister. The UK government suspended political crypto donations in March, and this ban will be written into the Representation of the People Act.

Australia is considering significant reforms to its Capital Gains Tax (CGT) system, planning to replace the current 50% tax discount policy for long-term held assets with an "inflation-indexed" mechanism, covering investment categories such as cryptocurrencies and stocks. The current system allows individuals to be taxed only on 50% of the capital gains if they hold the asset for more than a year, a policy that has been in place since 1999.If the reform is implemented, investors will calculate their gains based on inflation-adjusted cost bases, which may lead to an increase in actual tax burdens during periods of rapid asset price increases. According to the proposal's logic, the new mechanism will only tax "real gains" (the portion after excluding the effects of inflation), but in a low-inflation environment, the indexed deduction may be lower than the current 50% discount, resulting in increased tax burdens for most investors. The impact on cryptocurrency investors is particularly pronounced.The current "hold to reduce tax" mechanism reinforces long-term holding (HODL) strategies, while the new proposal will weaken the advantage of time holding, significantly increasing the tax burden on unrealized gains during periods of high appreciation. The proposal is still in the discussion stage and is expected to face strong opposition from investor groups and the financial industry, with the focus of the controversy centered on the balance between capital formation efficiency and tax system fairness.

With the official implementation of cryptocurrency regulatory reforms in Australia, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced today the launch of two supervisory actions targeting the virtual asset industry.AUSTRAC stated on social media that it is engaging with dozens of cryptocurrency companies and trading platforms, focusing on how they manage anti-money laundering and counter-terrorism financing (AML/CTF) risks and preparing for the upcoming reforms. This supervisory action primarily targets over-the-counter (OTC) operators and local trading platforms. The new laws have expanded the regulatory scope to include custodial and brokerage services. This reform marks a further improvement in Australia's regulatory framework for the cryptocurrency industry, aiming to enhance industry compliance standards and mitigate financial crime risks.

The National Development and Reform Commission, the National Energy Administration, the Ministry of Industry and Information Technology, and the National Data Bureau jointly issued the "Action Plan for Promoting the Bidirectional Empowerment of Artificial Intelligence and Energy," proposing to initially establish a safe, green, and economical energy security system supporting AI development by 2027, and to achieve world-leading research and application of AI-specific technologies in the energy sector by 2030.The key points of the plan include: coordinating the layout of new energy bases and computing power hubs, exploring direct connections between nuclear power and hydrogen energy to computing power facilities; promoting computing power facilities to increase the proportion of green electricity and energy efficiency, and improving carbon emission accounting; achieving synergy between computing power and electricity through market-based electricity trading; opening up high-value AI application scenarios in power grids, coal, oil and gas, and energy storage; accelerating breakthroughs in large energy models and the application of autonomous intelligent computing chips, and providing supporting support in standards, funding, talent, and other aspects.

According to CoinDesk, Aave Labs will rewrite the asset listing and collateral risk control rules. In addition to the existing price and volatility assessments, new reviews will be added for compatibility, network security, and underlying architecture, and minimum standard guidelines will be published for asset issuers.This move stems from the KelpDAO cross-chain bridge attack in April, where hackers minted approximately $293 million worth of unbacked rsETH and borrowed real wETH on Aave as collateral, resulting in hundreds of millions of dollars in bad debt for the protocol. Aave will also shift from a single pool perspective to studying systemic connections between different DeFi protocols to reduce cross-protocol risks and is calling on other DeFi projects to follow similar standards.

The leader of the Reform Party, Farage, has been accused by the opposition of having a conflict of interest. In 2024, he received a personal donation of £5 million from cryptocurrency investor Christopher Harborne, after which the Reform Party proposed a regulatory draft for the cryptocurrency industry, aiming to reduce the stamp duty on cryptocurrency transactions from 24% to 10%, and proposed the establishment of a national Bitcoin reserve and a reduction in capital gains tax on crypto assets.Farage has admitted to receiving the aforementioned donation, and the Reform Party stated that policy-making is unrelated to donors. Additionally, Harborne donated £12 million to the party last year, and cryptocurrency businessman Ben Delo also donated £4 million this year. Farage is currently facing allegations of violating House of Commons rules, which could result in the suspension of his parliamentary status and trigger a by-election in severe cases.

The leader of the Reform Party, Farage, has been accused by the opposition of having a conflict of interest. In 2024, he received a personal donation of £5 million from cryptocurrency investor Christopher Harborne, after which the Reform Party proposed a regulatory draft for the cryptocurrency industry in 2025, aiming to reduce the stamp duty on cryptocurrency transactions from 24% to 10%, and proposed the establishment of a national Bitcoin reserve and a reduction in capital gains tax on crypto assets.Farage has admitted to receiving the aforementioned donation, and the Reform Party stated that policy-making is unrelated to donors. Additionally, Harborne donated £12 million to the party last year, and cryptocurrency businessman Ben Delo also donated £4 million this year. Farage is currently facing allegations of violating House of Commons rules, which could result in his suspension from parliamentary duties and trigger a by-election in severe cases.

