Opyn, a prominent options protocol in the decentralized finance (DeFi) space, is undergoing a significant leadership change in response to regulatory actions by the Commodity Futures Trading Commission (CFTC). Co-founders Zubin Koticha and Alexis Gauba have decided to step down following allegations of registration failures and non-compliance issues. In their place, Andrew Leone, formerly the […]
The cryptocurrency industry is pushing back against proposed regulations that would require more entities to disclose digital currency transactions. The US Treasury Department released draft guidelines in August aimed at addressing challenges related to reporting and taxing cryptocurrency transactions. Critics argue that these measures would hinder the broader crypto market and decentralized finance, raising constitutional […]
A significant development has occurred in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Binance entities, including CEO Changpeng Zhao. The US court has approved a protective order that governs the production, use, and disclosure of information and materials related to the SEC vs. Binance lawsuit. This protective order aims […]
A Ripple executive has emphasized the importance of adopting a technology-neutral approach to cryptocurrency regulation. Navin Gupta, managing director of South Asia, Middle East, and North Africa at Ripple, believes that regulations should be based on the activity being conducted rather than the specific technology being used. He argues that whether a transaction occurs on […]
The Australian Taxation Office (ATO) has clarified its stance on the capital gains tax (CGT) treatment of decentralized finance (DeFi) and the wrapping of crypto tokens. The ATO has emphasized its commitment to taxing Australians on capital gains during the wrapping and unwrapping processes. According to the ATO, the wrapped token is not considered the […]
The Australian Taxation Office (ATO) has provided guidance on the tax treatment of decentralized finance (DeFi) and wrapping crypto tokens. The ATO clarified that Australians will be taxed on capital gains when wrapping and unwrapping tokens. This is part of the ATO’s focus on crypto capital gains, which was outlined in May 2022. The transfer […]
In the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), a joint motion for a protective order has been filed. This motion aims to establish guidelines for the treatment and disclosure of confidential information during the litigation process. The SEC’s enforcement actions in the cryptocurrency sector have increased under Chair […]
US District Judge Analisa Torres has set important dates for the ongoing legal battle between Ripple Labs and the SEC. The court order outlines the schedule for the remedies briefing and discovery phase of the SEC v. Ripple lawsuit. The key dates to remember are as follows:- February 12, 2024: Remedies briefing officially begins, marking […]
The Blockchain Association, a cryptocurrency advocacy group in the United States, has expressed opposition to proposed tax regulations by the Internal Revenue Service (IRS). In a letter submitted on November 13, the association argued that the IRS rules, which aim to regulate the sale and exchange of digital assets, exceeded the agency’s authority and demonstrated […]
Senator Rob Portman clarified on the Senate floor that brokers sell on behalf of someone else and do not just provide ancillary services. However, a proposed rule aims to expand the definition of brokers to include not only those who directly act as dealers or agents in digital-asset transactions, but also a broad category of […]
