**SEC Hits Record Penalties in 2024**
The SEC has set a new record for penalties in fiscal year 2024, collecting $8.2 billion by September 30. This surge is largely due to a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon. Without this settlement, the SEC's haul would have been its lowest since 2013.
**Australia Eyes Crypto Tax Framework**
Australia is consulting on implementing the OECD's Crypto-Asset Reporting Framework to standardize tax data collection. Options include tailoring it for the Australian Taxation Office or integrating it into national tax law.
**Shanghai Court Recognizes Crypto as Commodity**
A Shanghai judge declared cryptocurrency a legal commodity, though not a fiat currency. Individuals can own it, but commercial entities face restrictions on transactions and token issuance.