According to Blockchain for Europe, the European Blockchain Association, in collaboration with Dr. Ulrich Bindseil, former Director General of Market Infrastructure and Payments at the European Central Bank, and Erwin Voloder, Director of Research and Strategy at the Association, jointly released a report titled "Reforming MiCA to Support Euro Stablecoins."The report recognizes the significance of MiCA as a milestone regulatory framework, but also points out that some of its design choices may place Europe in the unfavorable range of the regulatory "Laffer curve"—excessively stringent requirements could weaken the EU's market competitiveness and drive related businesses outside the EU.The report proposes a series of targeted and pragmatic reform suggestions aimed at fostering a more competitive, resilient, and globally influential euro stablecoin ecosystem under MiCA, and calls on policymakers, industry participants, and various stakeholders to actively engage in discussions to jointly promote the continuous improvement of the MiCA framework.

According to Jinshi reports, the Office of the Foreign Investment Security Review Mechanism (National Development and Reform Commission) has made a decision to prohibit investment in the foreign acquisition of the Manus project in accordance with laws and regulations, requiring the parties involved to withdraw from the acquisition transaction.

According to The Block, the Washington think tank Cato Institute published an article criticizing the current Bitcoin tax policy in the United States. Researcher Nick Anthony pointed out that the current tax framework treats Bitcoin as "property" rather than "currency," requiring users to calculate capital gains or losses for each transaction individually, even for everyday small purchases. This makes tax reporting extremely cumbersome and effectively hinders the adoption of Bitcoin as a payment tool.In response, the Cato Institute proposed several reform suggestions, including completely eliminating the capital gains tax on cryptocurrency payments and introducing a tax-free threshold for small transactions. The report also mentioned the existing "Virtual Currency Tax Fairness Act," which aims to exempt cryptocurrency transactions under $200, but Anthony believes this threshold is too low to cover the actual spending levels of consumers. Currently, the Trump administration has expressed support for establishing a small tax exemption for cryptocurrency transactions and will continue to evaluate related legislative options.

According to CoinDesk, BitMEX co-founder Ben Delo stated in a commentary for The Daily Telegraph that he has donated £4 million (approximately $5.1 million) to the Reform UK party led by Nigel Farage since the beginning of this year, to support its goal of becoming "a viable alternative for governance." Delo did not disclose whether the donation was made in fiat or cryptocurrency, but publicly supports the UK government's proposed temporary ban on political donations in cryptocurrency, citing regulatory complexities. Recent guidance from the UK Electoral Commission indicates that cryptocurrency donations are not currently prohibited under election law, but must be valued in pounds at the time of receipt and the identity of the donor must be verified. The UK government has announced an immediate suspension of cryptocurrency donations to all parties as part of measures to combat foreign interference.Meanwhile, the Reform UK party has also recently received a £9 million donation from cryptocurrency investor Christopher Harborne.

The prediction market Polymarket collected approximately $7.1 million in trading fees in the first week of the second quarter, becoming one of the most profitable protocols in DeFi. If this pace continues, its annual trading fee revenue could reach about $365 million, potentially capturing 96.8% of the trading fee share in on-chain prediction markets.Analysis suggests that this growth stems from the pricing reform on March 30, maintaining daily trading fee levels at around $1 million, with trading activity remaining high. According to DeFiLlama data, Polymarket's total value locked (TVL) has reached $432 million, nearing the peak during the 2024 U.S. presidential election.In terms of mainstream partnerships, the Intercontinental Exchange (ICE) completed a $600 million cash investment on March 27, as part of a larger $2 billion commitment, to distribute Polymarket's event-driven data to institutional clients. The platform also replaced the USDC.e collateral on Polygon with a brand new 1:1 USDC-backed token, Polymarket USD, as a trading collateral asset.Despite rapid revenue growth, regulatory risks remain. Some U.S. states, as well as countries or regions like Hungary, Portugal, and Argentina, have imposed restrictions or bans on prediction markets, citing that Polymarket is viewed as an unlicensed gambling platform.

According to the National Price Bureau, starting from April 8, 2026, the domestic prices of gasoline and diesel (standard products) will be increased by 420 yuan and 400 yuan per ton, respectively. This adjustment is made to respond to the significant fluctuations in international crude oil prices and to mitigate their impact on the domestic market. The adjustment amount is lower than the amount that should have been increased according to the mechanism calculation (gasoline 800 yuan/ton, diesel 770 yuan/ton).PetroChina, Sinopec, CNOOC, and other crude oil processing enterprises will be responsible for organizing production and transportation to ensure stable market supply and strictly implement national price policies. At the same time, relevant departments in various regions will strengthen market supervision and severely crack down on price violations. Consumers can report price violations through the 12315 platform.

Richard Tice, Vice Chairman of the Reform Movement (who is also the spokesperson for business, trade, energy, and housing for the Reform Party), stated in an interview with Bloomberg that new technologies such as stablecoins can help prevent financial fraud."Fraud always exists, but we need to make it more difficult for them to commit crimes—especially with the advancement of technologies like tech, blockchain, and tokenization, tracking the flow of funds should become easier," Tice said. "Can we somehow track, intercept, or settle these funds before they leave British sovereign territory? I don't know, but I think we must have the courage to consider all these possibilities."