According to BlockBeats, Consensys founder Joseph Lubin has expressed his intention to continue with the lawsuit against the U.S. Securities and Exchange Commission (SEC), despite the agency's decision to end its 14-month investigation into Ethereum. Lubin was contacted by Forbes business reporter Eleanor Terrett, who sought his views on the SEC's decision and what it meant for their ongoing lawsuit. Lubin stated that while the SEC's decision to end the Ethereum investigation was a welcome development, it was necessary but not sufficient. He emphasized the need for better market regulation methods than sudden raids. Lubin expressed hope that the adversarial attitude of some U.S. regulatory agencies towards cryptocurrencies would begin to diminish, and that the national investor protection strategy would evolve from the current guerrilla tactics. However, until such changes occur, Lubin confirmed that they would continue their lawsuit against the SEC in Texas, as they are committed to fighting for more legal clarity for everyone. This statement indicates that despite the SEC's decision to halt its investigation, the legal battle is far from over, and Consensys is determined to push for more transparency and clarity in the regulatory landscape for cryptocurrencies.

According to BlockBeats, a spokesperson for the US Political Action Committee (PAC) confirmed on June 20th that Jump Crypto has invested an additional $10 million in the committee. The PAC is actively seeking to introduce as many cryptocurrency-supporting members into Congress as possible to achieve the legislation sought by the industry. The investment by Jump Crypto is seen as a significant move to influence the legislative environment in favor of cryptocurrencies.

According to Odaily, the Hong Kong Securities Regulatory Commission (SFC) has released its 2023-24 annual report. The report reveals that as of March 3, 2024, the total number of licensed institutions and individuals, as well as registered institutions, reached 47,851. This includes 44,493 licensed individuals, 112 registered institutions, and 3,246 licensed institutions. Among these, 2,140 were granted licenses to carry out Type 9 (asset management) regulated activities. The report also mentions that 23 applications were submitted under the Anti-Money Laundering Ordinance for virtual asset trading platforms. Out of these, four were from existing applicants under the Securities and Futures Ordinance for virtual asset trading platform licenses, while 19 were new applications. As of March 31, 2024, licenses had been issued to two virtual asset trading platforms under the Securities and Futures Ordinance, and 234 on-site inspections were conducted on licensed institutions and related entities. The SFC also reported that the first tokenized private open-ended fund company registered with the SFC was established in December 2023. The first tokenized retail gold product was approved by the SFC in March 2024.

According to Foresight News, the Hong Kong Securities and Futures Commission (SFC) has released its annual report for 2023-24. The report discloses the SFC's four strategic priorities for the next three years. The SFC plans to lead market transformation through technology and ESG (Environmental, Social, and Governance) factors. The commission also aims to promote tokenization to enhance industry efficiency. Furthermore, it intends to continue improving the regulatory system for virtual assets. The SFC will provide guidance on the use of generative artificial intelligence large language models. These strategies are part of the SFC's efforts to adapt to the rapidly evolving financial landscape and ensure the stability and integrity of Hong Kong's financial markets.

According to PANews, Consensys, a blockchain software technology company, has not been charged by the U.S. Securities and Exchange Commission (SEC) for alleged violations related to its MetaMask wallet, which features swap transactions and staking capabilities. This information was shared by Eleanor Terrett, a Fox reporter, on an unnamed platform. Terrett noted that the SEC has not yet taken action against Consensys following a Wells notice issued in April, suggesting that charges could be forthcoming in the next few days or weeks. Earlier today, Consensys announced that Ethereum has passed the SEC's scrutiny. The SEC will not charge Ethereum's sales as securities transactions. This announcement comes as a relief to the Ethereum community, as it removes the uncertainty surrounding the legal status of Ethereum's sales.

