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Starting October 16, Chase, a digital bank owned by JPMorgan, will decline transactions related to crypto assets, citing rising instances of fraud. This decision aligns with several other UK banks that have recently narrowed the scope of operations with cryptocurrencies.

“The Securities and Exchange Commission targeted Stoner Cats 2’s NFT project for allegedly amassing $8 million through unregistered sales. The company purportedly linked the show’s success to its NFTs’ value, sparking investors’ profit expectations and resulting in accusations of unlawful offerings. Amidst an ongoing crackdown, this highlights the need for stricter regulatory frameworks in the NFT world.”

“The US Department of Justice (DoJ) aims to dismiss expert witnesses in a case involving Sam Bankman Fried (SBF), citing deficiencies in their testimonies. Meanwhile, Jacobi Asset Management classifies its Bitcoin ETF as an Article 8 fund, promoting environmental sustainability. These developments highlight the balance between regulatory pressures and environmental sustainability in the blockchain space.”

The proposed Crypto-Asset National Security Enhancement Act of 2023 seeks to implement stringent anti-money laundering measures on decentralized finance (DeFi) protocols. The bill presents solutions to regulate these protocols, aiming to enhance security, prevent evasion and sanction violations. It also addresses potential challenges tied to the regulation’s possibly discouraging impact on industry innovation.

In response to major banks’ failures, US lawmakers from the House Financial Services Committee have introduced a series of bills, although not specifically mentioning crypto or blockchain. The future of regulations surrounding banks and their potential impact on the cryptocurrency and blockchain industries remain uncertain, with past lawmakers expressing optimism on stablecoin bills.

The SEC claims Solana, Polygon, and Cardano are securities, amidst lawsuits against Binance and Coinbase for offering and trading these tokens. The three coins undergo price decline and defend their regulatory statuses, emphasizing collaboration with regulators and exploring potential legal arguments.

The cryptocurrency world faces increased scrutiny from the SEC, with charges filed against Coinbase and Binance for alleged U.S. securities laws violations. Former SEC Cyber Chief, Robert Cohen, questions the fairness of the regulatory body’s approach, citing arbitrary classification and lack of clear guidance, which may harm businesses in the emerging industry.

The SEC has taken regulatory action against Binance and Coinbase, alleging Coinbase failed to register as an exchange, clearing house, and broker. This raised concerns within the crypto community about potential impacts on the industry’s future growth, as increased regulation could hinder innovation or improve investor protection and market safety.

Former SEC official John Reed warns social media influencers promoting and manipulating cryptocurrency prices that they will soon face anti-fraud regulations similar to those governing exchange-listed securities. The existing regulatory loopholes enabling fraudulent activities and price manipulation will likely close soon, as regulatory bodies like the SEC intensify their scrutiny.

The Department of Justice’s crypto enforcement unit, led by Eun Young Choi, is intensifying efforts against illegal activities in the digital assets sector, particularly targeting crypto exchanges that facilitate crimes and fail to follow compliance regulations. In addition, the unit will address investment scams and security issues within the decentralized finance ecosystem.

The US Department of Justice’s national cryptocurrency enforcement team (NCET) aims to crack down on bad actors in the crypto market, targeting exchanges, mixers, and DeFi platforms involved in offenses like money laundering. With increasing scrutiny from regulatory bodies, the enforcement efforts may promote a safer market for investors but potentially hinder the growth and development of the crypto sector.

The IRS has filed $44 billion in tax claims against bankrupt crypto exchange FTX and its affiliated entities, prioritizing its claims over creditors. This highlights the complexity of cryptocurrency taxation and regulations in the US and emphasizes the importance of transparency and compliance within the crypto industry regarding tax liabilities.

President Joe Biden recently called for an end to alleged tax loopholes assisting wealthy crypto investors, without providing specifics regarding such loopholes or reforms. The crypto community responded skeptically, highlighting the smaller size of the crypto market and questioning the existence of these loopholes. Speculations suggest possible connection to the IRS wash sale rule.

Coinbase urges the SEC to reconsider its proposed rule on registered investment advisers’ duties, arguing that it unfairly targets the crypto sector and neglects other asset classes. The company suggests multiple adjustments to ensure adaptability to future advances in asset types and to foster innovation and investor protection in the evolving crypto market.

The US SEC appears to be preparing for enforcement action against Binance or Binance.US, following actions against other crypto exchanges. Binance faces increased scrutiny, with potential charges for violating securities laws and noncompliance with anti-money laundering regulations. The crypto community seeks a balance between regulatory oversight and fostering innovation.

Kenya’s lawmakers propose a 3% tax on cryptocurrency transfers and non-fungible tokens (NFTs), and a 15% tax on monetized digital content. While some perceive this as official recognition for cryptocurrencies and NFTs, others express concern over targeted harassment or unreasonable taxes.

The Bipartisan Restoring Faith in Government Act aims to ban members of Congress, their spouses, and dependents from trading or owning specific financial instruments, potentially including cryptocurrencies. This legislation raises questions about the future of cryptocurrency regulations and government officials’ involvement in the emerging market.