1. Coinbase Chief Legal Officer opposes CFTC's proposed rulemaking to ban certain prediction contracts
According to The Block, Paul Grewal, chief legal officer of Coinbase, opposes the rulemaking proposed by the U.S. Commodity Futures Trading Commission (CFTC) to ban certain prediction contracts, arguing that it has no sufficient reasons. Grewal believes that the proposal has a definition problem, and the broad definition of "gambling" covers the Nobel Prize and the Oscar Award, etc. The definition is also inconsistent with legislative history, evaluating contracts as a category that is not in the public interest and exceeds the statutory authority of the CFTC. Previously, the U.S. CFTC voted in May to pass a rule that, if finalized, would prohibit betting on political races and other event contracts. Such contracts are not allowed to be listed for trading or clearing through CFTC-registered entities. Earlier this week, Senator Elizabeth Warren urged CFTC Chairman Rostin Behnam to "quickly" finalize rules prohibiting political event contracts.
2. Thailand SEC launches digital asset regulatory sandbox
According to Cointelegraph, the Thai Securities and Exchange Commission (SEC) launched a digital asset regulatory sandbox on August 9, aiming to promote the experimentation and development of new digital asset services. The SEC has issued eligible service regulations, including the qualifications of participants and the scope of sandbox trials. Eligible digital asset-related service providers include six types of services: digital asset exchanges, brokers, dealers, fund managers, consultants, and custodial wallet providers.
3. Tether plans to double its staff by mid-2025
According to The Block, Tether CEO Paolo Ardoino said that by mid-2025, the company plans to double its staff to around 200. Tether currently has just over 100 employees in more than 50 countries. As Tether achieved a record profit of $5.2 billion in the first half of 2024, the company recognized the need for strategic expansion.
4. The US Internal Revenue Service released a new draft of the crypto tax form, which no longer requires filling in wallet addresses and transaction IDs
According to CoinDesk, the U.S. Internal Revenue Service (IRS) released an updated draft version of the tax form 1099-DA used by cryptocurrency brokers and investors to report certain trading gains yesterday. The public has 30 days to provide the IRS with comments on this version.
Starting in 2026, cryptocurrency investors who use brokers (currently mainly CEXs such as Coinbase and Kraken) will receive 1099-DAs from these brokers, reporting certain cryptocurrency sales and transactions to the IRS as taxable events. IRS officials said this form will bring more convenience and clarity to users who pay U.S. crypto taxes.
The newly released updated version of 1099-DA is more streamlined than the first draft of the tax return proposed by the IRS in April. The items for investors to fill in wallet addresses and transaction IDs have been removed (which caused privacy-related controversy when the form was first released), and the time of related transactions is no longer required, only the date.
5.Tether CEO: MiCA regulation poses systemic risks to the banking system
According to Cointelegraph, Tether CEO Paolo Ardoino said that the European Union's recently approved Markets in Crypto-Assets Regulation (MiCA) poses not only a threat to stablecoins, but also a systemic risk to the entire banking system. In an interview, Ardoino pointed out that MiCA requires at least 60% of stablecoin reserves to be held in EU bank accounts, a regulation that could increase systemic risks. He emphasized that banks use a fractional reserve system, which makes them vulnerable to runs, and mentioned the collapse of Silicon Valley Bank in 2023 as a warning, believing that this regulation could have an adverse impact on large-scale stablecoin issuers.
6. The US SEC postpones the deadline for making a decision on the Hashdex Nasdaq Cryptocurrency Index ETF to September 30
The U.S. Securities and Exchange Commission (SEC) has delayed a decision on the next steps for the Hashdex Nasdaq Crypto Index ETF, setting the next deadline as September 30, 2024 to approve or reject the proposal.
The SEC stated that it was appropriate to specify a longer period for issuing an order approving or disapproving a proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein.
7. A new section called “Bitcoin Office” is added to the Santa Monica City Government website in California
According to official website data, a new "Bitcoin Office" section has been added to the Santa Monica City Government website in California.
According to the website of the Santa Monica City Government in California, the purpose of this section is to find and promote Bitcoin industry partnerships, support Santa Monica's economic recovery and create new jobs.
8. SEC settles with Ideanomics over $40 million in fraudulent financial reporting of cryptocurrency revenue
According to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) has reached a settlement with Ideanomics over fraudulent financial reporting of $40 million in cryptocurrency revenue.
The SEC accused Ideanomics of fraudulently reporting more than $40 million in revenue through cryptocurrency revenue in 2019. All parties involved agreed to a settlement, and Bruno Wu, former chairman and CEO of Ideanomics, agreed to pay more than $3.3 million in ill-gotten gains, prejudgment interest, and a $200,000 fine. Ideanomics agreed to pay a $1.4 million fine and will hire an independent compliance consultant to review and strengthen its internal accounting controls.
9. KPMG: Major financial hubs such as Hong Kong attach more importance to the development and launch of virtual currencies and RWA tokens
According to the Hong Kong Wen Wei Po, KPMG released the "Financial Technology Trends" report, which shows that the Asia-Pacific region pays more attention to the development and launch of virtual currencies and real-world asset tokens. Major financial hubs such as Hong Kong, Singapore and Japan are committed to balancing innovation and regulation. While protecting the rights and interests of investors, they continue to explore and approve activities that integrate traditional finance and decentralized finance.
The Hong Kong government is actively developing cryptocurrency regulation to support cryptocurrency trading and other related activities. In the first half of 2024, the Hong Kong Monetary Authority launched the second phase of the e-HKD pilot program and promoted the development of Hong Kong into an international virtual asset center through various initiatives to attract cryptocurrency companies and enhance Hong Kong's financial ecosystem.
10. Celsius sues Tether for $3.5 billion
According to Cointelegraph, Celsius filed a lawsuit against Tether, accusing it of improper use of assets and claiming approximately $3.5 billion, including Bitcoin return, damages and legal fees. Celsius claimed that during the bankruptcy process, Tether had loaned it USDT stablecoins and used 39,542.42 Bitcoins as collateral. After the price of Bitcoin fell, Celsius was required to provide more collateral to avoid liquidation.
Celsius believes that Tether liquidated Bitcoin without giving it a chance to replenish collateral. Tether responded by calling the lawsuit baseless and extortionate, and promised to vigorously defend itself.
11. The US CFTC has paid a $1 million reward to the whistleblower in the digital asset case
According to Bitcoin.com, the U.S. Commodity Futures Trading Commission (CFTC) announced that it has paid a $1 million reward to a whistleblower for providing information that led to enforcement actions in the digital asset market. The regulator said the whistleblower provided previously unknown details of improper transactions.
The CFTC does not disclose the identity of the whistleblower, the specific enforcement action or the exact amount of the reward under the Commodity Exchange Act (CEA). CFTC Enforcement Director Ian McGinley praised the whistleblower, saying their information is critical as more Americans fall victim to digital asset scams.