According to Foresight News, Consensys has announced a significant victory for Ethereum developers, technology providers, and industry participants. The U.S. Securities and Exchange Commission (SEC) enforcement division has informed them that it will conclude its investigation into Ethereum 2.0. This implies that the SEC will not accuse Ethereum's sales of being securities transactions. The decision by the SEC marks a significant milestone for Ethereum and its developers. The conclusion of the investigation means that the SEC does not consider the sales of Ethereum to be securities transactions. This is a significant victory for all Ethereum developers, technology providers, and industry participants. The SEC's decision to end its investigation into Ethereum 2.0 is a positive development for the Ethereum community. It provides a sense of security and assurance to Ethereum developers, technology providers, and industry participants. The decision also paves the way for the continued growth and development of Ethereum 2.0. In conclusion, the SEC's decision to end its investigation into Ethereum 2.0 is a significant victory for Ethereum developers, technology providers, and industry participants. It provides them with a sense of security and assurance, and paves the way for the continued growth and development of Ethereum 2.0.

According to BlockBeats, Brazil's tax department is set to summon foreign cryptocurrency exchanges to explain their operations and how they cooperate with local service providers. This information was disclosed by Brazilian officials on June 19th. The tax department is expected to issue an order this week, summoning these companies to provide further information. Unlike exchanges formally established in Brazil, these foreign platforms are not obligated to report transactions conducted on their platforms. This move by the tax department is seen as a step towards understanding the operations of these foreign exchanges within the country.

According to CryptoPotato, David Hirsh, the Chief of the Crypto Asset and Cyber Unit at the United States Securities and Exchange Commission (SEC), has recently resigned. Hirsh, who has been with the SEC for nine years, announced his departure on LinkedIn, expressing gratitude to his colleagues, mentors, and friends for their support throughout his tenure. He emphasized the collaborative nature of his work, attributing his successes to team efforts. Although he hinted at a new chapter in his career, he denied rumors of joining a Solana-based marketplace, pump.fun. Hirsh's resignation comes at a critical time as the SEC's lawsuit against Ripple, a blockchain-based digital payment protocol, reaches its trial stage. The SEC has accused Ripple and some of its executives of conducting an unregistered securities offering by selling its XRP token since December 2020. The dispute over Ripple's potential penalty has been a point of contention between the two parties. Initially, the SEC proposed a $2 billion fine, which Ripple argued should not exceed $10 million. Recently, the SEC reduced its proposed penalty to $102.6 million. The ongoing lawsuit has had a significant impact on the price of Ripple's XRP token. The token's price has reacted positively to each of Ripple's three partial court victories in 2023, suggesting that a decisive victory for Ripple could trigger substantial volatility again. However, further details about the lawsuit and its potential impact on Ripple's native token were not provided.

According to Foresight News, Trading 212 Crypto, a newly established subsidiary of the UK online broker Trading 212, has been granted a Class 3 registration by the Cyprus Securities Exchange Commission (CySEC). This registration allows the platform to offer cryptocurrency spot, custody, pledge, and card services. The move marks a significant step for the company in expanding its operations within the cryptocurrency sector. The Class 3 registration will enable Trading 212 Crypto to provide a range of services, including the trading of cryptocurrency spot contracts, as well as custody and pledge services. The company will also be able to offer card services, further enhancing its offerings to customers. This development comes as part of Trading 212's broader strategy to diversify its services and tap into the growing demand for cryptocurrency-related services.

According to Odaily, Chen Zhihua, the president of the Hong Kong Securities and Futures Professionals Association, has written an article titled 'Challenges and Prospects of Hong Kong's Virtual Asset Platform Licensing'. He pointed out that mainland laws strictly prohibit foreign institutions from providing virtual currency trading and services to the mainland. If the Hong Kong Securities Regulatory Commission requires a license for the virtual asset platform, the actual controller or parent company cannot violate mainland laws. This is equivalent to requiring a complete separation between the entity in Hong Kong and the parent company. To solve the problem of multiple supervision, the Special Administrative Region government should consider setting up a unified virtual asset regulatory committee. This committee would be responsible for coordinating the regulatory work of different institutions, ensuring the consistency and effectiveness of regulatory standards, and maintaining its competitiveness in the global virtual asset market. Chen Zhihua suggests the following four directions: 1. Improve the regulatory system. 2. The Special Administrative Region government must consult with relevant mainland departments to seek cooperation and synergy in virtual asset regulation. 3. Strengthen cross-departmental collaboration. 4. Simplify and accelerate the licensing process, establish a clear approval timetable, and provide transparent expectations for applicants.

