International Bodies
Singapore’s Central Bank Releases Stablecoin Regulatory Framework: Stablecoins must hold minimum base capital 1 million Singapore dollars ($740,000) and provide redemption within no more than five business days of a request. More here.
Indian PM Modi Calls for Global Cryptocurrency Framework at G20 Summit: Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual Group of 20 (G20) summit. As President of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies. More here.
United States
Grayscale Victory Against SEC Clears Path for Spot Bitcoin ETFs: A federal court ruled on August 29 that the SEC must review its rejection of Grayscale’s attempt to convert the GBTC into an exchange-traded fund (ETF). More here.
SEC Issues First Enforcement Action Targeting NFTs: U.S. regulators ordered a Los Angeles-based company that issued non-fungible tokens to compensate investors who bought the NFTs, arguing that the transactions were illegal unregistered securities offerings. It was the U.S. Securities and Exchange Commission’s first NFT-related enforcement action. The SEC’s findings do not suggest regulators consider all NFTs to be securities, limiting the potential consequences of the action. More here.
New Tax Rules for Crypto in the U.S.: The United States Internal Revenue Service (IRS), which is responsible for tax collection in the U.S., has released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to simplify tax filings and cut down on tax cheating. According to the U.S. Treasury, the regulations bring digital asset reporting into line with reporting on other types of assets. More here.
SEC V. Ripple: Attorneys Leave SEC Side, Both Groups Add New Lawyers: Attorneys Pascale Guerrier, Richard Best and Robert MacDonald Moye representing the U.S. SEC in its ongoing lawsuit against Ripple have withdrawn from the case. More here.
SEC Set to Approve Ether ETF Applications: The Securities and Exchange Commission is poised to grant approval to a multitude of applications for Ether futures exchange-traded funds in a single batch, sources say. At least 16 requests for Ether or Bitcoin-Ether futures ETFs await regulatory clearance, as investment firms seek to tap into the growing demand for cryptocurrency investment vehicles. The pending ETFs could launch within weeks, signaling a significant shift in regulatory stance, while a parallel decision on spot Bitcoin ETFs awaits a verdict by January. More here.
Coinbase Finally Wins Approval to List Crypto Futures in U.S.: The approval makes Coinbase the first crypto-first platform to offer regulated and leveraged crypto futures alongside traditional spot trading. More here.
HFSC Asks Gensler to Explain Prometheum Crypto Approval: Republican lawmakers on the U.S. of the House Financial Services Committee and are raising questions about how U.S. Securities and Exchange Commission chair Gary Gensler and the Financial Industry Regulatory Authority made the decision to approve Prometheum as a broker-dealer for crypto. The 23 lawmakers have sent a letter that notes that “timing of the approval raises concerns that it was aimed at demonstrating that legislation is not needed because there is a workable regulatory framework for the custody of digital asset securities.”