House Overturns SEC’s Anti-Crypto Directive, Biden to Veto: Law Decoded
The United States House of Representatives has voted to approve a bill that would overturn a controversial Securities and Exchange Commission directive barring banks from owning crypto.
The House voted to approve a bipartisan bill repealing SEC Special Bill 121 (SAB 121).
Republican Representative Mike Flood – who introduced the resolution – said SAB 121 is unfair to banks that want to hold crypto, because the security assets are always “considered off-balance sheet”.
However, before the vote, US President Joe Biden's office released a statement informing lawmakers and the public that the administration plans to veto a joint resolution affecting crypto policy at the SEC if it comes to the table.
The White House said it “strongly opposes” the SEC's efforts to “protect investors in crypto-asset markets and protect the broader financial system.”
The Australian Tax Office wants information from 1.2 million crypto users
The Australian Taxation Office (ATO) is seeking the personal information and transaction details of up to 1.2 million cryptocurrency users for a possible attack on crypto tax obligations. The tax authorities believe that the data will help identify traders who have failed to pay their taxes on their crypto businesses.
The ATO requires personal information including the user's date of birth, social media accounts, phone numbers, transaction-related details such as wallet address, type of coin trade and bank account details.
For Australian regulators, cryptocurrencies are taxable assets unlike other foreign currencies. This requires traders to pay capital gains tax on their profits from selling crypto assets.
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South Korea's ruling party is pushing for Bitcoin ETF trading
The Democratic Party of Korea is asking the Financial Services Commission to reconsider the legal status of spot Bitcoin (BTC) exchange-traded funds (ETFs).
An unnamed Democratic Party policy committee official told a local newspaper that the party would make the request after the National Assembly opens in June. In South Korea's April election, the opposition party swept to power and held 175 of the 300 seats in the legislature.
In the past, after the spot BTC ETF was approved in the US, the FSC issued a statement that Korean securities companies may be violating the capital market law by listing foreign ETFs.
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Binance has received permission to return to the Indian market
Global cryptocurrency exchange Binance has received approval from the Financial Intelligence Unit of India's financial regulator to offer its services in India.
The latest approval makes Binance the second offshore crypto exchange to acquire a regulatory node after KuCoin.
Binance and KuCoin were among nearly a dozen foreign crypto exchanges that received non-compliance notices in December 2023. Within 15 days of the announcement, India's finance ministry told its IT department to block URLs and mobile apps from accessing crypto platforms banned in India. By mid-January 2024.
Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex also received the regulatory notice.
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