According to Odaily, the Korean Financial Services Commission (FSC) has clarified that it will not directly participate in the inspection of cryptocurrencies listed on Korean exchanges. This statement comes in response to recent market rumors that the Korean financial regulatory authority plans to delist cryptocurrencies that do not meet listing requirements before July this year. The FSC has stated that the responsibility for token inspection and final delisting announcements will be handled by individual cryptocurrency exchanges and the Digital Asset Exchange Alliance (DAXA), a consulting body for Korean digital asset exchanges. This move indicates a shift in the regulatory approach, entrusting the exchanges and DAXA with the task of ensuring compliance with listing requirements.

According to Odaily, South Korea's Financial Commission has successfully passed a proposal to establish a new Virtual Asset Department. The approved job revision case and its related implementation rules will be announced and implemented on the 25th of this month. The Virtual Asset Department will undertake the necessary management and supervision work to establish order in the virtual asset market and protect users. The department will temporarily add eight staff members by the end of 2025. This includes one level 4 officer, four level 5 officers, two level 6 officers, and one level 7 officer. The establishment of this department marks a significant step in the regulation and management of virtual assets in South Korea.

On June 18, BlockBeats reported that President Joe Biden has nominated two new heads for the U.S. Commodity Futures Trading Commission (CFTC), which could significantly impact the agency's future approach to cryptocurrencies. Nominations and Potential Impact - Christy Goldsmith Romero: Currently a CFTC Commissioner, Romero has been nominated to head the Federal Deposit Insurance Corporation (FDIC). - Kristin Johnson: Also a CFTC Commissioner, Johnson has been nominated for the role of Assistant Secretary of the Treasury Department's Financial Institutions Department. Both nominees have been advocates for introducing rules or guidelines within the CFTC to protect consumers and manage conflicts of interest in the cryptocurrency sector. CFTC's New Composition If Romero and Johnson assume their new roles, the composition of the CFTC will be notably altered, leaving: - Democratic Chairman Rostin Behnam - Republican Commissioners Caroline Pham and Summer Mersinger This shift will result in a Republican majority on the CFTC, which may influence the agency's regulatory stance on cryptocurrencies. Implications for the CFTC and Cryptocurrency Regulation - Regulatory Approach: The change in leadership could lead to a shift in how the CFTC regulates cryptocurrencies. With a Republican majority, there might be a different regulatory focus or a change in the intensity of enforcement actions. - Consumer Protection and Conflict Resolution: The nominations of Romero and Johnson, who have pushed for consumer protection and conflict of interest rules in the cryptocurrency space, indicate a continued emphasis on these areas, potentially even in their new roles. - Biden Administration's Strategy: The administration is expected to act swiftly to fill the resulting CFTC vacancies, although confirmations may not occur until the fall. - Market Response: The financial markets, including the burgeoning cryptocurrency sector, will be closely watching the developments and the potential policy shifts at the CFTC. Strategic Considerations for Stakeholders - Regulatory Monitoring: Crypto businesses and investors should keep a close watch on the CFTC's evolving composition and its potential impacts on regulatory policies. - Compliance Readiness: Companies in the crypto sector should be prepared for possible changes in regulations and consider proactive compliance measures. - Political and Regulatory Dynamics: An understanding of the broader political and regulatory dynamics will be crucial for navigating and anticipating market changes.

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has declined Ripple's request for reduced penalties. The SEC stated in its response that 'Ripple would not agree to anything.' Previously, Foresight News reported that the SEC was seeking a settlement of $102.6 million from Ripple. Ripple's Chief Legal Officer refuted the SEC's allegations, stating that there were no victims in the case requiring compensation. The SEC rejected Ripple's request to reduce the penalty, stating that a lower civil penalty would not be sufficient to resolve the issue.

