The latest study conducted by Social Capital Markets has unveiled a significant surge in lobbying expenditures within the crypto industry over the past seven years. The data reveals a staggering 1,386% increase in lobbying spend by crypto companies, soaring from $2.72 million in 2017 to an astonishing $40.42 million in 2023. This surge highlights a
Regulation
Coinbase, Ripple, and Andreessen Horowitz (a16z) have made headlines by announcing their attendance at both the Republican National Convention (RNC) and the Democratic National Convention (DNC). Their goal is to lobby GOP power brokers and Democratic influencers to support policies that benefit the cryptocurrency industry. This move highlights the increasing significance of the crypto sector
Recently, South Korean lawmakers introduced a bill that suggests postponing the implementation of crypto gain tax until 2028. The ruling political party backed this proposal on July 12, attributing the decision to the prevalent negative sentiments surrounding the crypto industry. They argued that due to the declining investment sentiment towards virtual assets, rushing into taxing
Elon Musk, CTO and chairman of X, took to social media to claim that the European Commission (EC) offered the platform an “illegal secret deal” to censor speech in order to avoid being fined in the EU. Musk made these accusations in response to the EC publishing their preliminary findings of an investigation under the
The SEC recently closed its investigation into Hiro Systems and the Stacks blockchain without recommending any enforcement action. This investigation, which began over three years ago, has been a significant chapter in the history of the Bitcoin Layer-2 network. The investigation was initiated following the first-ever SEC-qualified offering by Stacks in 2019. Since then, the
Recently, the Securities and Exchange Commission (SEC) announced the closure of its investigation into Hiro and the Stacks blockchain without recommending any enforcement action. This investigation, which began over three years ago, has been a significant chapter in the history of the Bitcoin Layer-2 network. The SEC’s Enforcement Division launched the investigation following the first-ever
The UK Law Commission recently released a scoping paper addressing the legal characterization of Decentralized Autonomous Organizations (DAOs) in the country. DAOs are blockchain-based communities designed to achieve a common goal, such as funding start-ups or acquiring historical artifacts. Market experts believe that these organizations represent the future of corporate governance. However, the Commission highlighted
The recent decision made by the US Securities and Exchange Commission (SEC) regarding the controversial Staff Accounting Bulletin No. 121 (SAB 121) has sent shockwaves through the financial industry. This proposal, which includes exceptions for certain institutions affected by SAB 121, is a game-changer for banks and brokerages involved in the crypto space. The SEC
The US House of Representatives recently failed to garner enough votes to overrule President Joe Biden’s earlier Veto and rescind SEC Staff Accounting Bulletin 121. The vote, which took place on July 11, showed that 228 House members voted in favor of HJ Res. 109 to end SAB 121, while 184 voted against the resolution,
The US Securities and Exchange Commission (SEC) has officially closed its investigation into stablecoin issuer Paxos. This decision comes after over a year of scrutiny and a Wells notice that suggested potential enforcement action against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. However, on July 9, Paxos received a termination notice from the