According to Odaily, Meredith Whittaker, the president of instant messaging application Signal, has strongly criticized a revised proposal by the European Union aimed at monitoring encrypted chats under a 'new guise'. The European Commission first introduced the 'Chat Control Act' in mid-2022, attempting to enforce some rules that would effectively compel instant messaging applications to create backdoors for end-to-end encrypted messages. In November of the previous year, the European Parliament Committee voted against mass screening of encrypted telecommunications. However, a revised draft law is seeking an alternative method for mass scanning, termed 'upload moderation', to combat online child sexual abuse content. In a statement on June 17, Whittaker argued that the 'upload moderation' label is just another strategy to 'undermine encryption', which would make private chats more susceptible to exploitation by hackers and hostile nations.

According to BlockBeats, digital asset trader and liquidity provider Cumberland DRW announced on June 18th that it has been granted a virtual currency license, known as BitLicense, by the New York State Department of Financial Services (NYDFS). The license was awarded to the company's New York entity. The company expressed its pleasure over the development. An official statement from the company's official X account read, 'We are delighted that the New York State Department of Financial Services has granted Cumberland New York a BitLicense.' This license will allow Cumberland DRW to legally operate and offer its services in the state of New York, which is known for its stringent financial regulations. The BitLicense is a business license for virtual currency activities, issued by the NYDFS. It is one of the most prominent regulatory licenses for companies dealing with digital assets, and its acquisition is seen as a significant achievement in the industry. The granting of this license to Cumberland DRW signifies the company's compliance with the regulatory standards set by the NYDFS.

According to BlockBeats, on June 18th, TD Cowen, an investment bank, suggested that President Biden's nominations for two leaders of the U.S. Commodity Futures Trading Commission (CFTC) could potentially impact the agency's future approach to cryptocurrency. Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and Kristin Johnson to serve as Assistant Secretary for Financial Institutions at the Department of Treasury. Both nominees have advocated for the agency to establish rules or guidelines to protect consumers and address conflicts of interest in cryptocurrency. If Romero and Johnson successfully assume their new roles, the CFTC will be left with Democratic Chairman Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, giving the Republicans a majority. In a report on Monday, TD Cowen stated that given these changes, the Biden administration will quickly fill these two vacancies. However, the replacements may not be confirmed until the fall.

According to CoinDesk, the Financial Stability Board (FSB) has announced plans to further investigate the risks and challenges posed by stablecoin arrangements in emerging and developing economies. The FSB, a global monitor for systemic risk in the financial system, made the decision during a meeting in Toronto of its plenary, the sole decision-making body of the standard-setting and advisory organization. A stablecoin is a type of cryptocurrency whose value is pegged to another asset, such as the dollar or gold. The FSB has been a key player in shaping global crypto policy. Last year, in collaboration with the International Monetary Fund, it drafted a joint policy paper on crypto, cautioning against implementing blanket bans to mitigate risks associated with the sector. During last week's meeting, FSB members identified areas in the crypto sector that 'warrant further attention'. The FSB stated, 'In emerging market and developing economies (EMDEs), crypto-assets pose particular challenges for monetary policy and capital flow management. Members discussed the challenges posed by the relatively higher levels of adoption and risks of global stablecoin arrangements in EMDEs. The FSB will undertake further work to consider how these challenges can be addressed.' The regulation of stablecoins has been a contentious issue between the Group of 7 (G7) biggest industrialized nations and the larger G20. These differences remain unresolved, even after the conclusion of a G7 summit in Italy last week.

According to Odaily, the newly established right-wing party in South Korea, the New Reform Party, has announced plans to impose severe penalties on individuals involved in financial fraud and scams. This particularly targets those participating in cryptocurrency fraud, housing contract scams, and stock market manipulation. During the 13th Supreme Committee meeting held in the National Assembly on June 17, New Reform Party leader Heo Eun-ah stated that the party is committed to adopting an American-style penal code for such economic criminals, with penalties reaching 'over 100 years imprisonment'. Heo Eun-ah criticized the South Korean legal system for its lenient punishment of such offenders, citing the recent case handling of Terraform Labs founder Do Kwon as an example.